Etiqa Takaful pleased with new product’s performance

MALAYAN Banking Bhd’s (Maybank) takaful arm, Etiqa Takaful Bhd, is targeting to sell 20,000 policies of
its latest offering, the Etiqa Takaful Medic-Save Rider, next year.
The product, an add-on medical coverage to four of Etiqa’s mother takaful plans, had its soft launch in
February and is now attached to more than 5,000 policies.
“We had a target of 2,000 and this latest figure show we have surpassed it by some 60 per cent,” Etiqa agency
head Ab Latiff Abu Bakar told reporters after the official launch in Kuala Lumpur recently.
The product is an option for customers when they purchase any of four Etiqa policies – Takaful Mesra,
Takaful Prime, Takaful Warisan and Ehsan Takaful – for an average premium of between RM30 and RM40 a
month.
It covers 90 per cent of medical and hospitalisation bills and comes with a medical card for hassle-free
admission to more than 190 panel hospitals.
Ab Latiff attributed the product’s overwhelming response to features such as its outpatient physiotherapy
treatment, surgical opinion and guaranteed renewal of up to 75 years of age.
He said it was also the first of its kind, traditional family takaful-based medical plan, meaning that customers
will get additional coverage for funeral expenses that are not offered under the general takaful schemes.
Contributions can be made either monthly, quarterly or yearly.
Etiqa, which has an asset size of RM3.8 billion, has 12,000 agents. The number is said to be growing by 3,000
to 4,000 a year.

Etiqa Takaful Medic-Save Rider

Etiqa Takaful Medic-Save Rider, provides customers with the freedom to tailor-make their takaful protection to suit their current needs. This product allows customers with the option to add-on medical coverage at a nominal sum with new purchases of Etiqa Takaful Mesra, Etiqa Takaful Prima, Etiqa Takaful Warisan and Etiqa Ehsan Takaful plans. Etiqa Takaful Medic-Save Rider is unique as it a traditional family takaful product in which it also offers the additional coverage for funeral expenses.

The Etiqa Takaful Medic-Save Rider provides coverage of 90% of medical and hospitalisation bills, and comes with a medical card for hassle-free admission to panel hospitals. There are more than 190 hospitals nationwide for the certificate holders to select from.

With the Etiqa Takaful Medic-Save Rider, Etiqa Takaful’s certificate holders will receive:
• All hospitalisation and surgical benefits
• Emergency and outpatient benefits
• Choice of extending coverage by upgrading to a more comprehensive plan
• Medical card for hassle-free admission to panel hospitals
• Affordable contribution rates
• Guaranteed renewal of up to 75 years of age
• A choice of six plans, from which to select the most affordable option
• Surplus sharing is offered

“At Etiqa, we believe in placing people over policies. This product is an add-on product as we want to allow our customers the freedom to choose. This product will give them the opportunity to tailor make their takaful needs. They can take a basic plan like Etiqa Takaful Mesra and then add-on Etiqa Takaful Medic-Save Rider to make their protection more complete. Plus, the renewal is guaranteed up to 75 years of age”, said Etiqa’s Head of Agency, Ab Latiff Abu Bakar.

“We are always striving to create insightful and useful solutions that will make a difference in our customers’ lives. This is in line with our belief in Humanizing Takaful. We’ve listened to customers and based on research conducted, we know that this is what they want and need. Hence, Etiqa Takaful Medic-Save Rider”, he added.

Latiff also said that this is the first traditional family takaful based medical plan. What this essentially means is that customers will get additional coverage for funeral expenses that are not offered under the general takaful schemes. Furthermore, it is made more affordable with the option of monthly, quarterly or yearly contributions. The Etiqa Takaful Medic-Save Rider was soft launched in February with an initial target of up to 2,000. “However, as of June 15, the Takaful Medic-Save Rider has already been attached to more than 5,000 policies. This has surpassed our initial target by some 60%”, he said.

“Looking at these numbers, we are confident that we will be able to meet our target for 20,000 policies to be attached with Etiqa Takaful Medic-Save Rider next year. Based on the sales, it is apparent that our agents are excited about the product and the response from the customers has also been encouraging,” added Latiff.

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Maybank to keep lead in takaful

KUALA LUMPUR: Malayan Banking Bhd (Maybank) is confident of maintaining its position as the largest takaful operator in Malaysia after receiving good response for its latest product, Takaful Al-Waqi.

Since the soft launch on Monday, it has collected about RM30mil subscription from investors. Etiqa Takaful Bhd, the insurance and takaful division of Maybank, is in charge of distributing the fund.

Maybank executive vice president, head Bancassurance Ibrahim Muhammad said 95% of subscribers were individuals and the rest from institutions.

“We are confident that in two to three weeks time, the institutions will come in. We believe within this month, the whole fund totalling RM200mil will be fully subscribed,” he said during the launch yesterday.

From left: Maybank executive vice president head bancassurance Ibrahim Muhammad, Etiqa Takaful Berhad chief financial officer/executive director Hans De Cuyper and Etiqa Takaful Berhad deputy chief executive officer Amirudin Abdul Halim during the launch

Takaful Al-Waqi is a short tenure investment of two years with potential upside of 8.81% per annum. About 90% of the fund will be invested in shariah-compliant fixed income investments. The rest will be invested in shariah-compliant investment instruments that are referenced to the performance of an optimised commodity index for potential upside returns.

Etiqa Takaful deputy chief executive officer Amirudin Abd Halim said the fund needed to be invested according to what was allowed in Islamic law.

“We choose four broad-based commodity baskets members – energy, industrial metals, precious metal and agriculture sector – as they are all shariah-compliant,” he said.

Chief financial officer/executive director Hans De Cuyper said commodities, such as metals, were in demand.

“The rising of China and India as industrial players commands a huge demand for metals for their development.

“That’s why we are investing in commodities, as they are not really affected even during economic softening,” he said.

Takaful Al-Waqi, which is open to customers aged 18 to 70 with a minimum single investment of RM20,000, is available at its 21 Etiqa Takaful branches.