KWSP wants the insurance products to be offered to members at very affordable rates.
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Employees Provident Fund (KWSP) members can now purchase insurance and takaful products that cover life and critical illness coverage at a reasonable premium from Account 2.
The protection can be purchased through the i-Lindung platform under the Member Protection Plan, with the coverage offer effective immediately.
The i-Lindung offer facilitates the purchase of insurance and takaful products that include life and critical illness cover at an affordable premium from Account 2.
Members who wish to purchase insurance products and participate in takaful products offered by EPF-approved insurance companies and takaful operators can do so through the i-Lindung platform contained in the EPF’s i-Akaun (Member) portal.
The premium starts from RM30 a year with coverage of RM10,000.
Plenty Of Choices
The insurance companies and takaful operators are FWD Takaful Bhd, Prudential Assurance Malaysia Bhd, Prudential BSN Takaful Bhd, Etiqa Life Insurance Bhd and Etiqa Family Takaful Bhd.
The i-Lindung self-service platform, accessible at any time, allows members to obtain current product information along with prices and get quotes before purchasing at any time, anywhere.
A single display of purchased policies/certificates is included, making it easier for members to refer to them quickly and securely.
For added value, insurance companies and takaful operators on the i-Lindung platform can provide additional protection and adjust the price of their products according to members’ abilities.
No medical examination is required.
Basic Rights For All People
The Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, said the move would strengthen social protection and responsibility given to KWSP.
He said it is in line with the GLC Transformation Program implemented by the government to drive the recovery and reconstruction of the post-pandemic economy.
The goal will be achieved through the ecosystem of government-linked companies (GLCs) and government-linked investment companies (GLICs).
So far, the strategy has borne fruit, with new member registrations increasing 57% to 146,000 members in the first quarter of 2022, while voluntary contributors under the i-Saraan program have jumped 77% to 599,000 people.Minister of Finance, Tengku Datuk Seri Zafrul Tengku Abdul Aziz on the launch of i-Lindung KWSP.
Insurance Rates Drop
KWSP chairman Tan Sri Ahmad Badri Mohd Zahir said the Member Protection Plan is another success in providing social protection and financial security to its members in the event of any untoward incident.
Protection through insurance/takaful is one of the critical components of financial well-being that the KWSP encourages members to seek to protect them from economic uncertainty.KWSP chairman Tan Sri Ahmad Badri Mohd Zahir on importance of insurance/takaful coverage.
Ahmad Badri pointed out that according to the survey conducted by the Malaysian Life Insurance Association in 2020, the insurance coverage rate in Malaysia is only 56.1%.
If some people who purchase two or more insurance policies are excluded, the insurance coverage rate drops to 41%.
He said that even if insured, more than 90% of people cannot provide adequate protection for themselves and their families.
What is even more worrying is that only 4% of households in the low-income group are insured.
Therefore, the i- Lindung plan can assist us in emergencies and when there is a lack of funds. If the insured dies, the family members can continue to live on the insurance money.KWSP chairman Tan Sri Ahmad Badri Mohd Zahir on making insurance/takaful coverage affordable.
Negara maju lain sikit.— EchteLiebe (@TweetRasmiSaya) March 14, 2022
1. Healthcare fully private. Kena beli insurans sbb semua benda mahal dan cover everything
2. Melalui potongan gaji bulanan mcm EPF dan SOCSO
3. Universal healthcare. Mcm Malaysia atau pon UK. Healthcare kebanyakn free dan dibayar melalui cukai. https://t.co/l0zQPrBihc
Members under the age of 55 who have sufficient balance in Account 2, Malaysian citizens and i-Akaun users are eligible to purchase products under i-Lindung.
Those aged 55 and above can also purchase products under i-Lindung, provided they are within the relevant product eligibility age range and maintain a minimum amount of RM100 in Account 55 or Gold Account.
Further information on the i-Lindung Member Protection Plan can be obtained through the KWSP’s official communication channel via the website www.kwsp.gov.my, or contact the KWSP Relationship Management Center at 03-8922 6000.