Great Eastern confirms participation in Malaysia's health protection plan for poor
SINGAPORE (Nov 12): Great Eastern Holdings (GEHL) on Friday confirmed it will make a contribution to the B40 Health Protection Fund.
Details of the programme are currently still being finalised with the relevant parties in Malaysia.
Malaysia's Finance Minister Lim Guan Eng had announced the health plan when tabling Budget 2019 in Parliament on Nov 2.
He said GEHL, which owns Great Eastern Malaysia, will contribute RM2 billion ($660 million) to the medical scheme, to help the country’s bottom 40% category (B40).
“The government, in partnership with the private insurance industry, will pilot B40 Health Protection Fund to provide free protection against the top four critical illnesses for up to RM8,000 and up to 14 days of hospitalisation income cover at RM50 per day, starting [from] Jan 1, 2019,” said Lim.
As critical illness can cause severe financial stress, Lim said insurance and takaful can act as a safety net by providing financial support and enabling households to get back on their feet, especially the lower income groups.
He added that the fund size is expected to grow with more partnerships and contributions with other insurance companies.
