New HSBC Amanah product to double its premium income
May 13th, 2008 by 1takaful
Source: The Edge Daily, 13th May 2008
HSBC Amanah Takaful Sdn Bhd, a 49%-owned associate of HSBC Malaysia Bhd, expects its latest takaful offering, the Lifeselect Single Investment Plan, to almost double its premium revenue to RM350 million from RM185 million achieved last year.
“We distinguish this new product from others as it is the only one in the takaful market that offers coverage for 36 critical illnesses, an insurance industry standard,” HSBC Amanah’s acting deputy chief executive officer Mohammed Muqeem said.
Speaking to reporters after the launch of the product here yesterday, he said the product was developed for the local market, particularly targeted at HSBC’s premier customers numbering between 50,000 and 60,000 individuals. It will be distributed via HSBC 40 branches nationwide.
Mohammed said the product would initially be marketed solely in the domestic market, but may be extended to other HSBC markets in the future.
Lifeselect Single Investment Plan is a 2-in-1 plan as it serves as both a protection and investment plan for its policyholders. Participants are free to choose between Fixed Income Plan and Equity Fund, with flexibility for partial withdrawal or top-up at any time.
Mohammed said four more new products were in the pipeline this year as HSBC Amanah Takaful sought to fully exploit the potential of the local takaful industry.
“Malaysia has one of the most developed Takaful industries in the world, yet it has not been exploited to its full potential. The market penetration rate of only about 7% in 2006 denotes a significant market that can be tapped,” he added.
At the moment, there are 10 takaful operators in Malaysia and over 133 in 30 countries and growing, according to Mohammed.