Retirement gets top priority in the financial planning of middle-income earners in Malaysia, followed by family income protection and children's education needs, a survey by ING Insurance Bhd revealed.
In a statement Wednesday, ING Insurance said the survey found some 83% of Malaysians believe there is a greater need now to protect their lifestyles compared with 12 months ago.
The survey found 84% of respondents did not own a Takaful product although the majority or 62% agreed that the Islamic insurance cover is not meant for Muslims only.
Insurance penetration among the Malays is less than 10%. There is a huge market with the emerging Malay middle-class and also non-Muslims gradually opting for family Takaful products. For family Takaful, the top products are hospital and surgical, term life, critical illness and personal accident plans.
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