EPF Account 2 Can Now Be Used To Buy Insurance And Takaful For Family Members
118,166 policies and takaful products have been purchased by over 102,301 EPF members since its launch.
Subscribe to our FREE Newsletter, or Telegram and WhatsApp channels for the latest stories and updates.
It is common knowledge that many of us, especially in the private sector, work to contribute to our Employees’ Provident Fund (EPF), which is deducted monthly from our salaries.
The deducted amount is then deposited into our EPF accounts for our pensions when we retire in the future. Although it is our hard-earned money, it cannot be withdrawn arbitrarily unless permitted by the government.
But most recently, EPF has allowed access through its launch of i-Lindung Fasa 2.
Thanks to the feature, contributors can now use Account 2 to purchase life and critical illness products on a takaful basis for family members.
Contributors who are interested in doing so can indeed do so through the i-Lindung platform on the EPF i-Akaun application.
This effort mirrors the government’s previous effort in July 2022 when they launched i-Lindung to protect contributors and families in unexpected or out-of-control situations.
Active withdrawals
Since its launch last December, over 102,351 EPF members have purchased a total of 118,166 policies and takaful products through i-Lindung Fasa 2.
The purchase made was to acquire life and critical illness insurance at affordable premiums.
According to Dagang News, these implementations were introduced by EPF to focus on the management of policies and certificates that cover extended coverage for over a year.
The EPF platform was also upgraded as it not only offers features like streamlined policy management but also simple recurring payments for long-term protection.
Click here for more information!
Share your thoughts with us via TRP’s Facebook, Twitter, Instagram, or Threads.
