PUTRAJAYA: Recipients of the mySalam B40 National Protection Scheme will receive a one-off contribution of RM8,000 each if they suffer from any of 36 critical illnesses covered under the scheme, said Finance Minister Lim Guan Eng.
He said mySalam scheme would pay them RM50 daily for a maximum of 14 days, or a maximum of RM700, a year in income replacement should they be admitted to any government hospitals.
The scheme, launched by Prime Minister Tun Dr Mahathir Mohamad today, provides takaful protection for the bottom 40 per cent household income group (B40) who received the People’s Living Aid (BSHR).
The scheme is aimed at helping the B40s to deal with financial difficulties arising from admission to government hospitals or when struck with one of 36 critical illnesses.
The mySalam scheme was introduced with a startup contribution of RM2 billion from Great Eastern insurance and takaful companies
Lim, in his speech at the mySalam launching ceremony, said coverage under the scheme commenced last Jan 1 and the B40s who are eligible for the scheme could make their claims from March 1.
He said qualified recipients under the scheme would be notified through the short messaging service (sms).
“If there is any claim, recipients can submit the claim through the mySalam portal or at any Great Eastern offices in Malaysia and after the claim is approved, the payment will be credited direct to their bank accounts,” he said, adding that details on the claim process would be announced later this month.
Lim said 3.69 million Malaysians between the age of 18 and 55 were eligible for the scheme and that the government would use the RM2 billion contribution by Great Eastern to pay the scheme’s annual premium of RM112 per individual.
”The premium is set at cost rate and without profit for the insurance company,” he added.
On the RM2 billion contribution as start-up fund to mySalam, Lim said it was cash contribution by Singapore-based Great Eastern as an alternative to the condition of 30 per cent minimum local shareholding for foreign insurers set by the government – Bernama
