KUALA LUMPUR, Bank Simpanan Nasional (BSN) has partnered with a leading insurance provider to launch a new financial product designed specifically for Malaysia’s B40 income group. The initiative aims to provide greater financial security and protection to households with lower income, who have traditionally faced limited access to affordable insurance solutions.
The new product combines basic life coverage with flexible premium options, making it accessible and practical for daily wage earners and low-income families. According to BSN, the product is part of the bank’s broader commitment to financial inclusion and supporting underserved communities.
Since its debut in April, Qaseh Setia has provided coverage to more than 20,000 individuals.
“Financial security is not a privilege; it should be accessible to everyone,” said a BSN spokesperson. “This initiative ensures that even the most vulnerable groups in society can have a safety net in times of need.”
The insurer involved in the collaboration added that the product also includes features such as hospitalisation coverage, personal accident benefits, and simple claims procedures, making it both practical and user-friendly for the target segment.
BSN has announced that the product will be available nationwide through its branches and digital platforms, allowing customers to apply easily without extensive paperwork. The move aligns with Malaysia’s national agenda to improve financial literacy and inclusion among the B40 population.
Financial experts have welcomed the initiative, noting that tailored products for lower-income groups can play a crucial role in reducing vulnerability and encouraging responsible financial planning.
The B40 group, which represents the bottom 40% of Malaysia’s household income distribution, often faces challenges in accessing affordable insurance. This collaboration between BSN and the insurer is seen as a step toward bridging that gap.
