Only takaful companies are exclusively getting the Group Takaful Rakyat 1Malaysia (i-BR1M) scheme involving about five million BR1M recipients, which will cost the government RM250 million in contribution towards the scheme.“i-BR1M will be implemented through a consortium of takaful companies. This initiatives is estimated to benefit five million household recipients with an allocation of RM250 million,” said the Ministry of Finance (MoF) in an email reply to The Malaysian Reserve recently.
The MoF clarified that the i-BR1M programme, which was announced by the prime minister in Budget 2014, is meant for BR1M household recipients only where the contribution of RM50 per household recipient will provide a protection of up to RM30,000 in the event of death or permanent disability.
The i-BR1M coverage does not include critical illness benefits as previously reported in some local media.
“The number of companies involved will be based on the number of companies interested and those agreeing to the terms of reference (ToR) of i-BR1M,” said the MoF.
Nevertheless, the MoF is not ready to provide the ToR of i-BR1M, which will come into effect in January 2014.
Neither Malaysian Takaful Association (MTA) nor some heads of takaful companies contacted are ready to provide the ToR or more details about the consortium and the participants of the scheme.
Nonetheless, a CEO of a takaful company who declined to be named said that depending on the coverage, this portfo
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