KUALA LUMPUR, April 22 — Malayan Banking Bhd (Maybank) has expanded into the deferred annuity market through its “Smart Retirement Xtra” (SMX) plan, the first deferred annuity insurance plan in Malaysia through the Bancassurance channel.

“The SRX completes Maybank’s range of retirement plans and expands Maybank’s portfolio of life insurance offerings, which currently include endowment, investment-linked, general life and takaful life insurance products,” the bank said in a statement today.

Targeting to generate RM48 million in premiums this year, SRX aims to tap the potential of the life insurance market in Malaysia, which currently has a penetration rate of 41.22 per cent, it said.

SRX is designed to enable customers to plan for their future retirement, while benefiting from the special tax relief offered for the purchase of such plans. — Bernama