Malaysia: 6,000 sign up for EPF insurance in first week

| 26 Jul 2022

Within a week of its launch on July 12, about 6,000 of some 15 million Employees Provident Fund (EPF) members had subscribed to its i-Lindung platform under the Members Protection Plan.

About MYR2 million (US$449,026) in premiums have so far been collected from the members, who are allowed to purchase insurance and takaful products consisting of life and critical illness protection at affordable rates using funds in their Account 2.

EPF chairman Tan Sri Ahmad Badri Mohd Zahir said the Members Protection Plan is another milestone for the EPF as it provides an avenue for social protection and financial security for members should anything unforseen happen. 

“Protection through insurance and takaful is one of the key components of financial wellbeing, which we highly encourage our members to obtain to be protected against financial uncertainties. 

“The i-Lindung facility is especially beneficial for EPF members where we work with insurance companies and takaful operators to offer the most affordable rates to our members.” 

EPF members below 55 years old with a sufficient balance in Account 2 who are registered i-Akaun users are eligible to purchase the products under i-Lindung. 

Meanwhile, those above 55 years can also purchase products under i-Lindung provided they are within the products eligible entry age and maintain a minimum of RM100 in their Akaun 55 or Akaun Emas, according to The Sun.