OCBC Al-Amin Bank Bhd is strengthening its footing in the bancatakaful business through its maiden distribution of a regular contribution term takaful plan, the Great Eastern Takaful Bhd One Plan-i.
Distributed exclusively by OCBC Al-Amin, it is distinctive for its high coverage at an affordable contribution. OCBC Al-Amin Chief Executive Officer Syed Abdull Aziz Syed Kechik, said the offering was timely in light of the bank's quest to expand its product shelf to include family takaful, especially considering the growing awareness of life and medical insurance/takaful as a critical element of the business.
According to Ernst and Young and the Malaysia Takaful Association, the current market penetration rate of Malaysia's family takaful sector stands at only 14.5 per cent, compared to that of life insurance at 41.2 per cent.
"Clearly, there is potential for takaful to grow, especially in the emerging affluent segment. In future, we will continue to roll out more such products, with unique propositions that meet our customers' needs," Syed Abdull Aziz said in a statement today.
Meanwhile, Great Eastern Takaful Chief Executive Officer Zafri Ab Halim said One Plan-i provides a significant 10 per cent increase in coverage every five years, an increment of up to three times, and without any increase in contribution.
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