Sun Life Malaysia Takaful Bhd and Al Rajhi Bank Malaysia new exclusive 10-year bancatakaful joint venture (JV) targets RM3.5 million in gross written premium (GWP) by year-end.
Al Rajhi Bank CEO Steve Chen said the goal is based on the feedback received for the two products that have been soft-launched prior to the official bancatakaful agreement.
“The two products have already been introduced to the market. Sinar Health plan was introduced in February and it has already achieved around RM200,000 in sales to date. We are also planning to launch the third product by the end of this month, therefore, we target around RM3.5 million in GWP for this year.
“Our products cater to the market demand which includes medical and haj plans. Moving forward, we are also looking to introduce investment-linked product,” Chen told reporters at the partnership signing ceremony in Kuala Lumpur yesterday.
Sinar Health medical plan provides hospital and health benefits, while Sinar Baraqah, which was introduced in April, is a universal takaful savings plan that focuses on helping clients to save for haj, while providing relevant protection.
Sinar Baraqah has already achieved around RM40,000 in sales to date.
Sun Life Malaysia CEO and president/country head Raymond Lew said the partnership is an extension of its multi-channel distribution strategy to reach out to more Malaysians, in support of the government’s objective to achieve an insurance penetration rate of 75% by 2020.
“The company started six years ago with around one million client base, and now we are reaching 1.8 million. This partnership is another great milestone for us to further grow our client base beyond 1.8 million.
“The two products that we have launched months ago have gained a couple of hundred policyholders to date. We aim to grow into the thousands from the current number by the end of the year,” he said.
Sun Life Malaysia signed an agreement with CIMB Islamic Bank Bhd recently for its latest takaful solution, Takaful Mulia.
Introduced in 2016, Takaful Mulia, a follow-up to Takaful Suria, is a universal takaful haj product developed by Sun Life Malaysia specifically for CIMB Islamic.
The latest takaful policy designed for Muslims offers an additional 100% coverage for accidental death or total permanent disability that occurs in a mosque or surau, or while performing the haj or umrah.
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