Financial Protection For Low Income Households In Johor

FINANCIAL PROTECTION FOR LOW INCOME HOUSEHOLDS IN JOHOR

Prudential starts extending its free financial protection programme, PRUkasih to low income communities in Johor

  • Prudential is committed to build financial resilience by providing financial protection for urban low income families in Malaysia.
  • PRUkasih is a free protection plan that provides temporary financial relief to urban low-income households coping with sudden loss of income due to an accident, illness or death.
  • To date, there are 847 families in Johor that are financially protected under PRUkasih.

JOHOR BAHRU, 29 November 2016 – Prudential Assurance Malaysia Berhad (PAMB) continues its commitment in building financial resilience for urban low income households by bringing its free financial protection plan, PRUkasih outside of the Klang Valley for the very first time to the residents of PPR Taman Cendana and PPR Tebrau, located in Pasir Gudang & Johor Bahru respectively.

In Malaysia, urban poverty has become an important agenda in the development policies over the last few decades. In Khazanah Research Institute’s State of Households II Report, more than 50% of Malaysia’s urban households did not have any savings and only 20% of them would be able to survive for less than 3 months if their incomes were cut off. In addition, Bank Negara’s Annual Report 2015 also revealed that lower income groups across most states in Malaysia face a higher inflation rate, with highly urbanized lower income groups experiencing the largest increase in their cost of living.

”As an insurer, our mission is to provide financial freedom and peace of mind for all Malaysians, which includes the urban low-income community in Malaysia. It is our hope that PRUkasih will act as a financial hand-up during times of need as families learn to cope with a sudden loss of income. This is also in support of the Government’s initiatives in alleviating poverty in the country.” explains Fiona Liao, Chief Brand Officer of PAMB.

“Given the higher cost of living in the city, it is very difficult for urban low-income families to pick themselves up after a misfortune, causing further deterioration in the family’s future emotional and physical health. This is why we (PRUkasih) are here for them when they are in need. Currently, our free financial programme is covering close to 4,000 households nationwide since we started in year 2011. It has also provided temporary financial relief to 179 families in Malaysia by paying out more than RM 300,000 in claims to affected families.’ added Liao.

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. To-date, 847 families from PPR Taman Cendana and PPR Tebrau have signed up for PRUkasih. PRUkasih also enables community members to earn an income by empowering them to educate and encourage their fellow community members to register for the programme.

PAMB aims to provide financial protection 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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