Merchantrade Asia, a Malaysian money services business provider, has partnered with MCIS Insurance (MCIS Life) for a life insurance plan along with Celcom Axiata.

This launch is part of the Perlindungan Tenang Voucher Programme (PTV) is an initiative by the Malaysian government to expand social protection for B40 group.

Under this programme, a RM50 voucher is allocated for eligible Bantuan Prihatin Rakyat (BPR) recipients to help them purchase Perlindungan Tenang products from licensed insurers and takaful operators.

Through this partnership, the Merchantrade Insure Life plan can be redeemed using the RM50 PTV as announced in the 2021 national budget.

This redemption enables eligible Malaysians aged between 18 and 60 years old who are currently recipients of BPR, to get Merchantrade’s Insure Life policy coverage with a sum insured of RM20,000 for 1 year.

Merchantrade’s Insure Life, underwritten by MCIS Life,  is said to be a simple sign-up process, with no waiting period, no medical check-up required and comes with 24-hours worldwide protection.

It was reported that about 8.4 million eligible BPR recipients will benefit from the PTV programme.

T. Kugan, Chief Emerging Business Officer of Celcom Axiata Berhad said,

“Celcom continues to strive in providing various affordable insurance coverages such as Life, Personal Accident and Snatch Theft to all Malaysians. With Celcom’s widest 4G LTE network coverage, we are also able to reach out the underserved segment across Malaysia through our Celcom Life App. We also look forward to continue our partnership with Merchantrade Insure and offer more simple, direct, affordable and accessible solutions to our customers,”

Featured image credit: Edited from Freepik