Kuala Lumpur: The Life Insurance Association of Malaysia (LIAM) has urged young Malaysians and first-time insurance buyers to take advantage of the i-MULA 50 starter pack while funds are still available, with only RM2.4 million remaining for eligible applicants nationwide.

According to BERNAMA News Agency, the i-MULA 50 starter pack is designed to promote financial inclusion and provide risk protection among youth, offering a subsidy of RM50 for the purchase of basic life insurance coverage, particularly targeting first-time insurance buyers.

The starter pack was launched on August 28, 2024, in conjunction with LIAM's 50th Anniversary, with the aim of making life insurance more accessible and affordable for 100,000 eligible Malaysians.

LIAM's chief executive officer, Mark O'Dell, described the i-MULA 50 as a game changer in bridging the protection gap for young Malaysians. He encouraged individuals to take advantage of this opportunity to secure a protection plan that safeguards themselves and their loved ones against unforeseen events.

O'Dell emphasized that the subsidized premiums under this fund make basic life insurance coverage more accessible, especially for first-time buyers who might have previously found it unaffordable.

LIAM reported that over 53,000 policies have already been issued under the RM5 million fund, amounting to RM2.6 million in subsidies. The fund, established by LIAM member companies, supports first-time buyers in purchasing life insurance protection through 33 affordable protection plans. These plans cover benefits such as death, total and permanent disability (TPD), critical illness, medical expenses, and hospital income.

The annual premiums for these plans range from RM75 to RM600, with policyholders required to contribute at least RM25 in premium payments to receive the RM50 subsidy. This requirement ensures that policyholders understand and value the protection they are purchasing.