Alex Cheong Pui Yin
Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.
EPF i-Lindung: Members Can Now Use Akaun 2 To Buy Insurance For Immediate Family
Alex Cheong Pui Yin
5th February 2024 - 3 min read
The Employees Provident Fund (EPF) has expanded its i-Lindung programme, now allowing members to use funds from their Akaun 2 to purchase life and critical illness insurance and takaful products for immediate family members. This expands from the previous arrangement, where i-Lindung only enabled members to buy insurance or takaful products for themselves through their Akaun 2 funds.
On its website, the EPF explained that with this Phase 2 update, members will be able to purchase insurance for their spouses and children as well under one of the following arrangements:
- EPF member only
- EPF member and spouse(s)
- EPF member, spouse(s), and child/children
- EPF member and child/children
Note that the insurance or takaful products purchased must include coverage for the members themselves; you cannot purchase it solely for your dependents, without coverage for yourself.
The EPF also said that just like before, the insurance and takaful products will need to be offered by EPF-approved insurance companies and takaful operators, and can be purchased through the i-Lindung platform. This platform is housed within the EPF i-Akaun (Member) mobile app.
Additionally, the EPF shared that the i-Lindung programme has seen more than 102,301 members purchase a total of 118,166 policies and takaful products with affordable premiums since its launch back in July 2022. Given the encouraging response, the EPF felt that the programme can be expanded, and also be updated with some upgrades.
Aside from allowing the purchase of insurance and takaful products for immediate family members, i-Lindung has also recently been upgraded to offer products with short-term (1 year) and long-term (over 1 year) coverage periods; previously, only products with short-term coverage was provided. Furthermore, the i-Lindung platform now comes with enhanced user-friendly features so that members can have an easier time managing their policies and making recurring payments.
For further context, the i-Lindung programme is open to members who are below the age of 55, possess sufficient balance in their Akaun 2, and are also registered as i-Akaun users. Those aged 55 and above, too, are allowed to purchase products under i-Lindung, but they must meet the age requirement of the products that they are interested in, and have a minimum balance of RM100 in either their Akaun 55 or Akaun Emas.
Meanwhile, participating insurers and takaful service providers who are involved in the i-Lindung programme include Prudential BSN Takaful Bhd, Prudential Assurance Malaysia Bhd, Etiqa Family Takaful Bhd, Etiqa Life Insurance, and FWD Takaful Bhd.
(Sources: The Edge Malaysia, EPF)
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Alex Cheong Pui Yin
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