Kuala Lumpur, Malaysia (PressExposure) August 27, 2014 -- PAMB's new business sales, which consist of life insurance and takaful contributions, increased to RM244 million during the period ending 31st March 2014 from RM218 million recorded over the same period last year.
Philip Seah, Chief Executive Officer of PAMB attributed the business growth to improved agency initiatives, continuous product innovation and a strong business mix. "We continue to make headway in the recruitment of new agents, attracting highly educated, full time career-minded agents who are passionate and committed to the business."
Likewise PAMB's continuous effort in providing customers with a full suite of innovative financial solutions has also yielded positive results. Sales of the new PRUlady plan has tripled within the first three months of the year compared to the same period last year following a significant 'facelift' to the plan to meet the evolving needs of women today. The enhanced plan offers among others a sum assured bounce back feature, where the basic sum assured will revert to the original amount six months after the policyholder has been diagnosed with carcinoma-in-situ to provide women with increased protection should they be diagnosed with cancer.
Sales of other products such as PRUflexi med upgrade and PRUlink million have also more than doubled in the first quarter. A recent report by the Life Insurance Association of Malaysia (LIAM) showed that Malaysians are grossly underinsured with an average sum insured of approximately RM35,000, which is far below recommended levels of approximately RM310,000, equivalent to ten times of one's annual salary based on the country's gross income per capita of RM31,000. PRUlink million was created to meet the protection gap of Malaysians by offering a minimum sum assured of RM500,000 with a no-lapse guarantee to protect the policy holder from market downturns. "Given the attractive features and the relevance of these products, we are confident that their take-up rate will remain very strong," added Seah.