Public Awareness Of Savings Protection, Insurance Still Low

The level of public awareness about savings, takaful and insurance protection provided by Perbadanan Insurans Deposit Malaysia (PIDM) under the Takaful and Insurance Benefits Protection Scheme is still low.

Its chief executive officer, Rafiz Azuan Abdullah said based on a study conducted last year, only 62 per cent of people in this country were aware of takaful and insurance protection given by PIDM although various information efforts had been made.

“Even that percentage of awareness was because they recognised the PIDM logo and brand name seen at the banks.

“What we want is for the public to know much more about PIDM with the hope that when something happens in future, they will know what to do,” he told the media when met at the “PIDM KL Sentral Community Outreach’ programme, here, yesterday.

He said PIDM would hence intensify efforts to increase public awareness on the matter and was confident that this could be achieved.

Rafiz Azuan also reminded the public to be aware of dubious financial schemes that were proliferating to dupe them, and for those interested to participate in any financial scheme to first check with the relevant authorities to ascertain whether these were genuine.

Meanwhile, PIDM invites the public to attend its three-day community programme beginning today at NU Sentral which includes family activities and prizes to be won.

PIDM was established in 2005 under the PIDM Act as part of the national financial safety net given the mandate to protect the interests of depositors and holders of takaful certificates and  insurance policies due to the failure of any institutions that are members of PIDM.

The statutory body protects depositors from losing their insured deposits kept in these banks.

For more information on PIDM, call 1-800-88-1266 or visit


Leave a Reply

Your email address will not be published. Required fields are marked *