Maybank targets RM250m premiums from retirement planning products (1155)

KUALA LUMPUR: Malayan Banking Bhd
has launched two new retirement plans, tapping into a growing market
segment and targeting to garner some RM250mil in premiums in the first
year.
Smart Retirement, a regular premium endowment plan, comes
with a premium endowment with guaranteed yearly cash payout, and offers
guaranteed acceptance with no medical check-up required.
Golden
Retirement, a single premium investment-linked plan, guarantees a
minimum 110 per cent of original investment is paid back while offering
life insurance coverage.
Deputy President and Head of Community
Financial Services, Lim Hong Tat, said in a statement on Thursday both
plans provide saving opportunities for customers who do not want to
compromise on their lifestyle requirements after retirement.
"Planning
one's savings has become quite a challenge in view of the impact of the
rising cost of living, especially in healthcare.
"Many people assume that their savings in the Employees Provident Fund (EPF)
will be sufficient to tide them through after retirement but some
surveys show that 70 per cent of retirees exhaust their EPF savings
within a few years after retiring," he said. - Bernama