Abstract
Most people should have insurance to protect themselves from damage and financial instability, especially for those in low income group B40. The objective of this study is to suggested affordable life insurance premium for the B40 group using equivalence principle method. The study's findings show that group can choose between two affordable life insurance policies is either policy 1 or policy 2. Next objective is to create a user-friendly calculator that displays life insurance and Takaful policies available in Malaysia based on the B40 monthly household income. Microsoft Excel and Visual Basic for Application (VBA) are used to accomplish this objective. It hoped that this user-friendly interface developed in this study may assist low-income earners in identifying a suitable range of premiums they may afford to pay, thereby increasing the likelihood of purchasing life insurance and Takaful.
Highlights
Everyone should have coverage such as life insurance, Takaful, or any other product offered by insurance firms to ensure the protection of family and loved ones
Software Development The main aim of this paper is to develop a user-friendly interface for G40 group to determine the most affordable premium income
The market penetration rate for life insurance and Takaful is extremely low, with only a small percentage coming from the Bottom 40% (B40) group
Summary
Everyone should have coverage such as life insurance, Takaful, or any other product offered by insurance firms to ensure the protection of family and loved ones. Insurance coverage can be defined as the amount of risk or liability that an individual or organization covers through insurance services. On the other hand, is a financial product that protects consumers from financial loss. The majority of individuals buy insurance to protect themselves from damage and financial instability, especially unfavorable events occur (Manan et al, 2019). Life insurance can be useful for financial protection and long-term planning. The primary goal of purchasing life insurance is to alleviate the financial stress and concern that people and their families would face in the case of the breadwinner's untimely death
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