SHAH ALAM, March 16 — The implementation of Selangor’s shariah-compliant general insurance scheme (Insan), which is based on a shariah-compliant method, is expected to begin early next month, the Selangor State Legislative Assembly sitting was told today.
Chairman of the state’s Standing Committee on Investment, Trade, Industry and Small and Medium Industries, Datuk Teng Chang Khim said the implementation is subject to the terms and conditions of the service agreement with the selected takaful service providers.
“Four takaful companies, namely Zurich General Takaful Malaysia Bhd, Etiqa General Takaful Bhd, Takaful Iklas General Bhd and Takaful Malaysia Bhd have joined the quotation application for the takaful service.
“The state government has also provided options to applicants to choose either the conventional or takaful method for the insurance initiative,” he said when replying to a question by Syamsul Firdaus Mohamed Supri (PH-Taman Medan) regarding the implementation of Insan through the shariah-compliant or takaful mechanism.
Teng also said that the state government took note of all the views and proposals for improvement of the programme to ensure everyone will benefit from the insurance coverage.
“However, the implementation of the shariah-compliant Insan programme needs to go through the procurement process and take into account several other considerations, including the allocation of funds for the implementation of the initiative according to the takaful method,” he said.
Meanwhile, he said the state government had purchased the insurance quota of six million for eligible Selangor folk and, so far, has received 3.58 million applications for the personal accident coverage scheme.
“Applicants as young as 30 days old up to 80 years old are eligible to apply. In addition, the individuals must be born in Selangor or, otherwise, reside in Selangor based on their identity card address,” he said.
The free insurance scheme, with RM60 billion in cover value, provides insurance coverage of up to RM10,000 in the event of total permanent disability or death caused by an accident. — Bernama