Its chief executive officer, Datuk Syed Moheeb, said this would encourage more insurance companies to double their efforts to promote the products.
"There are limits in insurance companies' operating costs. We cannot exceed certain percentage.
"If there are flexibilities, it might help us to spend more to increase awareness of the products," he told reporters at the Bumiputera Life Insurance Convention 2014 here today.
The Life Insurance Association of Malaysia, which is actively promoting the products, also shared the hope of MII.
Its vice president, Kamaludin Ahmad, said the government has given a tax-exemption of RM3,000 to those who bought insurance products linked to retirement.
However, he said, the demand for group retirement insurance scheme was still small.
"One of the reasons is the lack of awareness among Malaysians and we (insurance companies) is to consider the commissions given to our agents and the returns to our customers," he said.
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