AMERICAN International Assurance Bhd (AIA Malaysia) yesterday rolled out its Private Retirement Scheme (PRS), further augmenting its comprehensive suite of products, which aims to address the protection, savings and retirement needs of its more than 2.6 million policyholders.
In a statement, AIA said it has four PRS funds that cater to different age groups. It said the types of funds consist of a growth fund for those below 40 years' old, a moderate fund for those between 40 and 49 years old, a conservative fund tailored for those above 50 years' old and an Islamic moderate fund that is syariah-compliant.
As at end-March this year, only 24,000 Malaysians had signed up for this retirement fund option. In terms of market potential, Malaysia also has more than two million working adults who are self-employed and are not covered under the Employees Provident Fund (EPF) plan.
AIA PAM is the fund management arm of AIA Malaysia, which is one of the two life insurance companies to be awarded the PRS licence by the Securities Commission last year. It will be managing the PRS funds.
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