8th January 2025 - 2 min read
The National Cooperative Movement (Angkasa), through its subsidiary MyAngkasa Holdings Sdn Bhd, has launched the MyAngkasa Plus Protection Scheme, an initiative designed to provide comprehensive financial protection for cooperative members across Malaysia. The scheme, developed in collaboration with Zurich Takaful Malaysia Berhad and Zurich General Takaful Malaysia Berhad, is expected to benefit over 216,000 customers.
The scheme offers affordable premiums and robust coverage to support cooperative members and companies, particularly those using Angkasa’s Salary Deduction System (SPGA). It includes financial assistance in cases of unexpected events affecting borrowers, as well as protections for financiers, reducing risks of non-repayment and defaults.
Datuk Seri Dr Abdul Fattah Abdullah, President of Angkasa, said the cooperative is committed to managing the scheme with strong governance to ensure all benefits reach beneficiaries without complications.
“This initiative is a distinguishing feature of this scheme compared to existing products in the market. We are targeting more than 216,000 customers, representing over 7.2 million accounts, to benefit from this scheme,” he said during the launch event at Wisma Ungku A. Aziz.
The scheme includes features such as hibah (Islamic inheritance gift), will writing, and estate management, setting it apart from other products in the market. It is designed to ease the financial burden on cooperative members and their families by providing coverage for permanent disability, terminal illness, and other unforeseen circumstances.
The scheme introduces three affordable plans, starting at just RM33.00 per month. It provides coverage for natural death up to RM70,000 and accidental death up to RM150,000. Additional benefits include protection for permanent disability, terminal illness, and ambulance fees, helping to ease the financial burden on members and their families in the event of unforeseen circumstances.
Additionally, it also offers coverage for involuntary job loss due to accidents, amounting to RM10,000, as part of an effort to provide a competitive and well-rounded product.
Meanwhile, Nur Fatihah Mustafa, CEO of Zurich Takaful Malaysia Berhad, expressed confidence in the collaboration, emphasising that the scheme’s systematic management of takaful benefits via MyAngkasa Amanah Berhad ensures cooperative members are protected around the clock, both locally and globally.
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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