FWD introduces pioneering and customer-centric takaful and insurance solutions, aimed at addressing the evolving needs of Malaysia’s emerging affluent for Financial Protection, Retirement and Legacy Planning.
FWD Takaful Berhad and FWD Insurance Berhad (“FWD”) has announced the launch of two new, customer-centric and innovative solutions: FWD Hayaat and FWD LegacyGuard/FWD Legacy Guard+, designed to provide long-term protection, financial stability and securing wealth for generations to come. The introduction of these solutions come at a crucial time where Malaysia’s emerging affluent is experiencing a blend of challenges and opportunities, marked by higher cost of living, income stagnation and economic uncertainty.
In order to uncover the financial aspirations, concerns and protection preferences of emerging affluent Malaysians, FWD collaborated with global market research agency, Ipsos, in October 2024 to develop the FWD Well-Living Index 2024*. The survey revealed that financial security and protecting the next generation’s future are top priorities for emerging affluent Malaysians, with over 75% of respondents saying they utilise protection solutions as a vehicle for saving towards future financial goals which include: retirement or saving for their children’s education.
The survey also highlighted significant anxieties about potential income-disrupting events:
- Nearly half or 49% of respondents reported concerns about accidents impacting themselves or loved ones;
- While 45% worry about critical illnesses or disabilities and
- 30% are concerned about the loss of a family breadwinner.
The concerns around these potentially life-changing events underscore the need for robust and long-term protection that can safeguard the well-being and financial stability of everyday Malaysians.
FWD Hayaat has been designed to address Malaysians’ growing concerns around retirement and healthcare needs as they age. With an increasingly ageing population, the nation’s care system will face heavier demands for age-related care. In addition, with 30% of Malaysians feeling anxious about retirement planning, particularly the potential for insufficient funds and the rising cost of healthcare in Malaysia, FWD steps up to address this challenge by integrating long-term care, financial security and peace of mind all in one plan. Whether planning for the future, caring for the family, or navigating challenges in the golden years, FWD Hayaat offers tailored benefits to ensure a lifetime of comprehensive care and support.
Under this plan, customers will be able to receive financial support even through old-age-related illnesses such as Alzheimer’s Disease, Dementia or Parkinson’s Disease. In addition, in the event of a disability due to illness, injury or medical conditions, a reimbursement will be paid to support them through daily living activities, ensuring comfort, safety and accessibility at home. Other additional
benefits also include 100% payout upon Death or Total & Permanent Disability as well as an Emotional Care & Legal Aid payout, aiding the burden of their loved ones and next of kin.
Commenting on the launch of FWD Hayaat, Aman Chowla, CEO of FWD Takaful said: "With FWD Hayaat, we're empowering Malaysians to embrace life's journey with confidence, knowing they have a flexible and comprehensive takaful solution that's tailored to their unique needs. In the current economic landscape, we understand the challenges that come with ensuring a comfortable retirement and navigating the later years, so we created a compelling solution with long-term care benefits to support our customers with a lifetime of care, support and assurance”.
FWD LegacyGuard and FWD LegacyGuard+ are primarily intended for legacy planning and retirement respectively, providing coverage up to the age of 128. The defining advantage of these plans lies in their ability to transfer coverage and cash payments beyond one generation, ensuring lasting financial protection for future heirs, empowering families to build lasting wealth and security across multiple lifetimes. These plans speak to the needs of 75% of Malaysian emerging affluent consumers worried about their children’s future, and provides an opportunity to 42% of respondents who aim to grow their wealth over the long-term.
Through the plans’ Guaranteed Legacy Cash Payments, FWD is helping to build a sustainable income stream for generations to come, with yearly payments that start after the premium term ends and continue up to age 128. With a 10% increase in cash payments every 5 years, the plans are also designed to help offset the effects of inflating, delivering long-term value to customers.
In addition, FWD LegacyGuard+ enhances these benefits by adding Guaranteed Cash Payments, which are yearly payments paid out during the premium payment term. This additional benefit allows customers to enjoy a steady income stream while waiting for the GLCP to be paid out to them, once their premium payment term ends. Beyond that, with FWD LegacyGuard and FWD LegacyGuard+, customers will also enjoy a range of comprehensive benefits including Death Benefit, Additional Accidental Death Benefit and Compassionate Benefit.
“At FWD, we’re committed to empowering families with innovative solutions for robust and sustainable financial planning,” said Mak See Sen, CEO of FWD Insurance. “FWD LegacyGuard and LegacyGuard+ are designed to support our customers to build and preserve their legacy, while reflecting our mission of changing the way people feel about insurance, by making it more accessible, relevant, and truly supportive of life’s most important goals.”
FWD Hayaat and FWD LegacyGuard/ LegacyGuard+ underscore FWD’s ongoing commitment to changing the way people feel about takaful and insurance by pioneering relevant and tailored solutions that prioritise customisation, flexibility, and comprehensive support, enabling customers to Celebrate living.
For more information on the new FWD Hayaat and FWD LegacyGuard/ LegacyGuard+, please visit www.fwd.com.my. If you wish to find out more about the financial aspirations, concerns, as well as takaful and insurance preferences of Malaysia’s emerging affluent consumers, visit FWD Well Living Index 2024.
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