Life insurance for freelancers

KUALA LUMPUR, 12 Sept 2018:

The Life Insurance Association of Malaysia (LIAM) and Malaysian Digital Economy Corporation (MDEC) recently signed a memorandum of understanding (MoU) to collaborate and cooperate as strategic partners for a mutually beneficial and synergistic relationship for Malaysian freelancers in the country.

LIAM and MDEC have agreed to collaborate as strategic partners for the following:

  • Safety net (insurance coverage) for Malaysian freelancers via the “Perlindungan Tenang – Mampu & Mudah” initiative.
  • LIAM member companies as potential employers under this eGlobal Freelancer Programme
  • Malaysian freelancers as potential Perlindungan Tenang representatives (Wakil Tenang) to sell/promote Perlindungan Tenang products to the Malaysian consumers.

The MoU exchange ceremony took place in conjunction with the Sharing Economy Conference Penang (SECOND/PEN) organised by MDEC on Sept 6 at the Wembley-St Giles Hotel in Georgetown, Penang.

LIAM was represented by president Anusha Thavarajah while MDEC was represented by director of sharing economy ecosystem division (SEED) Darzy Norhalim.

The MoU Exchange ceremony was witnessed by Penang Chief Minister Chow Kon Yeow, Deputy Minister of Communications and Multimedia Eddin Syazlee Shith and MDEC CEO Datuk Ng Wan Peng.

Anusha said: “It has been LIAM’s aspiration to provide the best-in-value insurance products for MDEC and its targeted communities. The Perlindungan Tenang initiative fits this aspiration as we offer six affordable, accessible and easy to understand protection plans for the Malaysian freelancers.

“The sharing economy initiative with MDEC will also open up more opportunities for the Malaysian freelancers to deliver digital and non-digital works to LIAM member companies and stakeholders from time to time. Hence, this collaboration will bring mutual benefits to LIAM and MDEC.”

The Perlindungan Tenang products were developed by six life insurers to enhance financial inclusion of underserved segments in Malaysia, particularly the bottom 40% of household (B40). Malaysians can now purchase affordable life insurance plan with premiums as low as RM33 per annum for protection from RM10,000 to RM30,000.

These plans will benefit some 15,000 freelancers who do not have any form of safety net like EPF and SOCSO.

Through this collaboration, LIAM would also encourage Malaysian freelancers to be potential Perlindungan Tenang’s representatives (Wakil Tenang) to sell/promote Perlindungan Tenang products to other Malaysians.

All products under the Perlindungan Tenang shall adhere to the basic principles and features approved by Bank Negara Malaysia and shall carry the Perlindungan Tenang, Mampu & Mudah logo to enable the public to recognise these products.

The Perlindungan Tenang is seen as the answer for insurance protection for all Malaysians, which is easily accessible and fits their needs. Ultimately, it would help to fulfil the nation’s aspiration of reducing the protection gaps and achieving the financial inclusion agenda.

Members of the public who wish to find out more on Perlindungan Tenang products, kindly visit www.liam.org.my.