Malaysia urges youth to apply for i-MULA subsidy before funds run out

Out of the $1.15m, $598,000 has already been disbursed.

The Life Insurance Association of Malaysia (LIAM) is urging young Malaysians and first-time insurance buyers to take advantage of the i-MULA 50 Starter Pack before the remaining funds are exhausted.

Out of the $1.15m (RM5m) allocated for the initiative, $598,000 (RM2.6m) has already been disbursed, supporting over 53,000 policies. Only $552,000 (RM2.4m) remains available nationwide.

Launched on 28 August 2024 in conjunction with LIAM’s 50th anniversary, the i-MULA 50 Starter Pack offers a $11.50 (RM50) subsidy for eligible applicants purchasing basic life insurance for the first time.

The initiative targets youth and young families, aiming to expand access to risk protection.

The fund, contributed by LIAM’s 16 member companies, is designed to support up to 100,000 Malaysians.

The subsidy applies to 33 approved insurance plans with annual premiums ranging from $17.25 (RM75) to $138 (RM600).

To qualify, policyholders must pay at least $5.75 (RM25) in premiums.

Coverage options include death, total and permanent disability (TPD), critical illness, hospital income, and medical expenses.

According to Bank Negara Malaysia’s 2024 Annual Report, 45.5% of Malaysians currently hold at least one life insurance or family takaful policy, up from 41.5% in 2019.

($1.00 = RM4.26)