PTV insurance initiative for B40 group discontinued due to low claim rates, says Ahmad Maslan

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KUALA LUMPUR: The RM75 Perlindungan Tenang Vouchers (PTV) initiative has been discontinued due to the low claim rates compared to the allocation provided under the scheme, says Datuk Seri Ahmad Maslan (pic).

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The Deputy Finance Minister said the 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, was currently being reviewed by the Bank Negara Malaysia.

“Regarding the question, when we talk about the review made by Bank Negara, out 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.

“This means that very few people were protected by the PTV,” he said in reply to a supplementary question from Pang Hok Liong (PH-Labis) during Question Time.

Pang had asked the Finance Ministry to state its long-term plans made by the government to ensure that the poverty rate among the B40 group can be further reduced.

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.

However, Ahmad Maslan said that the government would continue with other initiatives like the MySalam and Peka health insurance schemes.

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“MySalam has been in place since 2019, covering individuals aged between 21 and 65.

“We will also continue with 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,” he said.

“Additionally, we will also continue with 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).

On a separate matter, Ahmad Maslan said that under 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, revealed Ahmad Maslan.

– The Star


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