Life Insurance & Family Takaful Framework
Life Insurance & Family Takaful Framework outlines the initiatives that will take place in the next few years in the Malaysian Insurance & Takaful landscape. Because of its long name, people simply refer to it as the “LIFE Framework”
Background on Life Insurance & Family Takaful Framework
Life insurance and family takaful are financial products designed to provide protection and financial security to individuals and their families in the event of unexpected life events, such as disability, illness or death. Life insurance is a contract between an individual and an insurance company, where the insurer guarantees to pay a sum of money to the beneficiaries of the policyholder upon their death.
WHAT IS LIFE INSURANCE & FAMILY TAKAFUL FRAMEWORK?
Life Insurance & Family Takaful Framework outlines the initiatives that will take place in the next few years in the Malaysian Insurance & Takaful landscape. Because of its long name, people simply refer to it as the “LIFE Framework”
The LIFE Framework aims to:
- Promote innovation and a more competitive market
- Promote higher levels of professionalism
- Increase transparency in takaful products and services
AS A CONSUMER, WHAT DOES IT MEAN TO YOU?
At the heart of the LIFE Framework, is you, the consumer. With these initiatives, you can say goodbye to days of confusing and fine print jargons, have greater and wider access to takaful products and advice and look forward to creative products that meet your unique needs!
HOW DOES IT WORK?
The framework is made up of 3 main pillars:
- Pillar 1: Removal of limits on operating cost
- Pillar 2: Diversification of distribution channels
- Pillar 3: Strengthen market practices
Initiatives are then implemented in a phased approach so that the transition to a better future is structured and smooth.
Click below to know more about the specific initiatives in support of the LIFE Framework:
More initiatives coming your way