3.2 Mln Umno Members Can Benefit From Free Insurance Scheme
MAA Special Scheme Senior Manager Nina Abdullah said over 100,000 members from six divisions have been confirmed eligible under the scheme.
The next-of-kin of about 20 Umno members have benefited from the scheme following their deaths, she told reporters at the presentation of cheques totalling RM8,000 to the next-of-kin of four Umno members who had died.
The cheques were handed by Higher Education Minister and Jeli Umno chief Datuk Mustapa Mohamed.
Nina said more than 13,000 members in Jeli Umno division were eligible for the scheme.
To be eligible, Umno members are required to pay party annual membership fee every year.
The benefits include RM30,000 for permanent disability, RM20,000 for accident deaths and RM75 per day for 30 days hospital admission.
**** Can an actuary (if we can find one) let us know how such a 'free scheme' works. Someone has to be making a profit somewhere! Could it be in the form of operating expenses /processing fees? Or does part of the annual membership fees somehow 'find its way' into the scheme as premium. If that be so what kind of small fortune can be reasonably expected to be made with 3.2 million clients? Who could possibly be the beneficiaries of this 'free scheme? Just curious.