New products to boost HSBC Amanah Takaful premiums

HSBC Amanah Takaful (Malaysia) Sdn Bhd targets to double its premiums this year as it rolls out new products.

"Last year, we managed RM185 million in takaful premiums from about 75,000 policyholders," acting deputy chief executive officer Mohammed Muqeem said.

The company, a tie-up between UK lender HSBC, insurer Jerneh Asia Bhd and the Employees Provident Fund, launched its latest product called LifeSelect Single takaful in Kuala Lumpur yesterday.

It expects to launch at least four more by the end of the year.

LifeSelect Single is an investment-linked life takaful policy. HSBC Amanah Takaful expects to write some RM100 million in premiums for the new product.

It also plans to offer the product abroad, starting with Saudi Arabia.

"At the moment, we are concentrating on our 40 branch offices nationwide that currently have some 90,000 customers," he said.

Other unique benefits of LifeSelect Single include the flexibility to switch between funds for free, twice a year, where participants can choose between a fixed income fund and an equity fund.

"It allows participants to top-up their investments to take advantage of market fluctuations and also allows them to partially withdraw their investments anytime.