Prudential Provides Financial Safety Net For Low-Income Families

FINANCIAL SAFETY NET FOR LOW-INCOME FAMILIES IN PENANG

Prudential extends PRUkasih financial protection programme to Ayer Itam, Penang

  • Prudential brings its PRUkasih financial protection programme to Penang reaching out to 3,456 families in the Rifle Range Flats in Ayer Itam.
  • 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.
  • Since the introduction of the PRUkasih programme in 2014, Prudential has provided access to more than 24,440 households nationwide.

PENANG, 29 APRIL 2017 – Prudential Assurance Malaysia Berhad (PAMB) brings its PRUkasih programme, a fully sponsored financial protection plan to urban low-income households to the northern region of Malaysia for the first time, starting with the Rifle Range Flats community in Ayer Itam, Penang.Reaching out to one of the oldest low income communities in Penang, PRUkasih will be available to 3,456 families. 

In line with its vision to provide financial freedom and peace of mind for all Malaysians, PAMB aims to build financial resilience through its financial protection programme for urban low-income households through PRUkasih. Under this programme, PAMB has worked together with local NGO - House of Hope to reach out to the families in the Rifle Range Flats community. Families who register for the programme will have access to temporary financial relief to help them cope with sudden loss of income due to illness, accident or death. In addition to covering housing expenditures and food needs, PRUkasih also provides affected families with money for funeral expenses in the event that the family breadwinner passes away, and assists families to get back up on their feet.

“PRUkasih is our commitment to the communities we operate in– a programme that is established to serve as a safety net for the urban poor and support the Government’s initiatives in alleviating poverty in the country. We at Prudential know just how devastating the financial and emotional burden can be on families who lose their main source of income. Not only do they have to cope with the loss of a loved one, but they also have to worry about their future and how to continue supporting the needs of their family.” shared Fiona Liao, Chief Brand Officer of PAMB.

“PRUkasih empowers low-income families to be financially resilient in the face of uncertainty and encourages them to rebuild their lives. Because the plan is only eligible to those who are working, it also encourages families to be responsible for their financial situation. Today, we are really excited to be able to extend this outreach to Penang. It is our hope that this financial protection programme will benefit the families here at Rifle Range Flats.” shared Liao.

PRUkasih is renewed on an annual basis for families who register with the programme. Since its introduction in 2014, PAMB has provided 24,440 households in 14 communities nationwide access to PRUkasih and paid out more than RM471,000 in claims.

PAMB aims to provide access to 50,000 households by 2018, with the 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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