MOF rubbishes claim MySalam a 'get rich quick' scheme

The Finance Ministry has dismissed claims that MySalam is a "get rich quick" scheme after its motives were questioned in an opinion piece. 

The ministry was responding to an Aug 19 opinion piece in Sinar Harian by Angkatan Karyawan Nasionalis (Akar) president Ab Jalil Backer.

"The cynical allegations in the opinion article published by Sinar Harian are absolutely false," it said in a strongly-worded statement today.

"The article made a number of false allegations clearly indicating no knowledge of the facts pertaining to the scheme.

"Such articles founded on false facts and sensational 'clickbait' headlines are merely intended to dispel the benefits enjoyed by the rakyat through the scheme." 

The ministry pointed out that MySalam is a syariah-compliant insurance scheme that only benefits the people and not the private sector.

"This health protection scheme is a non-profit takaful scheme. It is offered by the government for eligible recipients from the B40 group, benefiting approximately 3.8 million individuals."

Launched in January, the MySalam insurance scheme offers health protection to those in the B40 income group diagnosed with one of 36 critical illnesses.

Recipients are eligible to a one-off payment of RM8,000 and hospital allowance of RM50 per day, up to RM700 per year.

The scheme is the result of a partnership between Putrajaya and Great Eastern Holdings, which contributed a seed fund of RM2 billion towards the scheme.

In its statement, the Finance Ministry again noted that all premiums paid will be returned to a trust fund if not utilised for claims.

"The government once again reiterates that there is no profit element for any insurance companies through MySalam.

"Any remaining unclaimed premium paid to the takaful company and accrued interest from savings will be fully reimbursed to the MySalam Trust Fund."

Along with Bank Negara, the ministry said it has conducted comprehensive studies and assessments to ensure that the insurance scheme is wholly beneficial to the people.

It added that Putrajaya is concerned about the financial burden faced by the rakyat, particularly in times of unforeseen health emergencies.