Retirement planning comes first for M’sians
Posted on 22 September 2011 - 05:38am
PETALING JAYA (Sept 21, 2011): Retirement gets top priority in the financial planning of middle-income earners in Malaysia, followed by family income protection and children's education needs, a survey by ING Insurance Bhd revealed.
In a statement Wednesday, ING Insurance said the survey found some 83% of Malaysians believe there is a greater need now to protect their lifestyles compared with 12 months ago.
The ING Dashboard survey measures and tracks the sentiment and behaviour of mass affluent investors in 11 Asia-Pacific markets — China, Hong Kong, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Japan.
The survey, conducted in June, involved online interviews with over 2,300 middle-income investors, aged 25 and above.
The survey found 84% of respondents did not own a Takaful product although the majority or 62% agreed that the Islamic insurance cover is not meant for Muslims only.
Insurance penetration among the Malays is less than 10%.
For family Takaful, the top products are hospital and surgical, term life, critical illness and personal accident plans.
"We need to open up this market through education, creating awareness and marketing our products effectively," said ING Insurance president and CEO Datuk Dr Nirmala Menon.
She said there is a huge market with the emerging Malay middle-class and also non-Muslims gradually opting for family Takaful products.
Menon said ING Insurance will focus more on savings and wealth management products over the next two years, and will continue to roll out more products that are bundled with elements of protection as well as return on investments to meet consumers' financial planning needs.
** Tindakan yang baik oleh sebahagian besar Rakyat Malaysia, berfikir untuk simpanan hari persaraan. Walaupun tempoh persaraan masih lama lagi tetapi itulah peluang anda untuk meningkatan nilai persaraan anda supaya masa bersara nanti masa anda yang terluang dapat diisi dengan melancong dan beristirehat di tempat-tempat peranginan. **
** Rugilan bagi mereka yang beranggapan umur 55 tahun hanya rutin untuk bangun, makan dan tido. Lagi rugi apabila hutang rumah dan hutang kereta masih belum habis berbayar lagi **
Happy Planning Guys!!
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