The platform will facilitate the purchase of insurance and takaful products consisting of life and critical illness protection at an affordable premium, from Account 2.
Starting 12 July 2022 (Tuesday), Malaysia's Employees Provident Fund (EPF, or Kumpulan Wang Simpanan Pekerja, KWSP) will be enhancing members' plans with an i-Lindung platform. It will be, based on the agency's statement, part of the Members Protection Plan, and will facilitate the purchase of insurance and takaful products consisting of life and critical illness protection at an affordable premium from Account 2.
Such protection offerings will be available to EPF members with immediate effect.
According to the statement, members can access the i-Lindung self-service platform at any time of the day to, for instance, obtain information on the available products and prices, and get a quick quotation before purchasing the preferred product. Members can also have a single view of the policy/certificate purchased with convenience.
Further, it was explained that members who wish to purchase insurance and participate in takaful products offered by EPF-approved insurance companies and takaful operators can do so via the i-Lindung platform within the EPF i-Akaun (Member) portal.
At the moment, the participating insurance companies and takaful operators are:
- FWD Takaful;
- Prudential Assurance Malaysia;
- Prudential BSN Takaful;
- Etiqa Life Insurance, and
- Etiqa Family Takaful.
As well, the aforementioned companies and operators will be able to provide additional coverage and customise the price of their products according to members’ affordability. No medical check-up is required, as shared in the statement.
Commenting on the platform, Malaysia's Minister of Finance Zafrul Abdul Aziz said: "Through the GLC Transformation Programme implemented by the Government to drive the recovery and rebuilding of the post-pandemic economy through the ecosystem of Government Linked Companies (GLCs) and Government Linked Investment Companies (GLICs), one of the most important aspects is strengthening social protection, and this responsibility has been given to the EPF.
“So far, this strategy has materialised, with new member registrations increased 57% to 146,000 members in the first quarter of 2022, while voluntary contributors accumulated under the i-Saraan programme jumped 77% to 599,000 people.”
EPF Chairman Ahmad Badri added that the Members Protection Plan is "another milestone" for the EPF as it provides an avenue of social protection and financial security to its members should anything unfortunate happen.
“Protection through insurance and takaful is one of the key components of financial wellbeing which we highly encourage our members to obtain, in order to be protected against financial uncertainties. The i-Lindung platform is especially beneficial for EPF members where the EPF has worked together with the insurance companies and takaful operators to offer the most affordable rate to our members," the Chairman said.
Members can note that those who are below age 55 — registered as a Malaysian and an i-Akaun user — with sufficient balance in Account 2 are eligible to purchase the products under i-Lindung. Those above age 55 can also purchase products under i-Lindung, provided they are within the eligible entry age of the related products, and maintain a minimum of RM100 in their Akaun 55 or Akaun Emas.
Images / Minister Zafrul's Facebook