New takaful product for life’s uncertainties

(From left) Prudential BSN Takaful Bhd chief marketing officer Wan Saifulrizal Wan Ismail, Nor Azman, Yunos and chief business officer Mujibburrahman Abd Rashid at the launch of BSN Fitrah in Kuala Lumpur.

MANY tend to shy away from the topic of their own mortality out of fear or discomfort, but in doing so, they may leave family members vulnerable to financial risks should anything untoward happen.

The lack of preparation will in turn burden family members with budgetary constraints and add to their emotional distress, which is the rationale for the launch of Bank Simpanan Nasional Bhd’s BSN Fitrah, developed in partnership with Prudential BSN Takaful Bhd (PruBSN).

“We are delighted to launch BSN Fitrah and provide our customers with affordable and comprehensive protection solutions that will help them plan adequately for uncertainties and in return, enjoy better quality of life.

“With PruBSN’s expertise in developing relevant insights-driven protection products and our large customer base, the addition of BSN Fitrah to our Bancatakaful range will help to provide more value-added services to our retail banking segment,” said BSN chief executive officer Datuk Yunos Abd Ghani.

Prudential BSN Takaful Bhd chief executive officer Nor Azman Zainal stressed the need for such takaful products.

“This is not just a product launch, but also about raising awareness of having protection in times of need,” said Nor Azman.

Touted as an affordable and customisable protection plan, the product is exclusively developed for BSN by PruBSN to act as a safeguard against the monetary impact of life-threatening events and meet customers’ financial protection needs.

BSN Fitrah offers flexible benefit terms ranging from five to 20 years and expiry age of 70 or 100, alongside a range of supplementary benefits — called riders — to help customers build their protection plan based on their needs and budget.

For extra protection, customers can enhance their plan with critical illness riders, which pay out a lump sum upon the diagnosis of up to 43 critical illnesses.

Based on statistics, almost one in four Malaysians will be diagnosed with cancer before the age of 75.

Of the number, the George Institute for Global Health’s Asean Costs in Oncology Action Study 2015 reports that nearly 45% of those diagnosed with cancer will suffer financial catastrophe 12 months after diagnosis.

As such, those seeking extra protection can add the Cancer Protector rider, which would provide them with a lump sum payment upon diagnosis.

There is also the EduAchieve Bonus that pays a cash reward ranging from RM500 to RM2,000 for a child aged one to 18 years with excellent academic achievements.

In addition, the Takaful Saver rider will see customers having the opportunity to gain higher potential returns through investments in syariah-approved funds.

BSN Fitrah also comes with the Ihsan rider, which allows customers to give back to the community with a minimum contribution of RM5 per month.

The proceeds will go towards PruBSN Microtakaful Jariyah, an initiative that aims to alleviate the financial burden of low- income families and help them recover from unexpected financial and emotional losses.

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