Prudential to offer new retirement scheme

Maybe this is Prudential’s answer to the current hot issue on retirement in Malaysia. As usual, I’m pretty sure every other insurer in the market will want their share too, thus this will eventually create a healthy competition & the public can have a wider range of choices and options.

Whatever the package may be, it MUST by all means address the main issue of providing sufficient retirement income.

The Star : Thursday August 9, 2007

Prudential to offer new retirement scheme

KUALA LUMPUR: Prudential Assurance (M) Bhd is set to roll out a new comprehensive retirement insurance product by year-end, said chief executive officer Tan Kar Hor.

The new class of insurance, which is pending Bank Negara approval, would be targeted at the retirement insurance market as the majority of Malaysians are “ill prepared for retirement”, he said.

“It will be a hybrid product, combining the best of annuity plans, investment-linked and universal life insurance benefits, to ensure that even after the insured retire, they will have steady income.”

Tan cited results from the Prudential Retire-Meter 2007 survey involving 1,038 Malaysians, which revealed that while 34% of those surveyed consciously saved on a regular basis for retirement, a staggering 60% did not know exactly how much they needed for their sunset years.

“While many Malaysians know what they want to do when retire, the majority do not actively plan for their retirement,” he said after launching the survey findings yesterday.

Tan also noted that Malaysians were conservative with regard to the type of investment tools used to save for retirement. The survey showed that 77% relied heavily on low-yielding bank savings or fixed deposits to accumulate wealth for their retirement.

“In addition, 35% of those surveyed were confident that their Employees Provident Fund and personal savings will be sufficient for retirement,” he added.

Tan also said that Prudential aimed to be actively involved in financial planning for retirement.

Since last year, the company had been platinum sponsor for the Malaysian Financial Planning Council and has organized about 101 financial workshops.

Tan said Prudential aimed to create greater awareness about retirement planning and would embark on a roadshow nationwide.

6 Responses to “Prudential to offer new retirement scheme”
  1. Paiz says:

    It’s so cool, thank for your post

  2. Mcchristian says:

    thanks a lot blogger. nice article!

  3. sex says:

    merci pour ce post !

  4. sitebilgi says:

    islamda sohbet hakk?nda genel bilgiler

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