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Government Bank Launches Insurance for Lower Income Malaysians

insurance malaysians government-bank
February 21, 2023

Government Bank Launches Insurance for Lower Income Malaysians

Malaysia-based government-owned Bank Simpanan Nasional (BSN) and its bancassurance partner, life insurance company Gibraltar BSN Life Berhad (Gibraltar BSN), have collaborated to launch a new protection plan – ‘Qaseh Bakti’. 

Qaseh Bakti looks to offer Malaysia an affordable health micro-insurance plan under BSN’s Qaseh series. The plan offers customers a cash allowance for hospitalisation of RM220 per day. The insurance also provides a compassionate benefit of up to RM2,500 for death.

The plan also does not require medical underwriting and is available for an affordable premium starting at RM0.15 per day.

The Qaseh series is underwritten by Gibraltar BSN, one of Malaysia’s fast-growing life insurance companies. BSN is also a shareholder and long-term strategic partner of Gibraltar BSN.

BSN’s protection plan was released in conjunction with the bank’s nationwide roadshow-themed ‘Jangan Kata Kami Tak Payung‘. The roadshow aims to increase awareness of the importance of insurance protection. It also looks to ease the onboarding process for Qaseh Bakti by making it more convenient and accessible to customers.

Qaseh Bakti is launched under the Perlindungan Tenang programme, a Malaysian government initiative looking to expand social protection for lower-income groups.

Existing elements of the Qaseh series include four insurance products. The offerings cover life, critical illness and hospital income, savings and education. BSN plans to hold a nationwide roadshow at the bank’s branches to promote the new Qaseh Bakti. Visitors will also be able to access free policy advice at the events.

‘Unrivalled affordability, accessibility and financial protection’

Jay Khairil, chief executive of Bank Simpanan Nasional, discussed the partnership. Khairil said: “This partnership will enable both BSN and Gibraltar BSN to better serve our customers by offering a quick and easy process for onboarding new customers, leveraging QR code scanning under Qaseh Bakti’s new protection plan. This will also widen the product’s accessibility as the QR codes are not confined to just branches but can be made accessible at off-site events.

“This product perfectly complements our Qaseh series products. It further protects and addresses the needs of Malaysians, especially daily income earners with limited access to social security schemes and employment benefits.”

Lee Kok Wah, chief executive officer of Gibraltar BSN, said: “Being our first digital product with BSN, Qaseh Bakti was designed to offer unrivalled affordability, accessibility and financial protection.

“Its accessibility will lessen the financial burden of many unserved and underserved Malaysians. Malaysians such as those who are self-employed such as gig workers, food stall owners and small business holders. Together, we will carry on with our aspiration of protecting all Malaysians.”

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