HSBC Amanah Takaful Sdn Bhd, the Islamic insurance unit of HSBC Bank Malaysia Bhd, aims to double its new business premiums to about RM350mil this year from RM185mil last year, backed by a range of new products.
“We are on track in achieving our target as we have introduced a few innovative products early this year. We have four new products in the pipeline that would offer exciting prospects for our clients,” acting deputy chief executive officer Mohammed Muqeem said after the launch of its latest product, LifeSelect Single, yesterday.
He said the takaful industry was experiencing rapid growth and positive transformation with more than 133 takaful operators globally and about 10 locally.
However, the market penetration was still low and largely untapped, Mohammed added.
HSBC Amanah Takaful hoped to leverage on HSBC Bank’s customer base to reach a premium of RM100mil by year-end for LifeSelect Single, he said. The two-in-one investment-linked plan covers investment and protection needs as well as 36 critical illnesses, such as kidney failure and paralysis, on top of natural death and total and permanent disability.
LifeSelect Single also allows participants the flexibility to switch between fixed income and equity funds to suit their needs and topup their investments to take advantage of market fluctuations.
The Star (Malaysia) May 13, 2008