Merchantrade Insure-Life, a life insurance plan underwritten by MCIS Insurance Berhad (MCIS Life) and marketed by Merchantrade Asia Sdn Bhd, has been recognised as the “lowest life insurance premium, (starting from as low as) RM1 (per month)” by the Malaysia Book of Records (MBR).
The plan, which can also be redeemed using the RM75 Perlindungan Tenang Voucher (PTV) Programme introduced by the Government of Malaysia recently, follows MCIS Life and Merchantrade’s commitment to addressing the underserved segments in the country by offering a more accessible protection plan for all.
Life insurance coverage provides individuals the opportunity to protect not only themselves but their loved ones as well. Whilst it should be a necessity, many consider it a luxury, especially true among lower-income households and foreign worker communities.
MCIS Life CEO and Managing Director, Mr. Prasheem Seebran, explained, “Migrant workers play a significant role in driving the country’s economic growth, thus it is important to ensure this segment of the population who work alongside Malaysians, have equitable access to financial protection during uncertain times.”
According to published media reports[1] in April 2021, the Life Insurance Association of Malaysia (LIAM) said the number of new policies shrank by 7.1% to 1.2 million units last year from 1.3 million units in 2019.
LIAM explained the trend showed that during these unprecedented times, consumers were generally more mindful about their spending and tailoring their purchases to smaller traditional policies (lower protection) due to the COVID-19 crisis which might have affected their financial situation.
