KUALA LUMPUR – A new insurance initiative known as the i-Lindung platform was launched by the Employees Provident Fund (EPF) on July 12 to enable the funds’ members access to insurance and takaful products.
EPF announced during the launch that the i-Lindung would allow for their members to purchase insurance and takaful products with affordable rates using the funds from their Account 2.
The provident funds’ chairman, Tan Sri Ahmad Badri Mohd Zahir, stated during his opening speech that this platform, under the Members Protection Plan, is another significant milestone for the EPF, since it provides its members another avenue of social protection and financial security in the event of a misfortune.
He explained that the ownership of insurance and takaful certificates among Malaysians are still low, particularly for those within the B40 income group.
“This situation is concerning as the B40 segment is more vulnerable to disasters and they face a lack of protection. At the industry level, the low insurance and takaful ownership rate will limit the growth of the insurance coverage industry overall,” he said.
Additionally, protection through insurance and takaful is among the key pillars for an individual’s financial well-being which EPF highly recommends for its members to get so as to weather themselves through financially uncertain times, he added.
“The i-Lindung is particularly beneficial for members where the EPF has collaborated together with the insurance companies and takaful operators to provide the most affordable rates to our members,” he said.
EPF’s collaboration currently includes FWD Takaful Berhad, Prudential BSN Takaful Berhad, Prudential Assurance Malaysia Berhad, Etiqa Family Takaful Berhad, and Etiqa Life Insurance Berhad.
The price of i-Lindung products starts from RM30 per annum with the total coverage of RM10,000.
To purchase the i-Lindung insurance and takaful products, members can do so through EPF’s i-Akaun portal. Members are also able to choose the price and coverage based on their needs and affordability means.
In order to be eligible, the members must be a Malaysian, an i-Akaun user, and must have sufficient balance in their Account 2.
For EPF members above the age of 55 and are interested to purchase i-Lindung products, EPF’s website stated that the member would still be eligible as long as there is a minimum of RM100 in their EPF Account 55 and or Account Emas but would be subjected to the eligible entry age that are set by the insurance companies and takaful operators.
For more info, visit EPF’s website here.
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