Social Insurance Scheme Malaysia

The RM75 Perlindungan Tenang Vouchers (PTV) initiative has been discontinued due to the low claim rates compared to the allocation provided under the scheme. PTV scheme, implemented in 2021 and 2022 during the Covid-19 pandemic, aimed to extend insurance and takaful protection for certain groups, especially in the B40 income group.

Low Claim - Of only 4.9 million recipients who were in the lower income group, the claims were only 0.01% which means only 490 individuals benefited from the RM354mil allocation to provide for this scheme.

What Is RM75 PTV - The RM75 PTV is a national initiative by the government in collaboration with the insurance and takaful industry to extend social protection to the lower-income group, as announced in Budget 2022.

Under the programme, 16 participating insurance companies and takaful operators offer a range of 22 protection plans providing coverage against key risks such as death, accident, fire, damage of properties and other unfortunate events.

Alternative Scheme - MySalam has been in place since 2019, covering individuals aged between 21 and 65. Peka, a healthcare protection scheme for the B40 group, which has been in place since 2018. It includes health screening, medical equipment, incentives for cancer treatment, and transportation incentives.

Rahmah Cash Aid - Offers funeral benefits for those who are eligible for the Rahmah Cash aid (STR). When someone receives the STR aid and passes away, their next-of-kin will receive RM1,000 through Bank Simpanan Nasional and the Inland Revenue Board (LHDN).

The third phase of the Rahmah cash aid which will be distributed before the Hari Raya Aidiladha in June, a total of 3.9 million households is set to benefit with a total value of RM1.4bil.

For single elderly individuals without any spouses, some 1.2 million recipients are expected to benefit with a value of RM0.25bil while for single individuals, a total of 3.3 million is expected to receive the cash contribution with a value of RM0.49bil.