Car-Flipping: How to Make Money by Knowing a Lot About Cars

With the rising cost of living in Malaysia over the past few years, it is not unusual for Malaysians to partake in
additional side-jobs
 to supplement their income and support their household expenditure.

You may have read our previous article on
 ways that you can make some money part-time
, but here’s a new method that you may not have encountered before:
car flipping
! But first, you may be wondering, what on earth is it and why do people do it?

#What is Car Flipping?

You may have heard about the issue of emerging
house flippers
 a few years back. For those of you who aren’t familiar with the term, house flippers refer to individuals who
purchase a house at a lower price
 and
re-sell it at a higher price
 once they have redecorated or renovated the property to make it look more appealing. The same concept applies to car flippers – except that instead of houses, they are purchasing and reselling cars.

The only difference here is that if you do choose to sell your car, you do not need to worry about being viewed as someone who is disrupting the real estate landscape in Malaysia as your car is your personal property and how you choose to dispose of it will not affect anyone except you.

What Are My Options for Car Flipping?

At this point you must be wondering, why should I bother with car flipping, as unlike property, cars are a
fast depreciating asset
. Well then, the thing about car flipping is that there are two ways you can go about doing this:

Buy Low and Sell High

By low and high, we of course refer to the vehicle’s price. You may need to
repair and pimp up the car
 – which you can do yourself to lower the costs – and later sell the car that you have fixed at a lower market price while gaining profit at the same time.

For this approach, your target audience for this segment would be the people who with a
low budget
 but need to buy a car, or the people who prefer to spend as little as possible and don’t mind buying a refurbished car. Performing this trade as a side-income is doable so long as you keep yourself abreast as to what the market wants and deliver it.

Buy High and Sell Higher

For the second approach for car flipping, you will need to invest a little and ensure that your working capital is able to cover for this as it would require you buy high and sell higher. Unlike the first approach, expect to spend a lot more time, money, and effort on this as you will need to build your knowledge and resources to flip specialty vehicles such as sports car or classic cars.

You will need to consult with
subject matter experts
 as they will have the know-how on what needs to be done to handle these cars, especially if they are classic, imported ones. Apart from that, it is also recommended to
have a network of in-the-know people
 that you can consult with in case something does not work out the way you expect it to be. Also, it will take time to seek for these specialty vehicles as well.

For example, in your circle of friends, you may know someone who owns a Myvi or Honda City which is not unusual as these are common, everyday vehicles. You can even easily find someone selling off their Myvi online just by putting in the right keywords in the search engine.

On the contrary, if you are to look for someone who owns a classic such as a 1965 Ford Mustang that’s available in Malaysia and willing to let it go for the price you have in mind, you may find that your options are now much more limited, and will take more effort to source for this car as it’s available in limited numbers in Malaysia.

For specialty cars, do note that you may not be able to sell it as easily after flipping it as after all, it taps into the
wants
 rather than the
needs
 of a buyer. As it is, specialty cars are usually sought by a selected few such as car aficionados or collectors who are willing to pay your asking price.

Having said that, what makes flipping specialty cars a lucrative trade despite its setbacks is that you stand to gain
bigger profits
 once you have sealed the deal. By tapping into the personal aspirations of your potential buyers, you can even double as a consultant for them and provide recommendations based on what they have requested. Do note that most people who opt for the buy high and sell high route will most likely end up doing this full-time out of their passion for cars.

Okay, I Get It. So, How Do I Get into Car Flipping?

Well, first off, you will need to have an eye for cars that have a potential resell value as well as an idea on the current value of cars, depending on the brand, model, year, mileage, and present condition of the vehicle.

This would not be an issue if you are a
car enthusiast
 (like how some
 car flippers
 started out) but if you are not exactly a walking encyclopedia about it, then you may need to read up before venturing further. Here are the rest of the tips that apply for both buy low, sell high and buy high, sell higher approaches:

Start small
. Don’t be disheartened if you do not make anything in your first few attempts as it is a learning experience.

Seek for
used cars
 with flipping potential at online classified-ads websites like Motor Trader, MyMotor, Mudah.my, Lelong or even Carousell. Or even better, ask your family, friends or colleagues if they know of anyone who has a car that they intend to sell. Sometimes the power of
word of mouth
 can be quite potent when utilised correctly. When you are done fixing the car, then it’s time to sell it again on these platforms. Just remember to price it accordingly, you don’t want it to sit on your porch forever and let dust gather on it.

The advantage of flipping locally assembled cars is that it means that there are a lot more people with the expertise required to repair your vehicle. However, this
dilutes your profit margin
 as it would naturally mean that a lot of people are able to do what you’re doing as well. As such, you may need to think of new ways to attract potential buyers. Consider
adding extra features
 such as immobilizers, tinting, or extended warranty for the car you have flipped as this will give your sales pitch an extra edge that your other competitors might not have.

Feel that the car is not valuable in its whole? Don’t be afraid to strip it apart and salvage for usable spare parts instead. Do note that you will need to have some basic
mechanical
 skills (or someone who works in the workshop) as you will need to carry out several tests to check if the spare parts salvaged can still be used prior to selling it off.

Avoid investing in
 kereta potong
/cut-and-join (cars that are seriously damaged and salvaged in a patch-up job) cars. These cars are meant to be written off for a good reason and selling someone a
kereta potong
 will not only harm their safety but your reputation as well.

If you are planning to go down the buy high, sell higher route, here’s what you need to know:

For imported cars, ensure that the spare parts required to overhaul the vehicle are easily available. Failure to do this will mean that you may need to
spend more
 on attaining the spare parts, especially if it requires to be shipped from abroad. And that’s not including the customs, shipping, and handling fees as well as the cost of getting someone to fix the car that you plan to flip.

Find out the cost
 of repairing the car before deciding if the car is worth flipping. This can be done by inquiring someone with car repairing expertise or at an automobile forum where people are passionate about their cars and are more likely to know the ins and outs of the vehicle as well as the upkeep of it.

Have a place
 where you can keep the car that you plan to flip. If the place you are staying is not landed property, you may risk irking people by having more than one car in your possession especially if parking space is free for all. Make sure that you rent a parking spot that you can use to park your car. On the contrary, if you plan to start your business from a landed property, make sure that it is parked in your garage/compound as it can be towed away by the local authority if it’s considered as an obstruction to the flow of traffic in your neighborhood. Don’t be that
 inconsiderate neighbour
 who parks their car carelessly on the road shoulders of their housing estate.

Dirty, smelly cars are alright, all they need is a good scrubbing inside out and they’ll look brand new again in no time. On the other hand, cars with poor paint workmanship, major dents and body damage are riskier to invest in as you may spend more time restoring the vehicle and the longer it is in your care, the more you will spend to maintain it.

Wait, I Heard That Car Flipping is Illegal in America. How About Malaysia?

In America, you will need a
dealer’s license
 to buy and sell cars for a profit if you do not have the car licensed in your name. As every state has their own dealer licensing regulations created to protect the consumers, it is vital for the car flipper to abide by their rules as failure to do so will constitute a violation of state laws.

In Malaysia, there are no specific rules as to how many cars can a person own under his/her name nor do you require an additional license to buy and sell cars. However, do note that as a car owner, you will still need to
renew the road tax and insurance
 of the car that you are planning to flip so it might not be a good idea to have 5 cars or more under your care.

In a nutshell, car-flipping is still a hobby at most for most people but if you are interested to get into this as a side-business, you may want to check out affordable and reliable car insurance policies for the car that you are planning to flip. To make things easier, you can utilise our
 comparison tool
 for the best car insurance policies available and select one that works best for you!

Have any comments regarding this article? Tell us in the section below!

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The RM10 Challenge – Surviving on Thin Air in Kuala Lumpur

It gives a whole new meaning to the Bahasa Malaysia saying, ‘makan angin’. We asked ourselves this question a week back and for an article on Yahoo, we attempted to survive in Kuala Lumpur with RM10. What we discovered was that it was beyond tough! The article has gotten the attention of many Malaysians: many saying it wasn’t possible and some saying it was but you would really need to tighten your belt.

Could you live on such a budget?

The Challenge Basics

Our writer was given RM10 to survive a work day. His commute wasn’t too far out of town (Kuala Lumpur to Petaling Jaya and back) and he only needed to survive the workday (no outings with friends!) where he was at an office that provided water and basic beverages such as coffee and tea. Admittedly, not everyone has such amenities in the office but we reckon if you truly had to survive on RM10 a day; you must cut corners.

The cheapest mode of transportation for his route was the bus service. A single journey from Kuala Lumpur to Petaling Jaya costs RM2.50. For two ways, it was RM5. That left our thrifty journo with only RM5 left to get through the day. He opted to skip breakfast for a good lunch at an economy rice stall which cost him RM4. With only RM1 left in his pocket, he was forced to go home and eat a pack of instant noodles for dinner.

As you can see, there isn’t very much to go on. With RM10, he had just enough to eat a few meagre meals and get to work. What meal could one possibly get with RM1 left for dinner? There was no extra for a good coffee, a prepaid reload or really anything else!

Readers Respond!

The article on Yahoo! received some interesting suggestions. Armed with this we created a few possible scenarios in the
infographic above
 on how one could survive in KL with RM10. The last one, we admit is a little extreme.

Some thought provoking responses include the following:

Simple, bring lunch to work. why must it be a rule that one needs to go out and have a meal? I bring sandwiches for lunch everyday that cost less than $1, drink coffee that is provided by the company ~ KelvinC

For all the the people that say that sandwiches and coffee are the solution, yes is good, but do it every day is not viable; the point of this article is for everybody to have a decent life, this include a variety and decent meals, entertainment, holidays, etc. and with rm10 a day is not possible at all… ~ Rud

Its all relative. There are people living in KL for RM1-2 per day. Is it a great life? No. Of course they are miserable. But others, spending RM1000 a day will also complain and whine and say they cant survive. Its not fair to ask if one can survive on any amount because yes they can survive on any amount. If just a matter of how they view the word surviving. ~ Whats Next

CANNOT SURVIVE…one lunch already minimum 5 to 6 RM…breakfast…RM3.80..just tehtarik roti kosong….habissssss…..bus..LRT..TRen….makan malam..kalau nak minum petang….minum air paip je….belum kira parking motor Rm1…kereta lagi lah..berbelas ringgit.. ~ Jaydee

Many readers also suggested home-cooked food. Next week, we’ll try out the home-cooking method to see if this really does save money, especially for single person households where bulk buying of produce doesn’t always equate savings.

The Verdict

The challenge was all in good fun but the results provide a grim picture. If ‘survive’ is taken as the operative word that may be just what you will be doing on RM10 a day: barely surviving and not very well! Of course, there will always be variables. A person who lives really close to work could choose to walk or cycle and save on the commute costs. A person living really far away will need to spend more than RM10 on transport alone! And you won’t be getting all the nutrition you need if you choose to live this way.

To break it down; you will be just surviving, not living. The sad reality is that if you do a little math, RM10 a day is not a small sum (it’s RM300 – RM310 per month) to a minimum wage worker who earns RM900 – RM1200 a month.  Imagine living like this every day. You won’t be getting the nutrition you need, will be exhausted from the public transport haul and you won’t have enough for rent or utilities. Let’s not even talk about recreation or any kind of social life.

The challenge, for us, definitely opened up more depressing realities than we thought it would. How did we get here? To the point where the minimum wage equates almost poverty? And even worse, whilst we have the

opportunity to debate whether or not RM10 is enough – there are those (those

earning minimum wage) who don’t have a choice.

Now there’s some food for thought.

https://ringgitplus.com/en/blog/Personal-Finance-News/The-RM10-Challenge-Surviving-on-Thin-Air-in-Kuala-Lumpur.html

https://ringgitplus.com/en/blog/Funny-Money/What-kind-of-Christmas-Tree-can-you-afford.html

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Diana Chai

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The great balancing act: making credit card balance transfers work for you

Credit cards provide consumers with a handy way to pay for goods and services without forking out physical cash. Such a convenience has its down side.

Sometimes it’s that little tempting treat you bought – or two, or three, or 25 – or, it could have been that hospital bill that couldn’t wait. Either way, stacking up large amounts of credit card debt is very possible and a very real problem for many Malaysians.

But it does not have to be the ominous situation it’s cracked up to be. There are effective ways to clearing your debt and a balance transfer is one of the best.

Demystifying the Balance Transfer

If you haven’t already heard of a balance transfer, it is basically the transferring of the remaining amount owed on your credit card onto a new credit card from another issuer.

On the face of it, it doesn’t sound too helpful. Why transfer your debt from one place to another? Well, because you can save hundreds to thousands of ringgit on interest when you do.

Almost every bank has a balance transfer programme that offers 0% interest for a certain amount of time. It’s the race to secure your business and to do so, credit card issuers are willing to slash your interest rates for a couple of months in order to gain your loyalty.

It’s a win-win situation if you, excuse the pun, play your cards right.

Some Notable Notes

Before you rush off to apply for one, here are some important things to note:

Amounts
: Depending on the bank and the credit limit they are offering you, you may be able to put the full amount of your existing debt into the new card. The norm however, is only 60-80% of the available credit limit. If the amounts are small, you may be allowed to transfer balances from more than one credit card.

Fees
: Some issuers charge for admin and other costs. More often than not, there is a penalty for repaying your balance earlier than stipulated. Always read the terms to know what you’re signing up for.

Repayment:
 Be diligent in your repayment and never pay less than the amount agreed to in the balance transfer agreement. Failure to do so may result in the regular credit card interest rates applying.

The 0% interest rate
: This unbelievable rate for what is basically an unsecured debt won’t apply to new purchases so refrain from being tempted to use your balance transfer card for new purchases. Also, as above, if you don’t pay the scheduled amounts, you risk going back to the same old 16-18%.

Best practices: A bit of rehashing but this bears repeating: Always pay the stipulated amounts every month and resist the urge to use the card until your transferred balance has been paid off.
You’ll thank us for this, we promise.

Hot off the Presses

Here are some new balance transfer promotions from your friendly neighbourhood credit card issuers.

BSN

BSN offers a tenure from as low as 3 months with a minimum transfer of RM500 at an interest rate of 0.30% per month up to 36months with a minimum transfer of RM2000 and a rate of 0.375%. If you take just 6 months, its 0% interest.

The promotion is valid only until 30 April 2013. Get more info and apply
here
.

Hong Leong Bank

HLB offers four different plans to suit your needs also beginning at a 3 month tenure to 12 months with an increasing interest rate from 0.40% per month to 1% per month for 12 months.

Promotion ends 30 June 2013. Read more and apply
here
.

CIMB Bank

CIMB is offering 0% interest for 6 months until 31 December 2013. That’s not all, for existing CIMB Cardmembers, there are 3 plans you can opt for to clear your balance without transferring to another issuer! It’s set at 10% for 12 months, 11% for 18 months and 12% for 24 months.

Minimum transfer amount is RM1000. For added info and application, click
here
.

HSBC Bank

The balance transfer deal from HSBC starts with an initial 3% interest for the first month and 0% for the next 5 months. That technically works out to 0.5% per month – similar to Maybank.

Minimum transfer amount is RM1000. For more information and to apply, click
here
.

Public Bank

There are options offered by Public Bank for their balance transfer. It’s 0% for 6mths with a minimum RM3000 transfer, 2% for 12 months with a minimum RM1000 transfer and 5% for 24 months with a minimum RM3000 transfer. These rates are charged only one time.

Click for more information and to apply, click
here
.

RHB Bank

With a minimum RM1000 transfer across their three plans, RHB offers 12, 18 and 24 months at rates of 7.30%, 8.67% and 8.41% per annum. Although, do note there is an extra initial interest rate of 4%, 7% and 9% respectively.

The plans are available only until 30 June 2013. For all the glorious terms and to apply, click
here
.

Maybank

Maybank has designed 5 different plans to suit your needs. Ranging from 6 to 36 months, the interest rate flunctuates at 0.5% at 6 months to 0% at 12 months and 0.413% at 36 months.

For terms, terms and a spot of application, click
here
.

If you’d like to see a full list of issuers in a nifty comparison chart format as well as a longer FAQ article, check out our
previous posting on balance transfers
.

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LG Launches New PuriCare Self-Service Tankless Water Purifier In Malaysia

LG has launched its latest water purifier system for the Malaysian market, the PuriCare Self-Service Tankless Water Purifier. Dubbed as a first of its kind in the market, the new purifier system’s filters are user-replaceable, designed to address inconveniences faced by other water purifier users.

The new LG PuriCare Self-Service Tankless Water Purifier is LG’s take on the concept of a “Total Self-Service” system. Whether you are renting or purchased the system outright, both ownership options come with a filter subscription that delivers a new set of filters every six months. Owners can then take a few minutes to replace the old filters by themselves, negating the need for service technicians to come do the same thing.

On top of that, the system has an “Auto Sterilisation” function that activates once every week, using high temperature water to sterilise the internal stainless steel pipes and outlet – LG claims this removes 99.99% of germs, and that users can also enable the Sterilisation function manually just with a tap of the button at the top of the system.

Meanwhile, the 4-Stage All Puri Filter System eliminates microorganisms, 99.99% of norovirus, and 9 types of heavy metals commonly found in unfiltered water. Plus, since the system is tankless, there is no worries on microorganism growth in the tank. There’s also a UV Sterilisation function that sterilises the inside of the water outlet which the system automatically performs every hour or whenever the users wishes to do so manually.

Finally, the LG PuriCare Self-Service Tankless Water Purifier is also synced with LG’s ThinQ smart home app, where users can check the status of the system and set schedules for sterilisation anytime, anywhere with their smartphones.

“The arrival of our advanced LG PuriCare™ Self-Service Tankless Water Purifier coincides with LG’s third-year presence in the Malaysian water purifier market. The LG PuriCare™ brand prioritises our customers’ needs of convenience and freedom when it comes to product servicing and we work towards that goal every day. With that, LG Electronics strives to consistently deliver innovation and cutting-edge technology to meet the demand and changing consumer behaviour through our groundbreaking products,” said Justin Choi, Managing Director LG Electronics Malaysia.

The LG PuriCare Self-Service Tankless Water Purifier system is available in three colours: Silver, White, and Navy Blue. As mentioned, customers can choose to rent the system or purchase it outright; rental rates start from RM60 a month, while outright purchase is available with a 2-year filter susbscription for RM3,200. Rental tenures are flexible with different durations, and there’s also the option of regular service visits by LG’s service technicians if the customer prefers.

For more information, check out
LG’s official website
.

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Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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The Complete List Of Every UOB Credit Card Replacing Your Citi Cards

If you’re a Citibank customer, you’ll know by now that Citi has sold its consumer banking business in Malaysia
to UOB Bank
. Accordingly, UOB has been making preparations since the end of 2022 to migrate Citi’s assets and products into its ecosystem. While UOB has certainly done its level best to keep all stakeholders up to date on its progress, we’re sure that some of you, as outgoing Citi cardholders, may still have questions.

For instance, which UOB credit card are you getting as replacement? Are the benefits of the new card similar to your current Citi card? What about all the other card features, such as the annual fees? In this article, we have the full list of outgoing Citi credit cards in Malaysia, their UOB replacements, as well as the latest perks of the UOB cards – all in one page.

To get things started, here are all the outgoing Citi cards and the UOB cards that they’ll be replaced with – for your quick reference:

Existing Citi credit cards
Replacement cards from UOB
Citi Prestige
UOB Zenith
Citi PremierMiles
UOB PRVI Miles Elite
Citi Rewards
UOB World
Lazada Citi
Lazada UOB
Citi Simplicity+
UOB Simple
Citi Cash Back Platinum
UOB ONE Platinum
Citi Cash Back Gold
UOB ONE
Citi Clear
Citi Rewards Platinum
Citi Choice
Citi Gold
Citi Silver
UOB Preferred
Citi Business Platinum
UOB Platinum Business

Next, we’ll break down the features and benefits of each card, so that you can get a clear comparison and see how your new card will work for you moving forward. To note, we’ll be focusing solely on personal credit cards.

UOB Zenith

Replacement for: Citi Prestige

The UOB Zenith is a brand-new credit card that has been introduced by UOB to replace Citi’s highest tier mass consumer credit card: the Citi Prestige. In addition to being able to earn up to 2x Citi Rewards Points for selected expenses, Citi Prestige cardholders were also able to earn bonus Rewards Points via a Relationship Bonus Programme, as well as enjoy perks like a complimentary fourth night stay at selected hotels and resorts.

Many of these benefits under Citi Prestige have been ported over to UOB Zenith, as you can see below:

Citi Prestige
UOB Zenith
Card benefits
– 1x Citi Rewards Point for every RM1 spent locally
– 2x Citi Rewards Points for every RM1 spent overseas
– 1x Citi Rewards Point for every RM1 of easy pay (EPP) transaction on local spend
– 1x UNIRM for every RM1 spent locally
– 2x UNIRM for every RM1 spent overseas
Other bonuses
– 250,000 Citi Reward Points spend bonus with minimum annual spend of RM240,000
– Up to 40% relationship bonus points based on the length of your relationship with the bank
– 250,000 UNIRM spend bonus with minimum annual spend of RM240,000
– Up to 50% relationship bonus points based on the length of your relationship with the bank
Travel & lounge, and insurance perks
– 12x complimentary lounge access per annum via LoungeKey
– Complimentary night at international hotels or resorts with a minimum four-consecutive-night stay
– Complimentary limo rides home from KLIA Terminal 1 (with minimum three retail transactions made overseas, 30 days prior to redemption)
– Exclusive services via Citi Prestige Concierge
– 12x complimentary access to Plaza Premium Lounge (PPL) and its affiliate partners per annum
– Complimentary night at international hotels or resorts with a minimum four-consecutive-night stay
– Complimentary limo ride home from KLIA Terminal 1 (with three retail transactions made overseas, 30 days prior to redemption)
– Exclusive services via UOB Zenith Concierge
Minimum annual income requirement
RM192,000 per annum
RM192,000 per annum
Annual fees
– Principal: RM1,000
– Supplementary: Complimentary
– Principal: RM1,000
– Supplementary: Complimentary

UOB PRVI Miles Elite

Replacement for: Citi PremierMiles

Another new card by UOB, the UOB PRVI Miles Elite is set to replace the Citi PremierMiles. However, unlike other UOB cards that have been rolled out – which share almost similar benefits and features with its Citi counterpart, including the point multipliers – you’ll notice that the UOB PRVI Miles Elite card diverges a little from this practice.

This is because Citi PremierMiles cardholders do not earn the usual Citi Rewards Points like other Citi rewards points cards; instead, it utilises a separate system that earns PremierMiles points. UOB, meanwhile, opted to keep to its standard UNIRM rewards points system for the PRVI Miles Elite. As such, UOB has adapted the points earning system of its UOB PRVI Miles Elite card to make up for the differences in points calculations with the Citi PremierMiles.

Here are the full benefits of both cards for your comparison:

Citi PremierMiles
UOB PRVI Miles Elite
Card benefits
– 1x PremierMile for every RM3 spent locally
– 2x PremierMiles for every RM3 equivalent spent in foreign currencies and on selected online travel merchants
– 1x PremierMile for every RM3 of EPP transactions on local spend
– 10x UNIRM for every RM1 spent on overseas expenses (no cap)
– 5x UNIRM for every RM1 spent on airline expenses (no cap)
– 1x UNIRM for every RM1 spent on local transactions
Other bonuses
– 10,000 PremierMiles every year with payment of annual fee
– 60,000 UNIRM every year with payment of annual fee
Travel & lounge, and insurance perks
– 8x complimentary lounge access per annum to PPL in nine countries and territories
– Complimentary limo rides home from KLIA Terminal 1 (with minimum three retail transactions made overseas, 30 days prior to redemption)
– Personal accident and travel inconvenience coverage of up to RM300,000
– 8x complimentary lounge access per annum to PPL in nine countries and territories
– Complimentary limo rides home from KLIA Terminal 1 (with minimum three retail transactions made overseas, 30 days prior to redemption)
– Personal accident coverage of up to RM300,000
– Special conversion rate for points of 9,000 UNIRM to 1,000 miles
Minimum annual income requirement
RM100,000 per annum
RM100,000 per annum
Annual fees
– Principal: RM600 (waived for the first three years)
– Supplementary: Complimentary
– Principal: RM600 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: Complimentary

UOB World

Replacement for: Citi Rewards World Mastercard

As the replacement for the Citi Rewards World Mastercard, the UOB World card offers pretty similar perks. For context, Citi Rewards World Mastercard cardholders have the ability to earn up to 12x Citi Rewards Points for selected expenses, spend bonus of 125,000 Citi Rewards Points, and various additional travel perks, like 6x complimentary access to PPL (limited to KLIA Terminal 1 and KLIA Terminal 2 only).

Meanwhile, here’s what the UOB World has to offer – in comparison to the card that it is to replace:

Citi Rewards World Mastercard
UOB World
Card benefits
– 12x Citi Rewards Point for every RM1 spent on selected e-wallet and online spend (capped at RM300 per merchant per month)
– 5x Citi Rewards Points for every RM1 spent at selected departmental stores and supermarkets (capped at RM3,000 per month)
– 5x Citi Rewards Points for every RM1 spent overseas (capped at RM24,000 per annum)
– 1x Citi Rewards Point for every RM1 spent on local transactions, as well as EPP transactions on local spend
– 12x UNIRM for every RM1 spent on selected e-wallet and online spend* (capped at RM300 per merchant per month)
– 5x UNIRM for every RM1 spent at selected departmental stores and supermarkets (capped at RM3,000 per month)
– 5x UNIRM for every RM1 spent overseas (capped at RM24,000 per annum)
– 1x UNIRM for every RM1 spent on local transactions
*
same merchants as Citi Rewards World Mastercard
Other bonuses
– 125,000 Citi Reward Points spend bonus with minimum annual spend of RM48,000
– 125,000 UNIRM spend bonus with minimum annual spend of RM48,000
Travel & lounge, and insurance perks
– 6x complimentary lounge access per annum to PPL at KLIA Terminal 1 and KLIA Terminal 2
– Overseas personal accident coverage of up to RM50,000
– 6x complimentary lounge access per annum to PPL at KLIA Terminal 1 and KLIA Terminal 2
– Overseas personal accident coverage of up to RM50,000
Minimum annual income requirement
RM60,000 per annum
RM60,000 per annum
Annual fees
– Principal: RM600 (waived for first three years)
– Supplementary: RM150
– Principal: RM600 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM150

Lazada UOB

Replacement for: Lazada Citi

Lazada Citi was a co-branded card between e-commerce platform Lazada and Citi that offered up to 10x Rewards Points on selected expenses, as well as exclusive offers during Lazada’s sales days. You can also use your Citi Rewards Points to offset certain Lazada purchases.

To replace this card,
UOB had also signed a memorandum of understanding (MoU) with Lazada
 to roll out a Lazada UOB card with similar benefits:

Lazada Citi card
Lazada UOB card
Card benefits
– 10x Citi Rewards Point for every RM1 spent on Lazada purchases and Lazada Wallet top-ups (capped at RM500 per month)
– 5x Citi Rewards Points for every RM1 spent on selected online entertainment, lifestyle/online food delivery, telco, and insurance spend (capped at RM500 per month for online entertainment and food delivery, and another RM500 for telco and insurance)
– 1x Citi Rewards Point for every RM1 spent on local and petrol transactions
– Use Citi Rewards Points to offset Lazada purchases
– 10x UNIRM for every RM1 spent on Lazada purchases and Lazada Wallet top-ups (capped at RM500 per month)
– 5x UNIRM for every RM1 spent on selected online entertainment, lifestyle/online food delivery, telco, and insurance spend* (capped at RM500 per month for online entertainment and food delivery, and another RM500 for telco and insurance)
– 1x UNIRM for every RM1 spent on local and petrol transactions
– Use UNIRM to offset Lazada purchases
*
same merchants as Lazada Citi card
Other bonuses
– 1,000 Rewards Points spend bonus per month with a minimum monthly spend of RM1,500
– Exclusive Lazada offers, including RM28 discount for every Monday, RM8 discount vouchers every month, and free shipping vouchers every Friday
– 1,000 UNIRM spend bonus per month with a minimum monthly spend of RM1,500
– Exclusive Lazada offers, including RM28 discount for every Monday, RM8 discount vouchers every month, and free shipping vouchers every Friday
Minimum annual income requirement
RM24,000 per annum
RM24,000 per annum
Annual fees
– Principal: RM100 (waived for first three years; annual fee for subsequent years waived with annual minimum spend of RM15,000 during current year)
– Supplementary: RM70
– Principal: RM100 (waived for the first three years under ongoing campaign; annual fee for following years waived with annual minimum spend of RM15,000 during current year)
– Supplementary: RM70

UOB Simple

Replacement for: Citi Simplicity+

The Citi Simplicity+ was a different type of cashback card that focused on helping you offset some of the finance charges of your purchases and cash advances (and not on your expenses itself). It also comes with no extra fees, including annual fees. Its replacement is the brand new UOB Simple card:

Citi Simplicity+
UOB Simple
Card benefits
– 10% cashback on finance charges of your purchases and cash advances every month, if you pay at least the minimum monthly due amount on time (no cashback cap)
– No late payment charges
– No annual fees
– No overlimit fee when you go over your credit limit
– 10% cashback on finance charges of your purchases and cash advances every month, if you pay at least the minimum monthly due amount on time (no cashback cap)
– No late payment charges
– No annual fees
Minimum annual income requirement
RM24,000 per annum
RM24,000 per annum
Annual fees
N/A
N/A

UOB ONE & ONE Platinum

Replacement for: Citi Cash Back Gold & Platinum

The Citi Cash Back card has two variants – Gold and Platinum – both offering the same cashback benefits, namely up to 10% cashback for four categories of essential expenses (petrol, groceries, dining, and Grab transactions). The differences between the two cards lie in the cashback cap and the minimum monthly spend requirement that must be achieved in order to unlock the maximum cashback rate – with Platinum having the higher cap and monthly spending requirement.

Those holding these popular cards will receive the UOB ONE Classic and UOB Classic Platinum as replacement, with the following benefits:

i) Citi Cash Back Gold & UOB ONE Classic

Citi Cash Back Gold
UOB ONE Classic
Card benefits
Monthly spend RM500 and above

– 10% cashback for petrol, groceries, dining, and Grab transactions (capped at RM10 per category)
– 0.2% cashback for other retail purchases (no cap)
Monthly spend less than RM500

– 0.2% cashback for petrol, groceries, dining, and Grab transactions (capped at RM10 per category)
– 0.2% cashback for other retail purchases (no cap)
Monthly spend RM500 and above

– 10% cashback for petrol, groceries, dining, and Grab transactions (capped at RM10 per category)
– 0.2% cashback for other retail purchases (no cap)
Monthly spend less than RM500

– 0.2% cashback for petrol, groceries, dining, and Grab transactions (capped at RM10 per category)
– 0.2% cashback for other retail purchases (no cap)
Minimum annual income requirement
RM36,000 per annum
RM24,000 per annum
Annual fees
– Principal: RM120 (waived for first three years)
– Supplementary: RM60
– Principal: RM120 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM60

ii) Citi Cash Back Platinum & UOB ONE Platinum

Citi Cash Back Platinum
UOB ONE Platinum
Card benefits
Monthly spend RM1,500 and above

– 10% cashback for petrol, groceries, dining, and Grab transactions (capped at RM15 per category)
– 0.2% cashback for other retail purchases (no cap)
Monthly spend less than RM1,500

– 0.2% cashback for petrol, groceries, dining, and Grab transactions (capped at RM15 per category)
– 0.2% cashback for other retail purchases (no cap)
Monthly spend RM1,500 and above

– 10% cashback for petrol, groceries, dining, and Grab transactions (capped at RM15 per category)
– 0.2% cashback for other retail purchases (no cap)
Monthly spend less than RM1,500

– 0.2% cashback for petrol, groceries, dining, and Grab transactions (capped at RM15 per category)
– 0.2% cashback for other retail purchases (no cap)
Minimum annual income requirement
RM60,000 per annum
RM48,000 per annum
Annual fees
– Principal: RM195 (waived for first three years)
– Supplementary: RM100
– Principal: RM120 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM60

UOB Preferred

Replacement for: Citi Clear, Citi Rewards Platinum, Citi Gold, Citi Silver, and Citi Choice

Finally, UOB has made its UOB Preferred as something of a catch-all replacement card for five Citi credit cards. As such, those holding these Citi cards will need to evaluate if the benefits provided by the UOB Preferred card will still fit their needs. Here are the full comparisons between all the five Citi cards and the UOB Preferred card:

i) Citi Clear & UOB Preferred

Citi Clear
UOB Preferred
Card benefits
– 3x Citi Rewards Points for every RM1 spent with selected lifestyle merchants (dining and apparel)
– 1x Citi Rewards Points for every RM1 spent on other local transactions, as well as EPP transactions on local spend
– 5x UNIRM for every RM1 spent on dining, grocery, and entertainment expenses (up to RM1,000 per category)
– 3x UNIRM for every RM1 spent on petrol and recurring spend in selected categories (up to RM500 for petrol, unlimited for recurring spend)
– 1x UNIRM for every RM1 spent on any other expenses
Other bonuses
– 1-for-1 drink offer at The Coffee Bean & Tea Leaf outlets from Monday to Friday
– 1-for-1 movie ticket offer at Golden Screen Cinemas (GSC) on Fridays
– 1-for-1 drink offer at The Coffee Bean & Tea Leaf outlets from Monday to Friday
– 1-for-1 movie ticket offer at Golden Screen Cinemas (GSC) on Fridays
Minimum annual income requirement
RM24,000 per annum
RM40,000 per annum
Annual fees
– Principal: RM90 (waived for first three years)
– Supplementary: RM60
– Principal: RM198 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM30

ii) Citi Rewards Platinum & UOB Preferred

Citi Rewards Platinum
UOB Preferred
Card benefits
– 5x Citi Rewards Points for every RM1 spent on selected expense categories that you opt to subscribe to (shopping, home, travel, petrol, and dining/entertainment – capped at specified amounts)
– 1x Citi Rewards Points for every RM1 spent on other local transactions, as well as EPP transactions on local spend (except petrol and other ineligible transactions)
– 5x UNIRM for every RM1 spent on dining, grocery, and entertainment expenses (up to RM1,000 per category)
– 3x UNIRM for every RM1 spent on petrol and recurring spend in selected categories (up to RM500 for petrol, unlimited for recurring spend)
– 1x UNIRM for every RM1 spent on any other expenses
Other bonuses
N/A
– 1-for-1 drink offer at The Coffee Bean & Tea Leaf outlets from Monday to Friday
– 1-for-1 movie ticket offer at Golden Screen Cinemas (GSC) on Fridays
Minimum annual income requirement
N/A
RM40,000 per annum
Annual fees
RM100 for every expense category that you are subscribed to (you may earn free subscription to categories by reaching a minimum annual spend)
– Principal: RM198 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM30

iii) Citi Gold & UOB Preferred

Citi Gold
UOB Preferred
Card benefits
– 3x Citi Rewards Points for every RM1 spent at selected supermarkets and hypermarkets (up to RM3,000)
– 1x Citi Rewards Points for every RM1 spent on other local transactions, as well as EPP transactions on local spend
– 5x UNIRM for every RM1 spent on dining, grocery, and entertainment expenses (up to RM1,000 per category)
– 3x UNIRM for every RM1 spent on petrol and recurring spend in selected categories (up to RM500 for petrol, unlimited for recurring spend)
– 1x UNIRM for every RM1 spent on any other expenses
Other bonuses
N/A
– 1-for-1 drink offer at The Coffee Bean & Tea Leaf outlets from Monday to Friday
– 1-for-1 movie ticket offer at Golden Screen Cinemas (GSC) on Fridays
Minimum annual income requirement
N/A
RM40,000 per annum
Annual fees
– Principal: RM195
– Supplementary: RM100
– Principal: RM198 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM30

iv) Citi Silver & UOB Preferred

Citi Silver
UOB Preferred
Card benefits
– 1x Citi Rewards Points for every RM1 spent on local transactions
– 5x UNIRM for every RM1 spent on dining, grocery, and entertainment expenses (up to RM1,000 per category)
– 3x UNIRM for every RM1 spent on petrol and recurring spend in selected categories (up to RM500 for petrol, unlimited for recurring spend)
– 1x UNIRM for every RM1 spent on any other expenses
Other bonuses
N/A
– 1-for-1 drink offer at The Coffee Bean & Tea Leaf outlets from Monday to Friday
– 1-for-1 movie ticket offer at Golden Screen Cinemas (GSC) on Fridays
Minimum annual income requirement
N/A
RM40,000 per annum
Annual fees
– Principal: RM70
– Supplementary: RM45
– Principal: RM198 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM30

v) Citi Choice & UOB Preferred

Citi Silver
UOB Preferred
Card benefits
– 50x Citi Rewards Points for every RM50 spent on local transactions
– 5x UNIRM for every RM1 spent on dining, grocery, and entertainment expenses (up to RM1,000 per category)
– 3x UNIRM for every RM1 spent on petrol and recurring spend in selected categories (up to RM500 for petrol, unlimited for recurring spend)
– 1x UNIRM for every RM1 spent on any other expenses
Other bonuses
N/A
– 1-for-1 drink offer at The Coffee Bean & Tea Leaf outlets from Monday to Friday
– 1-for-1 movie ticket offer at Golden Screen Cinemas (GSC) on Fridays
Minimum annual income requirement
N/A
RM40,000 per annum
Annual fees
– Principal: N/A
– Supplementary: N/A
– Principal: RM198 (waived for the first three years under an ongoing acquisition campaign)
– Supplementary: RM30

  —

With this list, we hope all Citi cardholders are now clear on which replacement card that they’ll receive from UOB. UOB has also stated that depending on which Citi card you own, you may be sent
new UOB cards to you starting from October 2023
 – but regardless, now that the migration is completed, your current Citi cards are all UOB credit cards with the new set of benefits.

Note that post-migration, your card number, CVV, and expiry date all do not change, but if you’re making payments to the card from another bank, you’ll need to make payments to UOB (using the same card number) instead of Citi – this also means existing saved/favourite transfers will no longer work.

Aside from that, there are also some notable details that you may want to take note of. For instance, with regard to annual fees of the UOB Preferred card (replacing Citi Clear, Citi Rewards Platinum, Citi Gold, Citi Silver, and Citi Choice), UOB is offering a concession where you are not required to pay the RM198 annual fee of the card. Instead, you only need to pay the highest annual fee of your current Citi cards – although it is not clarified if this is a temporary or permanent arrangement.

On top of that, all Citi Rewards Points previously earned by Citi cardholders – which are evergreen – will also not expire when they are ported over to UOB’s system as UNIRM. New UNIRM earned via the replacement cards, however, will have the usual three-year validity.

Lastly, we’ll continue to keep and eye out and report on any new updates regarding UOB’s migration of Citi’s assets and products, so do check back with us every now and then!

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Citi

Citi Business Platinum

Citi Cash Back Card

Citi Choice

Citi Clear Card

Citi Gold Card

Citi PremierMiles

Citi Prestige

Citi Rewards Card

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Citi Silver Credit Card

Citi Simplicity+ Credit Card

Citibank

Lazada Citi Platinum Card

Lazada UOB Credit Card

Longform

UOB

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UOB ONE

UOB Platinum Business Credit Card

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UOB PRVI Miles Elite

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UOB UNIRM

UOB World

UOB Zenith

About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    Anonymous

    1 month ago

citi privmiles depreciated so much after migrated to UOB (double on local spend to convert 1k miles)

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Visa payWave - Easier than Cash

Easy, Speedy and Secure

Visa payWave is an easy and fast way to pay for everyday purchases. It is a secure contactless chip technology designed to help you spend less time fumbling with cash and change, reducing the need to join long queues & giving you the freedom to do the things that matter most to you.

Just wave your Visa payWave-enabled card in front of a Visa payWave reader and go – there’s no need for a signature or PIN. It’s so easy & yet secure!

How Does it Work?

Visa payWave can be found on credit, debit and prepaid cards, and may be enabled on a mobile phone or a sticker. The technology allows you to pay by simply ‘waving’ your card or phone when prompted by the contactless reader at checkout. Most of the time, you won’t be asked to sign or enter a PIN for transaction up to RM250, but for more expensive purchases you always will, just like any other card transaction.

But is it Safe?

Visa payWave provides faster transactions and increased convenience while still maintaining Visa’s
high-security standards
. Visa payWave cards use the same secure technology as any other Visa chip card.

In addition, cardholders remain in control of their cards during the entire transaction, further reducing the risk of fraud. At all Visa payWave-enabled merchants, you can hold onto your card with your own hands the entire time you shop; just wave and go!

You also don’t have to worry about having your card accidentally charged because not only does the card need to be within 4cm of the reader for more than half a second, the retailer must also first key in the amount for you to approve. So there’s no risk of an accidental purchase at all.

Great! How Do I Get One?

Getting the card is easy as well. Chances are, your bank is already an issuer of Visa payWave-enabled credit, debit or prepaid cards. You can check out the full list of available Visa payWave cards
here
.

Once you have a Visa payWave-enabled card, you’ll see that it has a ripple symbol on it. Now you can visit any merchant with the same symbol shown and you’re ready to shop, wave, and go.

Where can I use my Visa payWave card?

Speaking of shop, Visa payWave cards are currently accepted by majority of key merchants from groceries and supermarkets at their selected stores such as AEON BiG, AEON MaxValu, AEON Stores, AEON Wellness, Ben’s Independent Grocer, Borders, Chatime, Golden Screen Cinemas, HERO, Jaya Grocer, KLIA Ekspres, Krispy Kreme, McDonald’s, MYDIN, NSK, RadioShack, San Francisco Coffee, SOGO Kuala Lumpur, Starbucks, TGV Cinemas, The Coffee Bean & Tea Leaf, Village Grocer & Watsons.

Pay for an entire weekend’s worth of shopping and entertainment by just waving your hand. How cool is that? So why not join the wave of the future and get yourself a Visa payWave-enabled card today!

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ringgitplus

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RinggitPlus Melodi Anugerah Aidilfitri Campaign 2019 FAQ

Q: What is The RinggitPlus Melodi Anugerah Aidilfitri Campaign about?

The RinggitPlus Melodi Anugerah Aidilfitri Campaign rewards you for making new credit card and personal loan applications via RinggitPlus. Approved applications
*
 with any of our participating banks will guarantee exciting campaign gifts and a chance to win our sweepstakes prizes!

Q: Which banks are part of The RinggitPlus Melodi Anugerah Aidilfitri Campaign?

You can apply for selected credit cards from HSBC, RHB, and Standard Chartered Bank or a personal loan from RHB under The RinggitPlus Melodi Anugerah Aidilfitri Campaign.

Q: What are the gifts offered under The RinggitPlus Melodi Anugerah Aidilfitri Campaign?

Successfully apply and be approved
*
 for a qualifying credit card or personal loan under The RinggitPlus Melodi Anugerah Aidilfitri Campaign and here’s what you can get:

Credit Card or Personal Loan

Free Campaign Gifts

HSBC Credit Card

Tefal Induction Rice Cooker + Google Home Mini

RHB Credit Card

Philips Daily Collection Juicer + RM50 Tesco Voucher

Standard Chartered Credit Card

Xiaomi Amazfit Cor 2 + Xiaomi Smart Scale

RHB Personal Loan

Panasonic Mechanical Jar Rice Cooker

You will also be in the running for the chance to The Apple Watch Weekly Sweepstake! Every week, RinggitPlus will select 7 lucky winners and each winner will be given 2x Apple Watch Series 4 (40mm) – find out more below.

Q: How do I apply?

It’s really simple. Just apply for a qualifying credit card or personal loan (as stated on the individual banks’ T&C) on ringgitplus.com during The RinggitPlus Melodi Anugerah Aidilfitri Campaign period 23 April 2019 – 24 May 2019).

Q: How long is the approval process?

Each bank has different processing timelines for different products, and thus it is at the bank’s discretion. Customers will be notified by the bank once the bank has started processing their applications.

Q: How and when can I get The RinggitPlus Melodi Anugerah Aidilfitri Campaign gifts?

For credit cards, you will be eligible for your gift after your card is approved, received, and activated. For HSBC credit cards, you have to spend a minimum of RM1,000 within 60 days of your card approval date to be eligible for your campaign gift.

For personal loans, you will be eligible after your loan has been approved and disbursed.

Once the bank has notified RinggitPlus of the card activation or loan disbursement, RinggitPlus will send your gift to you within 28 working days.

Q: If I apply for more than one credit card or personal loan, can I get multiple gifts?

Yes, you can get more than one campaign gift if you get your credit card approved and activated or personal loan approved and disbursed from the different participating banks. However, if you are making multiple applications from the same bank, you will only receive one set of The RinggitPlus Melodi Anugerah Aidilfitri Campaign gifts once you activate your card or have your loan disbursed.

Q: I already have a credit card or personal loan with one of the banks. Am I still eligible for the gifts if I apply for another card with the same bank during this campaign?

You will not be eligible if you are a bank’s existing customer or you already have a credit card with the bank you are applying from.

Q: How does The Apple Watch Weekly Sweepstake work?

Every week, RinggitPlus will randomly select 7 lucky winners and each winner will be given 2x Apple Watch Series 4 (40mm). To qualify for the sweepstakes, you will have to have your credit card or personal loan approved and activated (with a spending requirement for HSBC credit cards) under The RinggitPlus Melodi Anugerah Aidilfitri Campaign. Each qualified entrant is entitled to 1 entry for the sweepstakes and the weekly schedule is as follows:

Application Period

Approval Period

Winner Announcement

23 April – 29 April 2019

24 April – 5 May 2019

8 May 2019

30 April – 6 May 2019

1 May – 12 May 2019

15 May 2019

7 May – 13 May 2019

8 May – 19 May 2019

23 May 2019

14 May – 24 May 2019

15 May – 30 May 2019

31 May 2019

Q: If my application is rejected, am I still eligible for any gifts?

No. Only applications which have been approved by the banks are eligible for gifts from The RinggitPlus Melodi Anugerah Aidilfitri Campaign.

Q: How long will this promotion be available?

The RinggitPlus Melodi Anugerah Aidilfitri Campaign will run from 23 April to 24 May 2019.

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What Happens If You Don’t Pay Your Insurance Premiums?

What Does it Mean to ‘Lapse’?

You’ll probably hear this word in relation to insurance premiums and what it actually means is that your coverage has ceased. This is precisely what you don’t want to happen because if it is a health insurance policy – you won’t be covered in a case of hospitalisation or if its life policy, a death benefit will not be paid out once the policy has lapsed.

However, your policy will not lapse immediately even if you happen to miss a payment since you will be given a grace period to pay your premium before it officially lapses. The grace period is usually 30 days from the date your policy expires (this might vary with providers).

For example, if your policy premium payment is due on the 7th of April, you’re likely to remain covered until the 7th of May. After which, if you still have yet to make payment, your policy will be terminated and coverage will cease.

Now this is the typical process for traditional insurance policies such as term life insurance and medical cards. However, with cash value or investment-linked policies, you can skip making premium payments once you have a cash value built up and still enjoy coverage for a certain amount of time. In these cases, skipping your policy premiums will not equal a lapse right away. Here’s how that works:

Cash Value Policies

A cash value policy, typically offered for life and health insurance, separates your premium into a savings vehicle and insurance coverage. This means that so long as you make your premium payments, you are not just getting covered; you are also building cash value into your policy. Your insurance will not lapse until the cash value in your policy is below your payable premium.

Investment-linked Policies

Similarly, an investment- linked policy functions much like a cash value policy, however, the cash value is not guaranteed. This is because of the nature of investments where money can be gained but also lost. An investment-linked policy is also typically offered for life and health plans, providing insurance coverage as well an investment component. So if you have dividend earnings, you may use this to pay off your premiums in the meantime.

Note that both cash value policies and investment-linked policies are more expensive than standalone ones.

What Does This Mean For You?

It’s understandable in times of financial stress that you might not be able to make all your payments on time. In the case of your insurance premiums,
it’s worth paying attention to your grace period
 so you know how much time you can buy before paying off your premium once you have your funds in order. A good rule of thumb is
30 days
, but the best way to avoid this in the first place is of course to pay everything off on time.

How to Make Your Premium Payments More Affordable?

If you are having trouble making your premium payments, here are some ideas to improve affordability for certain plans.

Spread out your insurance payments to make it more affordable and request to pay the premium in instalments. This is usually available for Mortgage Level Term Assurance (MLTA), health and life insurance at a monthly, quarterly or biannual rate. Motor and travel insurance are usually paid in a lump sum although there are some
exceptions
.

Lessen the coverage amount and you’ll also reduce the premium payable. If you foresee difficulty in making payments – opt for lighter plans. Getting some coverage is better than none at all.

Buy online where possible. Car and life insurance plans are available online and is less expensive because you don’t have to pay the agent’s commission. Do note however, that you will be miss out on the convenience offered by an agent.

Read Also:
The Ultimate Guide to Buying Your First Insurance Plan

Last but not least, do shop around to discover plans with suitable terms at affordable rates. Save yourself the legwork and use our
comparison page
 to discover the right plan for you!

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Desiree Nair

Desiree Nair

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Experts: Dismantling TNG’s Monopoly On Transport Payment System Will Allow Healthy Competition

Several experts have weighed in on the government’s recent proposal to undo Touch ‘n Go’s (TNG) monopoly on the public transport fare and toll collection payment system, saying that the move will be a beneficial one. This is as it will not only offer users added payment options, but also create healthy competition.

Economic analyst at the business school of Universiti Kuala Lumpur, Associate Professor Dr Aimi Zulhazmi Abdul Rashid said that the government’s proposal could force TNG to upgrade its service quality, and in turn, resolve congestions at toll plazas. “Having competition will help improve TNG’s quality of services itself because healthy competition will have a positive effect on stakeholders. This will bring about many benefits to the users, including competitive, cheaper, and effective services,” he said.

Associate professor at the Putra Business School, Dr Ahmed Razman Abdul Latiff also shared a similar opinion, adding that this is because monopoly companies are at liberty to charge higher prices for their services when there is no check-and-balance to keep them in line. He explained that although toll rates are fixed and regulated by the government, TNG is free to provide unsatisfactory service at a high price since it has no competitors.

(Image: Malay Mail/Shafwan Zaidon)

“Users have no choice, causing these monopoly companies to take advantage, for example through the sale of TNG cards and RFID tags at high prices,” said Dr Ahmed Razman, adding that implementing an open payment system that accepts various modes of payment will resolve this problem. He also said that it is crucial for the government to scrutinise the various options and ensure that another monopoly does not happen, since the main goal is to provide consumers with more payment choices.

Meanwhile, the director of the Institute for Social Science Studies at Universiti Putra Malaysia, Professor Dr Haslinda Abdullah stressed that the government’s decision to review TNG’s monopoly must have a direct effect on the users if it is to be considered as impactful. “The interest of these users, if given focus, will have a very positive impact on the existing government, but the decision must also take into account past agreements so that losses on the part of the government can be minimised,” she further noted.

Prime Minister Datuk Seri Anwar Ibrahim had recently said that his administration will look into
dismantling TNG’s monopoly
 of the highway toll collection system, and Malaysia’s transport system in general. Following that, Transport Minister Anthony Loke announced that he has instructed public transport service providers and operators to adopt an open payment system so that commuters can use
credit and debit cards to pay for their fares soon
. He clarified, however, that his directive is not applicable to highway toll operators as these entities fall under the purview of the Malaysian Highway Authority (LLM), under the Ministry of Works.

(Source:
The Edge Markets
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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    Lau GT

    5 months ago

It’s good that the monopoly be terminated. TnG really made life difficult for everyone by forcing customers to only go to their designated offices for card renewal, complain on overcharged and etc.

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How Much of Your Life Do You Spend Commuting Every Day?

Unless you’re a lucky devil that telecommutes or freelances, you are quite likely part of the majority who spends time and money lugging yourself back and forth to the office, five days a week.

Now even though you take home a pay cheque every month to cover the costs of your commute, have you ever sat down and crunched the numbers to see if it makes sense?

If you haven’t, you should click over to
Ford Commuting Calculator 2016
 on another tab on your browser to figure out just how much of your most valuable resources are being expended over the course of your lifetime, just getting to work and back.

The results you get paints a picture of how you are depleting your two most valuable resources. The only minor gripe with this calculator is that it computes costs in two currencies only, the Euro and British Pound.

Considering the Price

The Star
 cited the World Bank’s 2015 Malaysia’s Economic Monitor report to reveal that Malaysians in the Greater KL area spent RM3,100 annually in commuting costs. Now for some, this is more than one month’s salary!

Is your income enough to cover these expenses? More importantly, are the hours spent on the road worth the time you could be spending with your family and loved ones? These are tough questions indeed but there’s always a workaround if your situation is rough. Go ahead and make these changes to improve your current predicament:

Plan your journeys – Try the
TravelSmarter
 webpage or other web-based calculators to estimate the costs for fuel and toll on express routes. You can also see what you’ll save if you use toll-free routes.

Ask for travel benefits – Seek compensation for mileage expenses from your employer to lighten the load of your travel costs. You might not get it but it never hurts to ask.

Try alternatives – Do consider public transport like the MRT and commuter services. You can also opt for ridesharing apps like Grab or Uber.

Carpool – You can share the burden of travel costs with your work comrades and use the travel time to bond.

We hope knowing how much you’ve spent (in both time and money) can help you make healthier decisions for yourself and your wallet when it comes to figuring out your daily commute.

If driving to work is still the most efficient solution for you, do shop for a car that consumes less fuel. Additionally, look for car loans that offer the most competitive interest rates so you can save more on financing costs. Check out our
car loan comparison page
 to find a loan package that ticks all the right boxes.

Have anything to add to this article? Do share your thoughts with us in the comments section down below!

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Win NEW Apple iPad Pro M2, RM1,000 Cash via DuitNow, RM1,000 TNG eWallet Credit, And More

The Unbox This Week credit card campaign is wrapping up the year with amazing gifts!

For those who are new to this campaign, Unbox This Week is a weekly event where we present to you fantastic weekly flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

From 27 December 2022 to 3 January 2023, our featured bank partners are

none other than
Citibank, HSBC Bank, Standard Chartered Bank, Alliance Bank, Public Bank, and RHB
. So, if you’ve considered applying for a credit card with any of these banks, you know what to do to get more out of your application!

Citibank – RM600 Cash via DuitNow

Give your wallet an extra boost when you apply for a Citibank Credit Card! RM600 cash via DuitNow will be guaranteed to you for your spending on essentials, groceries, meals, shopping, and more.

Remember to activate and spend a minimum of eight retail transactions on your new card within 60 days upon gaining approval. Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift.

Take note, though, that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion. Otherwise, those who wish to apply for their new Citi credit cards can
head on over here to do so
.

HSBC Bank – NEW Apple iPad Pro M2 (2022 Model)

Get a chance to win one out of 10 units of the latest Apple iPad Pro M2 when you apply for a HSBC Credit Card this week!

Get more done with the new Apple iPad Pro that is powered by the M2 chip. You can expect a speedier iPad experience with an 8‑core CPU when you are playing games, working on your projects, or streaming videos. With an 11″ Liquid Retina display, it’s almost like the images you’re looking at are coming to life in front of you.

For those who are not selected, you will still walk away with a guaranteed RM600 TNG eWallet Credit.

Don’t forget to activate and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to be eligible for this gift. That said, do note that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within six months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your HSBC credit card
here
.

Public Bank – Xiaomi 70mai Smart Dash Cam 1S

Everyone’s a winner when they apply for a Public Bank Credit Card! Get a guaranteed Xiaomi 70mai Smart Dash Cam 1S to capture your driving moments in 1080P High Definition, even in the dark.

A dashcam is becoming an essential device for every vehicle owner and the Xiaomi 70mai Smart Dash Cam 1S is equipped to provide 130° wide angle views as well as  automatic emergency recording.

All you need to do is complete your application via the RinggitPlus website, get approved by Public Bank, and make an accumulative spend of RM250 within sixty (60) days of approval to be guaranteed this gift. Apply for your Public Bank credit card
here
.

Standard Chartered Bank – RM1,000 Cash via DuitNow

Win not RM500, RM800, but RM1,000 cash via DuitNow when you apply for a Standard Chartered Credit Card! Spend it on what you like or treat your loved ones, it’s all up to you.

Don’t worry if you’re not selected, as you will still get a guaranteed URBANLite Ledge 24″ Luggage.

Just remember, you will need to activate your card within 30 days upon approval to be eligible for this gift. Lastly, be aware that existing cardholders and individuals who have held a Standard Chartered credit card in the past six months are not eligible for this campaign. If you qualify, then you can apply for your new Standard Chartered credit card
here
.

Alliance Bank – Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit 2

Take home a guaranteed Xiaomi Smart Band 7 Pro or Samsung Galaxy Fit 2 when you apply for a new Alliance Bank Credit Card.

The Xiaomi Smart Band 7 Pro has a vibrant aesthetics that might motivate you to work out with more than 150 watch faces, more than 110 sport modes, 12-day battery life and is best of all, guaranteed to you when you apply for an Alliance Credit Card with Balance Transfer.

Meanwhile, you will receive the sleek Samsung Galaxy Fit 2 that comes with a 3D glass, wide 1.1-inch full colour AMOLED display, water-resistance of up to 50m with 5ATM certification, and more when you apply for an Alliance Credit Card.

Upon approval, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any Alliance Bank credit card and individuals who have held or cancelled an Alliance Bank credit card in the past six months are not eligible for this campaign. Apply for an Alliance Bank Credit Card
here
.

RHB – RM1,000 TNG eWallet Credit

Score RM1,000 TNG eWallet Credit when you apply for a RHB Credit Card! Whether it’s tolls, parking, or essentials, this gift lets you pay for what you want.

Don’t worry if you’re not selected, as you will still get a guaranteed Xiaomi Smart Band 7 Pro that comes with a 1.64″ rectangle AMOLED display, global navigation satellite system (GNSS), and more.

Once approved, you just have to activate and spend to meet the requirements of the campaign and be eligible to get the gift. Existing cardholders of any RHB Bank credit card and individuals who have held or cancelled an RHB Bank credit card in the past six months are not eligible for this campaign. Apply for an RHB Bank Credit Card
here
.

***

Finally, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed, and we can always be at hand to help you when you need us.

While this week’s flash deal ends on 3 January 2023 (11am), do follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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If You Ever Need To, You Can Charter Your Own Malaysia Airlines Flight

With airlines slowly moving back to a more regular flight schedule now that the Covid-19 restrictions have eased, you may not find it absolutely necessary to charter your own private aircraft to take you to your selected destination at a time of your choosing. However, if the need arises, Malaysia Airlines (MAS) has a dedicated page on its website where you can easily fill up an online form to request a chartered flight.

Usually, chartered flight services are utilised by the government or heads of state who run tight schedules and require privacy and security, as well as agencies offering hajj and umrah tours. For the nine-month umrah season beginning
October 2018
, MAS provided a total of 149 chartered flights transporting over 70,000 pilgrims to the holy land. Earlier this year, Malaysians who had been stranded overseas due to the Covid-19 pandemic were also repatriated via chartered flights organised by the government.

According to MAS, its chartered flight service runs on flexible, non-stop flight schedules from Kuala Lumpur to almost any destinations in the world. Countries that the Malaysia Airlines Charter Service have flown to include Italy, East Timor, Australia, Canada, the Maldives, Syria, Saudi Arabia, Korea, and the US.

You can pick a suitable option from its fleet of A330, A350, A380, and B738 aircrafts, and enjoy a range of benefits and services during your private flight. These include a dedicated team to attend to your arrangements, a dedicated check-in counter at KLIA, and of course, in-flight meals and entertainment.

So, if you need to charter a flight for business purposes, or even have it on your personal post-Covid bucket list for any reason, you can do so on the
Malaysia Airlines website
 here.

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Bank Negara Has No Immediate Plans To Issue Central Bank Digital Currency

(Image: Malay Mail)

Bank Negara Malaysia (BNM) has stated that it has no immediate plans to issue a Central Bank Digital Currency (CBDC).

According to the central bank, the existing monetary and financial policy tools are effective in safeguarding monetary and financial stability. “Moreover, domestic payment systems, including the real-time retail payments platform (RPP) also continues to operate safely and efficiently to support the needs of the economy and allow real-time digital payments,” said BNM.

Bank Negara’s Annual Report 2020 acknowledged that technological advancements and increasing pace of digitalisation have led to the rising adoption of digital payments and the emergence of privately-issued digital assets; these include Bitcoin, Ethereum, and Stablecoin.

However, most digital assets in their current form are not used as payment instruments mainly because they “do not exhibit the universal characteristics of money”. Essentially, BNM said that the characteristics of these assets prevent them from being a good store of value and medium of exchange. The central bank also pointed out their vulnerability to price volatility and cyberthreats, as well as lack of scalability.

“For example, the price of Bitcoin recorded a steep decline of 39% within a single day in March 2020. Hence, it is crucial for the public to have a clear understanding of digital assets such as their features, underlying technology, and corresponding risks,” BNM said. However, Bank Negara noted that digital assets that are linked or backed with assets such as currency in order to minimise volatility have emerged, such as Stablecoin.

“Nevertheless, given that this is a rapidly evolving situation, we will actively assess the potential value proposition of CBDC in light of developments in the digital assets and payments space,” said Bank Negara. “Key policy decisions on CBDC will be guided by clear benefits to Malaysia as a whole, while ensuring that the associated risks arising from CBDC issuance, particularly financial stability risks, are effectively managed.”

(Source:
Malay Mail
)

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KPDNHEP: Usage Of E-Wallets Increased By 131% In 2020

(Image: Bernama)

Domestic Trade and Consumer Affairs (KPDNHEP) Minister Datuk Seri Alexander Nanta Linggi said that the usage of e-wallets has surged by 131% in 2020 compared to the previous year, with over 600 million transactions recorded.

The minister also quoted a
report
 by the Payments Network Malaysia Sdn Bhd (PayNet), which noted that
the use of cash payments among Malaysians in 2021
 fell to 78% from 89% before the Covid-19 pandemic. “The statistics show that the adoption of cashless payment method has begun to be accepted,” he remarked.

Datuk Seri Alexander further stated that his ministry has also focused on encouraging the adoption of e-wallets among micro, small and medium enterprises (SMEs and MSMEs). This is in line with the government’s initiatives and agenda to spur digitalisation in the retail sector.

(Image: Malay Mail/Yusof Mat Isa)

Aside from boosting the use of e-wallets among the public, the minister also reaffirmed that under the
Malaysian Digital Economy Blueprint (MyDIGITAL)
, the government is setting its sights on onboarding at least 875,000 MSMEs into e-commerce. It is also seeking to create 500,000 business opportunities, targeted to contribute to 22.6% of the country’s Gross Domestic Product (GDP) by 2025.

“According to the Department of Statistics Malaysia, e-commerce transaction income rose 30% year-on-year in the first quarter of 2021 to RM254.6 billion,” the minister further said, highlighting the rapid growth of the e-commerce industry.

(Source:
The Edge Markets
)

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Could Park One Melawati’s Modern Apartments Be Your Next Family Home?

There are a few things that come to mind when deciding on a family home. As a parent, you’d prefer a home that’s within close proximity to potential schools for your children, access to highways for work commutes, family-friendly facilities for family time, and healthcare centers in case of a medical emergency.

If you’re searching for a home that checks all these boxes, then a home in the heart of Melawati could be for you and your family.

Park One Melawati – A Modern Family Home

Announced as the latest residential phase by Sime Darby, Park One is a freehold low-density serviced residence located at Taman Melawati that holds 234 family-oriented homes.

Your Needs, Close To Home

For families, an advantage of staying in the city is having many options of established schools close by. Whether your children are starting off at primary, secondary, or even university, there are a number of educational institutions just a few kilometers from Park One, including Brainy Bunch International School, Fairivew International School, International Islamic University Malaysia (IIUM) and more.

Just next door lies a Community Hall for gatherings and community get-togethers. Aside from that, Columbia Asia Hospital, KPJ Ampang Puteri Specialist Hospital, and Glenagles Hospital are also a drive away, if you ever require medical attention.

Apart from that, the strategic location of Park One provides its residents with accessible roadways to some of the major highways including MRR2, DUKE, AKLEH, and SUKE for convenient commutes to work.

By the end of 2026, residents may benefit from having the Integrated Transport Terminal – Gombak (ITT-Gombak), a transportation hub that provides intercity buses from the East Coast, just 4.7km away from Park One. The ITT Gombak ECRL Line, which runs all the way to Kota Bharu, will be completed by 2027.

Drive Away To Nature

Days out with the family make precious memories for both parents and children. In Kuala Lumpur, there are many notable recreational activities for the whole family to enjoy, laugh, and relax with nature. Just a mere 1.9km away from Park One is Zoo Negara, where families can watch multi-animal shows and interact with animals.

For a little thrill and excitement, Air Terjun Mini Jeram and Kemensah Valley Recreation And Chalet are less than a 5km drive away. Other than that, families can consider road-tripping to Bukit Tabur and Kemensah Off Road Trails for family hikes during the weekend.

Convenient Grocery and Shopping Runs

While Park One is only 12km away from KLCC, other shopping malls including Melawati Mall, is a mere 50 metres away, making daily shopping or grabbing quick meals even more convenient. Melawati Mall houses a diverse mix of retail tenants across its eight levels, with names such as Village Grocer, Tony Roma’s, Uniqlo, AsterSpring, Watsons, and more.

KL East Mall is also nearby for residents of Melawati to satisfy their retail shopping needs with international and local brands.

Ignite Your Child’s Creativity

It’s important to note that a child’s environment plays a huge part in their development to become well-rounded adults. As a family-oriented residence, Park One surely provides a number of indoor and outdoor facilities for the whole family to enjoy and bond.

Notably, the residence also provides sensory play zones that are catered to stimulate each of the five senses thus nurturing children’s development, creativity, and well-being. These include safe water playgrounds, an outdoor obstacle playground, and more.

A Home For The Whole Family

Park One Melawati offers 3 types of spacious and practical layouts that offer a clear view of either Bukit Tabur or the KL skyline that’s sure to give you a picture-worthy view of daily sunrises and sunsets.

Built for low-density, all units are above 1000 sq. ft to emphasize space, functionality, and privacy.

The smallest unit is a 3-bedroom home, sized at 1,027 sq. ft, making it great for newlyweds or small families who are planning to grow their family and settle into the mature neighborhood of Melawati.

The second-largest unit is a 3 + 1 bedroom unit that’s 1,202 sq. ft, while the largest unit measures at 1,522 sq. ft and holds 4 + 1 bedrooms. For families of 3 to 5 members, these two units offer additional rooms for extra privacy.

***

With amenities, highways, educational institutes, healthcare centers, and more just a short distance to Park One, it’s easy to live comfortably with your family in Park One’s conveniently located serviced apartments. Whether you’re part of a big or small family, its modern and spacious units allow families to create a home that’s suited to their needs and to always end the day with a scenic view just outside their balconies.

Park One is currently offering exciting pre-launch and early-bird promotions. Units begin from RM780,000. For more information on Park One Melawati, head to their
website here
 to register your interest.

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SC: Financial Planning Industry Plays Increasingly Pivotal Role In Malaysians' Financial Wellbeing

(Image: Business Today)

Executive chairman of the Securities Commission Malaysia (SC), Datuk Seri Dr Awang Adek Hussin has highlighted the considerable growth of the financial planning industry in Malaysia over the past few years, noting that it now plays an increasingly pivotal role in the financial wellbeing of many individuals. As such, it is now more crucial than ever for the industry to be attentive to investor demands and market conditions, and adapt to keep up with them.

To underscore his point, Datuk Seri Dr Awang shared that the number of financial planning firms has increased by 42% between 2015 and 2022, from 31 to 44 firms as of end-2022. The number of licensed representatives, meanwhile, ballooned by 145% to 1,455 individuals during the same period.

Given this development, the financial planning industry must be better equipped so that they can serve their customers more efficiently. “The financial planning industry must broaden its offerings to meet investors’ preference for socially responsible investment (SRI), invest in technology for more personalised services, and build a skilled talent pipeline for the future,” stressed Datuk Seri Dr Awang at the Financial Planning Association of Malaysia (FPAM) Annual Signature Financial Planning Symposium 2023.

The SC chairman also noted that current investors are more interested in seeking advice on holistic investment strategies that take their entire portfolio into consideration, as opposed to focusing only on individual products. Accordingly, this also ramps up the demand for personalised services from financial planners.

“The evolving service model and access demanded by clients is led by increased demand for personalised advice with deeper investor engagement over the long term. Towards this end, the SC seeks to facilitate and empower firms and consultants to move towards more comprehensive wealth management offering across the capital market and financial sectors in a bid to meet Malaysians’ evolving needs,” said Datuk Seri Dr Awang.

In addition to this, Datuk Seri Dr Awang commented that the recent launch of the government’s Ekonomi Madani framework will boost the industry with new opportunities for financial planners as well. “Initiatives under the Madani Economy framework are expected to improve investor confidence in the Malaysian economy and attract greater inflows and foreign investors into the domestic capital market. This in turn will provide better opportunities for financial planners to expand their client base as well as enable existing clients to grow their wealth,” he said.

(Image: The Tokenist)

Among other things, the SC – along with the government – is looking at policies to attract and facilitate the establishment of family offices in Malaysia, which could, in turn, attract more investments to support financing for the country’s recovering economy and SMEs. Briefly, family offices are dedicated private wealth management advisory firms that manage the financial and investment needs of affluent individuals or families.

Finally, the financial planning industry is also encouraged to build its talent pipeline by collaborating with universities and other professional associations. This way, they can develop relevant courses to mould and cultivate a future generation of first-class financial planners, thereby ensuring the endurance and progression of Malaysia’s financial planning industry.

(Sources:
Business Today
,
The Edge Malaysia
)

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Budget 2020 Malaysia: Free One-Off RM30 E-Wallet For Selected Malaysians

Here’s some good news from Budget 2020: you can get RM30 in credit in your e-wallet, courtesy of the Malaysian government. As explained by Finance Minister Lim Guan Eng, it is a one-off incentive to encourage Malaysians to increase their use of e-wallets.

This incentive is available to all Malaysians who are 18 years and above and earn an annual income of less than RM100,000 (RM8,333 per month). All you need is to have a MyKad-verified account with a selected e-wallet service provider. This incentive can be claimed and used for a period of two months between 1 January and 29 February 2020.

It is hoped that the incentive will help to speed up the nation’s uptake of e-wallets amongst both users and traders, especially for small business and retail enterprises. This is line with Budget 2020’s general push towards transforming Malaysia into a digital economy. Based on Bank Negara Malaysia’s Financial Sector Blueprint 2011-2020, the nation could save about 1% of its GDP each year if it moved to a fully digital payment landscape.

The government will be allocating as much as RM450 million to Khazanah Nasional to implement this incentive. About 15 million Malaysians are expected to benefit from this initiative.

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Zurich: 30% Of Malaysians Aged Between 25 To 40 Years Old Without Personal Protection

(Image: New Straits Times)

A survey by Zurich Malaysia has shown that 30% of working Malaysians in their prime financial planning age – between 25 to 40 years old – do not have any form of personal protection. Revealed in the Impact Of Pandemic On Protection study, it was also found that this situation is primarily caused by the public’s misconceptions and lack of understanding.

Even more worrying, Zurich noted that 16% of survey participants indicated that they do not plan to set aside any funds for insurance or takaful products. This is despite recent statistics from Bank Negara Malaysia (BNM) that noted that
more than 75% of Malaysians find it difficult to raise RM1,000 of immediate cash in the event of emergencies
. Additionally, the Employees Provident Fund (EPF) said that
6.62 million members under the age of 55 had savings of less than RM10,000
 in their accounts.

Zurich further said that this “inaction” in obtaining personal protection is attributed to two key reasons: misconceptions and lack of information.

According to the insurer, 21% of survey respondents have the mistaken belief that insurance provided by employers is already sufficient to protect them during unfortunate events. Another 14% polled that insurance and takaful products are unnecessary, while 9% said that they have a bad perception of the products.

Meanwhile, 22% of survey participants noted that they still do not have enough information on insurance and takaful products despite initiatives taken by insurers and takaful operators to educate the public. “Although not necessarily the cause, this could have contributed to a lack of understanding (18%) on the purpose and benefit of insurance and takaful,” Zurich further noted in a statement. Another factor that also contributed to the lack of personal protection for survey participants within this age group is the inability to afford insurance (11%).

(Image: Malay Mail/Choo Choy May)

Given these findings, Zurich said that life insurance agents and takaful advisors have an important role in increasing awareness and ensuring understanding among the public. “This is critical to increasing the insurance and takaful penetration rate and reducing the protection gap towards a sustainable way of life,” it stated.

Zurich had commissioned the Impact Of Pandemic On Protection survey in late 2021, which had a sample size of 1,201 respondents. Respondents that fell into the age group of 25 to 40 years old make up 41% of the total sample size, equivalent to 491 individuals.

(Source:
Zurich Malaysia
)

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Alex Cheong Pui Yin

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