Prudential BSN Takaful Berhad (PruBSN), Malaysia's leading Takaful operator, has teamed up with the Implementation Coordination Unit, Prime Minister's Department (ICU JPM), to reintroduce the Skim Insurans Kesejahteraan Rakyat (SIKR 2.0). The relaunch took place at the MADANI Rakyat 2024 programme in Johor, witnessed by Prime Minister Dato' Seri Anwar Ibrahim.

The SIKR initiative, which began in 2022 with SIKR 1.0, initially provided complimentary Shariah-compliant group term takaful coverage to over 269,000 beneficiaries. This year, SIKR 2.0 expands its reach, covering 300,000 beneficiaries with a contribution value of RM16.5 million, courtesy of the Malaysian government.

The scheme is designed specifically for heads of households from the hardcore poor and poor categories, as registered under the eKasih programme, managed by the ICU JPM. eKasih is a vital registry that helps identify and support individuals and families in need, ensuring that government aid reaches the intended recipients effectively.

Wan Saifulrizal Wan Ismail, CEO of Prudential BSN Takaful Berhad, emphasized the importance of this initiative, stating, "Poverty has left many without access to takaful protection. We are proud to collaborate with the Malaysian government to provide protection plans for the underprivileged. This initiative not only offers complimentary takaful protection but also helps build long-term resilience in these communities for a sustainable future."

Since 2018, PruBSN has partnered with the Prime Minister's Office to develop various Micro Takaful schemes aimed at supporting underprivileged communities, furthering the government's financial inclusion goals. This partnership aligns with PruBSN's sustainability objective of making health and financial security accessible to all.

The SIKR 2.0 scheme is designed to be simple and convenient, requiring no underwriting or medical examinations, thereby offering instant coverage. Recognizing that many SIKR recipients are from rural areas, PruBSN employs an integrated marketing approach, including events like MADANI Rakyat and home visits, to educate beneficiaries on the benefits available to them.

The scheme addresses a critical need within the B40 group, where only about 30% have access to insurance or takaful, leaving the majority vulnerable to financial hardship, especially in the event of a breadwinner's loss. By providing this coverage, SIKR 2.0 aims to bolster financial security and resilience among Malaysia's most vulnerable populations.