Prudential Renews Free Protection Plan to Urban Low Income Families for 3rd Year

More PPR Beringin Kepong residents sign up for PRUkasih for financial protection and Peace of mind

  • PRUkasih is a fully sponsored annual protection plan that provides temporary financial relief to urban low-income households to help them cope with sudden loss of income due to illness, accident or death.
  • Prudential renews PRUkasih for the 3 rd year with PPR Beringin Kepong.
  • 49 claims totalling more than RM100, 000 have been paid out.

KUALA LUMPUR, 19 JULY 2016 – Prudential Assurance Malaysia Berhad (PAMB) recently renewed its financial protection plan PRUkasih, with PPR Beringin Kepong residents for the third year running. PRUkasih is part of the insurer’s ongoing sustainable corporate responsibility program that aims to provide long-term protection to Malaysians in need. To date, PAMB has paid out more than RM 100,000 in claims to 49 beneficiaries in PPR Beringin since 2014.

In line with its vision to provide financial freedom and peace of mind for all Malaysians, the insurer aims to build financial resilience through its financial protection programme for urban low-income households - PRUkasih. This programme provides temporary financial relief to urban low-income households to help them cope with a sudden loss of income due to illness, accident or death. Apart from covering housing allowance and food needs, PRUkasih also provides affected families with cash for funeral expenses in the event that the breadwinner passes away, to help the families get back on their feet.

PRUkasih is renewed on an annual basis for families who have signed up. Since its introduction to the community in 2014, one-third (686 households consisting of 1039 individual members) of PPR Beringin Kepong residents are covered by PRUkasih, with 161 applications received at the family carnival held recently to mark its third year anniversary - demonstrating that existing and new community members understand the purpose, and see the value of having the financial protection programme.

“It is heartwarming to hear how the community has benefited from PRUkasih. Last year, we had a PRUkasih member En. Mohd Hanapi bin Yunus, who passed away suddenly from difficulty in breathing. As he was the family’s breadwinner, his mother was able to receive financial protection up to RM10,000 to tide through a difficult time. With so many families potentially facing the same situation, it is important to continue reaching out to the low income households to allow them better accessibility towards financial protection and freedom,” explains Khoo Ai Lin, Chief Marketing Officer of PAMB.

She continued, “This is why PRUkasih was introduced, to serve as a safety net for the urban poor and support the Government’s initiatives in alleviating poverty in the country. As an insurer, we have firsthand experience of seeing how devastating the financial and emotional impact can be on the lives of families who lose their main source of income.”

“I did not care to sign-up for PRUkasih before,” said PPR Beringin resident En. Zakaria Jaafar, 52, a father of four who runs a food stall business with his wife. “Then my neighbours who have met with accidents told me how PRUkasih covered their basic needs when they were not able to generate any income. As time went by, I saw how the PRUkasih team came to check in on the residents every 2 to 3 months, and visit those who are hospitalised. I was finally motivated to sign up for PRUkasih this year, because I feel that PRUkasih sincerely cares for us. I believe that PRUkasih is a sustainable plan, because it is not a matter of giving us handouts - they actually assess each case carefully; they see that some families need food vouchers while some might need help with paying their rent. Just giving money is never the long term solution. After getting my hands on the registration form, I encouraged my other neighbours to join as well!”

“PRUkasih empowers low-income families to be financially resilient. Because the plan is only eligible to those who are working, it encourages families to move away from a hand out mentality and be encouraged to work in order to qualify.” Khoo added.

To-date, PRUkasih is covering 2,521 households and 3,428 individual members. Out of the 9 communities PRUkasih has covered in the past 2 years, it has benefited 110 families in Malaysia by paying out more than RM 180,000 in claims.

PAMB aims to provide access to 50,000 households by 2018, with support from various local and national government agencies and NGOs such as Yayasan Generasi Gemilang (YGG), the National Council of Welfare and Social Development Malaysia (MAKPEM), and the Ministry of Women, Family and Community Development (KPWKM). This public-private partnership (PPP) approach helps PAMB to reach out to more urban low income communities in need and provide sustainable financial protection.

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