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Tng Ewallet

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- Perspective of valuation of life
- Don't have extra money to spend
- Can't see the returns of Insurance

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1) The payment is not user friendly
2) No extra money for takaful
3) No awareness on important of having takaful
4) No awareness on the current takaful product

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1) TnG (RM50 - Perlindungan Tenang)
2) SSPN i-Plus
2) BSM Takaful Sakinah

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- Very little people know what is about Takaful (Youngsters, elderly)
- Through Government SMS

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1) People have not much understand ontakaful due to it way of promorion and description are main wordy and not reading -friendky for the general public.
2) That's information out there, but the information are not self descriptive and might create obstacles for people who intrested to know more about it.

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1)PekaB40 - to allow B40 access 2)healthcare   Perlindungan tenang and voucher - an initiative to provide affordable takaful to B40 and the voucher to encourage them to purchase it.
3) Mysalam; a free takaful income assistance scheme

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1.Lack of Education - Many of them lack the education to see how beneficial and vital takaful is in the long run. With that; they choose to prioritize they're available resources into other areas.
2. Fear of commitment - Mix with the lack of education; they fear that overcommitting their resources will be counter-productive towards their life.

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1. The people who have a firm understanding towards takaful are mostly non-B40 individuals. These individuals have easy access and good education on the subject. B40 individuals might have a understanding of takaful; but it might be warped ( in terms of how they see the necessity, the value of takaful and etc)
2.Information is available everywhere in a world where knowledge has become digital. Youtube, google and websites can allow individuals to educate themselves on Takaful. The problem that stands is creating motivation for individuals to take action and go independently learn.

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1. Basically, we can say that we still do not have a majority in our community that totally understand  what takaful is all about. the statistic shows that in 2019, there were about 85% out of all Malaysian were still do not have any of takaful protection. It is safe to say that only 25% out of all Malaysian have the takaful protection that indicates that only 25% of Malaysian who are fully understand the takaful itself.

2. we can clearly see that nowadays as the world is evolve towards IR 4.0 and everything has been digitalized. There are plenty of information provided that even could be access through the social media. If there any inquiry, they can directly reach out the agent or the website provided. All information including the details about the takaful packages such as the coverage, the terms and the payments plan are provided in the information. they also will provide us the most suitable plan for the subscriber to subscribe.

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1) Findings from a random question with Universiti Utara Malaysia's students related to takaful, we found that most of them know about takaful and insurance but only know takaful is shariah-compliant while insurance is conventional. Most of them are not exposed to the services offered by takaful operators. It is also closely related to the educational background taken by the students.

2) Most of the information they know about takaful is life protection and vehicle protection.

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1) The understanding of takaful for the rural group is that the stigma of takaful and insurance are the same protection which is there are no different between this two types of protection. As for the interior, they are not exposed to any kind of protection resulting from no knowing enough how important the takaful it is.

2) Compare to the urban area, the rural area do not have much expose on the details information about the takaful itself. The basic information about the takaful such as the detail of benefit if they are subscribing still can be provided by the agent to this rural group to make sure that they get the sufficient information are provided to them.

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Sun Life Malaysia has committed RM120,000 to a Covid-19 support programme for B40 families affected by the economic impacts of the pandemic.

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1) Pelan Perlindungan Tenang Takaful which is focus of on helping the B40 group to get the takaful for themselves.

2) Skim Perlindungan Nasional or MySalam help to make sure B40 could subscribes themselves a takaful plan.

3) Skim Perlindungan Takaful Nelayan which help to provide the takaful protection to the Fisherman

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Takaful Flaxi PA telah diasaskan oleh Yayasan Pembangunan Islam Malaysia (YaPEIM) dengan kerjasama Syarikat Etiqa Takaful Malaysia yang menyediakan plan takaful perlindungan yang sesuai dengan B40. YaPEIM juga memperuntukkan sejumlah dana bagi membantu golongan B40 untuk melanggan plan perlindungan takaful.

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Mereka yang berada yang di luar bandar mengalami masalah daripada sudut kaedah pembayaran. Hal ini boleh dilihat melalui budaya mereka yang menetap di kampung yang lebih selesa untuk menyimpan wang mereka di bawah bantal. Ini menyebabkan berlaku pertembungan antara kaedah pembayaran bagi produk takaful yang kebiasaannya dilakukan secara atas talian, berbeza dengan kebiasaan mereka yang menguruskan kewangan mereka secara manual atau tradisional. Walaupun tidak menjadi satu kesalahan jika urusan pembayaran dilakukan secara tunai kepada ejen takaful, namun ini menyebabkan mereka merasakan ia menyusahkan dan bebanan bagi mereka.

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There are various factors that could be contribute to this problem. At first, in term of saving. sometimes when the expenses are exceed the income, they need to use the money that already allocate to pay for takaful to be used in others expenses first which is resulting them cannot commit to pay monthly charge for the takaful plan that they have already subscribe. other than that, the matter regarding to the lack educating themselves in knowing how and why it is important for them to keep commit do the monthly payment also contribute to the reason why the B40 community facing up to this problem.

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Kurang kesedaran tentang kepentingan takaful. Walaupun terdapat banyak skim atau bantuan yang diberikan kepada golongan B40 untuk melanggan plan perlindungan takaful, kebanyakkan mereka tidak “istiqomah” dalam membuat sumbangan. Sifat manusia yang menginginkan sesuatu ganjaran yang boleh dilihat secara fizikal menyebabkan orang ramai susah untuk mempercayai plan perlindungan ini. Oleh itu, peranan memupuk kesedaran kepada orang ramai adalah faktor yang paling penting kepada permasalahan ini.

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1. Access to information differs from one group of society to another. People that truly understand takaful may come from that background or are those who are exposed to it; this goes to both B40 and non B40 groups.

Sadly there are people who do not understand the difference between insurance and takaful which is where the conflict arises. Some are tricked into insurance scams (insurance fraud) that scared them for life.

2. Information may be available from family members or friends that engage with the industry or information on takaful can also be seen from social media campaign. Nowadays everyone has a fair access to the internet. However, the affectiveness of campaign is the problem. Along with campaigns, a reliable platform must be provided for people (B40 especially) to understand and consume information thus act upon it.

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1. Perlindungan Penang
2. MySalam

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I believe that B40 community do not have the luxury to spare a portion of their income for insurance when they don't even make enough for their family's needs. Their priorities differ from non-B40 groups. Which results to disregarding insurance completely as the return is not immediate.  It it safe to assume that even some live off daily salary which makes it harder to allocate money for insurance. Apart from that, most families have quite an amount of dependence which makes it impossible to subscribe to takaful for everyone whilst having food on the table and to pay rent.

It is not fair to say B40 groups do not see the importance of insurance when they were never given the opportunity to have the proper exposure. With their state of living, they are attracted to immediate returns as they don't make much.

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- Not much people know about the difference between Takaful and Insurance.
- Services that are provided in the Takaful packages

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- Perlindungan Tenang
- FWD Takaful

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Lack of information
- Most of the B40 member doesn't have access to online application and others platform to get information about takaful online

Do not have platform to pay for takaful
- B40 member who live in jungle could not have access to bank to pay the bill, as most of them pay their electrical bill through mini market

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1 ) From my perspective People that understands what takaful is can either be B40's or non B40's and they have good access resource and accessibility in their living areas or they had information by the people around them. Besides that , People that does not have the understanding about takaful might be living in rural areas and lack of information about what takaful really is about and what can really help them whenever they really needed help at the first place.

2 ) From this modern generation people are likely to have a smartphones which they might get to know about takaful from people sharing post from the internet or even from the advertisement. However there is still lots of people who does not have access to it and thus we will try and help those left behind people to connect them together from time to time.

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- FWD Takaful
- Prudential BSN takaful
- mySalam takaful

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The main difficulty was they were lacking of the accessibility which is why they does not have the access to internet to pay for the takaful plan bills and since the payment is on monthly basis they had to take transportation to the urban places where they only can pay for their bills and this might be the down side for them .

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Not many people know or understand much about takaful. The research by Chiew Hui Lin shows that 70% of B40s in urban areas do not have takaful, and 81% of B40s in rural areas.

These numbers can be attributed to the fact that a lot of people are unable to see the importance of having takaful, and even those that do are unable to understand the intricacies of how a policy works, how to do the claims, and the overall process.

One way to do tackle this is by making takaful easier for the common folk to understand. What's the point of using fancy words if the people are unable to understand what they're signing for?

By making explanations and concepts about takaful easier to digest, it helps B40s to understand what takaful is and how it works, thus making them understand better about the importance of takaful.

Information online play a major role about providing information and support for B40s, yes, but we have to consider another angle. The agents themselves. B40s does not have access to a lot of online services, so it's up to the agents to deliver information regarding takaful to the B40s.

Agents should speak the lingo of the people, and focus on matching the right product to the need of the B40s instead of pushing for pricier products that might not even cater to the B40s. Since agents are paid based on their sales, it makes sense for them to push for pricier products. Insurance companies should change this culture to ensure that B40s get what they really need instead of paying for unnecessary things that they don't need.

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As far as I can recall, not much. I legit only knew about Tenang when I entered this competition. I live in Shah Alam, so imagine people that live in rural areas with limited access to information like these, how much do you think they know about takaful?

But the support that I know is the agents that go out of their way to reach out to people in rural areas. I've encountered agents that go to villages to promote about takaful, and although I can say that I don't like them pushing pricy takaful products on my grandmother that she doesn't need, if we can refine these agents to spread the news properly to educate instead of looking for a quick buck, I'm confident we can spread the word better and help a lot more B40s to understand about takaful.

I believe that fully utilizing these agents can be a win-win for everyone. Agents have high mobility, and they can physically interact with B40s directly, for example, at at stall or a coffee shop, and assuming that these agents can work their way around a conversation, they can explain bit by bit about the importance of takaful to the people. This might take a while, but I believe this thing is crucial to help B40s.

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Spending money for something long-term might not be something that B40s are inclined to do. A lot of B40 families have to spend money for food or shelter on a day to day basis, so paying for takaful for something that might happen in the far future is not in their current interest.

Other than this, B40s also have to handle limited disposable income. They don't have a lot of money to spend in the first place, so why should they spend their hard-earned cash on something they can't see like takaful? Why not just spend it on food or things that they need at the moment?

Other than these difficulties, it can again be attributed to the fact that a lot of people don't understand the importance of takaful.

If insurance companies can help B40 communities to understand that in the long-run takaful can help them, I'm confident that they will pay the monthly contributions for takaful. Reaching out to them and talking about it surely can help.

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Nowadays obviously there are so many readily available materials and information online to be financially savvy, although there is a disparity that most B40 communities do not have internet access and rely on information through word of mouth. Even so, there's often times confusion between the concept of insurance and takaful.

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-Mysalam
-Perlindungan Tenang

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Most B40 household incomes aren't stable incomes, and especially during the covid era so many lost their jobs and source of income. Because of that, having extra cash is usually used for essentials like food. We have to acknowledge that not everyone can afford to think about the future and long term plans.

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- Perlindungan Tenang
- MySalam

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1. Focusing to find income on daily basis, hardly earn bulk money and face issues of adding to their commitments.

2. Lack of awareness makes it hard for them to pay for things they would not own physically.

Hence, buying takaful is a huge commitment for those who prefer physical purchases and instant experiences.

However, I believe that by purchasing takaful, it would discipline and change the lives of the B40 community in many ways for the long run.

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1. It is crystal clear that only a minority of Malaysians truly understand about Takaful at the present time. This is proven through the percentages of those buying Takaful products. However, I am optimistic we are heading towards the goal as we see even those with SPM qualifications purchase Takaful products. With that being said, my generation regardless of education qualification, are seriously considering to pay for something in which we believe B40s would never consider.

2. For my generation, social media platforms, friends, and agents are their source of information. However, for those from the 40s up to the 80s era, who know of and acknowledge takaful products most probably have children who understand it or they are willing to spend time listening to agents providing them information about it.

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In my opinion, people who are in the B40 and below groups are aware about the existence of takaful and insurance but what they do not aware of are it's importance and there is actually affordable plans offered specifically for them. Besides, some of them might felt that paying for takaful/ insurance might add financial burden to them as they cannot see how having a takaful plan might help them in crucial times.

There are a lot of insightful information about takaful can be found on social media, YouTube and even ads. However, most of the information are sometimes hard for certain people to understand it's message especially uneducated groups. They need more visual explanation with easy to understand scenario by using simple conversation.

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1. MySalam
2. Perlindungan Tenang
3. PekaB40

Keynote:
I just knew about MySalam and Perlindungan Tenang recently, how shocked I am when most of my family and friends who are actually eligible to apply did not know about its existence. This shows that the message/ promotion about this matter did not reach 100% to the targeted groups.

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In my opinion, there are few factors that could be the reason why this happen:

1. It's not on their top priority
- They do not see the importance of having a takaful because based on their observation and experience, their family and friends do not have takaful plans but still could manage to live a surviving lifestyle. So, there's no point to have takaful plans.
- They are more focusing on surviving to gain money on daily basis rather than investing some of their money to a takaful plans.

2. Payment system not user-friendly
- Not all of them have a bank account/ online banking. So, it will cost them extra ringgit to go a distance just to make a payment for the plans.

3. Some agents not customer-friendly

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1. People on know the general of takaful, an insurance. Some people do not know what advantage that takaful brings to them.
2. People know get information from a popular apps of website such as tiktok, twitter, facebook. People tend to trust something and know something when its get viral.

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1.  Perlindungan Tenang

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People basically do not know much about takaful because it is a deeper component of financial planning. Majority Malaysians are struggling with having enough income to cover their expenses but this is not a reason to be ignorant. Financial literacy is important where we can plan and make decisions based on our financial health. This is where takaful comes in to protect our income and provide assurance over the risks. Living in this world with many uncertainties, we must protect ourselves from the downside risks hence takaful is the right tool for it. Most people would have to comprehensively search the internet and meet a takaful agent to consult on gaining understanding and knowing the available plans.

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In my opinion, their perspective, mindset and also the surrounding culture burden B40 in maintaining their contribution. They expose with the talks of negativity form their group about takaful as they more rely the information from their friend rather than the information that takaful trying to expose. Moreover, with their lifestyle that always not enough money force them to use for their needed rather that contribute to takaful.

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I know there is some sort of assistance by PERKESO in advocating takaful to the employees and also to gig workers. MySalam and Tenang also is a new initiative for lower income group to subscribe takaful.

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Lack of financial literacy caused weak planning and most of the time spent by lower income groups are for working and survival. The government must provide strategic measures and enable the system to be more equitable in protecting the lower income group because they are the backbone of this nation. Low minimum wages, lack of employees welfare benefits, and low happiness index all factored into causing the lower income group to forgo takaful and expose themselves to unnecessary risks.

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1. Overall, most of the people are aware of Takaful but the awareness seems to be low. There are many perspectives and views to behold.

2. They will read any kind of information from what they see on social media. The benefits, plans and so on.

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1. Perlindungan Tenang
2. FWD Takaful
3. MySalam

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- People might not know about the detail of takaful very much, in fact even I did not understand about takaful before joining this challenge. I could imaging how this information is not well delivered to the rural areas let alone B40 communities.

- The available services, coverage, the details are all now being made online, however the accessibility to the information of the B40 communities are still remain a great challenge in order to solve this problem.

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- Microtakaful
- FWD takaful
- Perlindungan tenang initiative
- Digitalize the whole process of subscibing to the takaful protection plan
- RM75 voucher for takaful
- many more

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There are many reasons to this:
1. The process of signing up the plan takes up too much time. When the process is hectic, B40 communities might not have enough time to deal with it or even bother it. Even people who are not within the non-B40 group hates the hectic process

2. B40 communities do not know about the information by much. The availability of this takaful plans and supports are not made known to the people who live in rural area, and according to the Chiew, H. L. "Expanding insurance and Takaful solutions for the underserved segment." Central Bank of Malaysia (2017): 1-2., about half of the B40 communities are not accessible to the internet, how else could they get the information?

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1. Lack of awareness and visibility of Takaful.
2. Low financial literacy
- Customers may not know or do financial planning and protection. Takaful products can be quite complicated as well.
3. Affordability
- Especially for B40 whereby making a living is already a struggle.
4. Accessibility
- Access to the internet and digital savviness can be an issue in more rural areas. The other is no access to online payment options such as debit or credit cards.
5. Product is not tangible
- Takaful covers events that you do not wish to happen.

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1) Most of the people especially youngster are not aware about Takaful as there is lack of information visibility and generally it is not friendly to read
2) I would say there are multiple aspect of information available, however it is difficult to create resonance to the people with the current way of presentation

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FWD Takaful
mySalam takaful

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Lack of education as they don't see there is a needs of having and how important it is to help their life. Dont have extra fund for Takaful