SIKR 2.0: Boosting financial security for poor families

The SIKR 2.0 initiative, a collaboration between Prudential BSN Takaful Berhad (PruBSN) and the Implementation Coordination Unit, Prime Minister’s Department (ICU JPM), is set to provide financial protection to 300,000 beneficiaries.

Launched at the MADANI Rakyat 2024 programme in Johor and witnessed by Prime Minister Dato’ Seri Anwar Ibrahim, this Shariah-compliant group term takaful plan aims to safeguard Malaysia’s most vulnerable communities.

Expanding protection for the underprivileged

Building on the success of SIKR 1.0 in 2022, which covered over 269,000 beneficiaries, the new SIKR 2.0 scheme represents an expanded effort to provide essential financial security.

This initiative is exclusively available to heads of households classified as hardcore poor or poor under the eKasih programme, which is overseen by the ICU JPM.

eKasih, a comprehensive registry, plays a crucial role in identifying individuals in need and ensuring that government assistance reaches them effectively.

CEO of Prudential BSN Takaful Berhad, Wan Saifulrizal Wan Ismail, emphasised the importance of the initiative, stating, “Poverty has been a persistent issue, leaving many without access to takaful protection.

Therefore, we are proud to collaborate with the Malaysian government on a focused strategy to provide protection plans for the underprivileged community.

This initiative offers complimentary takaful protection for the poor to help build long-term resilience in their communities for a more sustainable future.”

SIKR 2.0: Simplifying access to financial protection

SIKR 2.0 is designed with simplicity and convenience in mind, requiring no underwriting or medical examinations, thereby providing instant coverage.

This approach is particularly beneficial for the B40 group, who face significant financial insecurity with only about 30% having insurance or takaful coverage.

By removing barriers to access, SIKR 2.0 aims to protect these families from financial hardship, especially in the event of the loss of a breadwinner.

To effectively reach the rural segment, PruBSN employs an integrated marketing strategy, including events and home visits.

Programmes like MADANI Rakyat serve as key platforms to educate beneficiaries about the available benefits, ensuring that they are fully informed and can take advantage of the protection offered.

The SIKR 2.0 scheme is a crucial step towards enhancing financial inclusion and security for Malaysia’s poorest communities.

As part of PruBSN’s sustainability commitment, this initiative underscores the importance of making health and financial security accessible to all.

By continuing to support the government’s efforts, SIKR 2.0 not only protects today’s families but also contributes to building a more resilient and sustainable future for every life, for every future.