MyezyCover Scheme Enables Civil Servants To Now Purchase Motor Insurance In Instalments
Author Avatar

The government has introduced a MyezyCover scheme that will allow about 1.7 million civil servants to purchase or renew their vehicle insurance with interest-free instalments. This will especially benefit those who fall under the B40 income group.

Implemented with an investment of RM100 million from the Social Security Organisation (SOCSO), MyAngkasa Amanah Berhad (MAAB), and A Tech Insure, the shariah-compliant scheme will enable civil servants to buy or renew motor insurance via a few payment options. They can opt for either monthly payments, one payment every four months, or a full-sum payment – with monthly instalments starting from as low as RM50.

“Those who make a one-payment purchase would receive a 10% discount with payment via salary deduction by Angkasa,” said the minister of the Human Resources Ministry, Datuk Seri M Saravanan during the launch, adding that the scheme will later be expanded to government and private sector retirees as well.

(Image: Bernama)

The minister also explained that SOCSO had decided to join the programme as an investor because it was aware of civil servants who were struggling to cover their vehicle insurance payments. Some had to wait until the end of the month for their salaries before they could renew their car insurance, despite it expiring in the middle of the month. Others even went so far as to purchase their road tax and car insurance with loans from illegal money lenders, aside from cooperatives or with credit cards.

In light of such a situation, Datuk Seri Saravanan reached out to insurance companies for a discussion. “Looking at their [civil servants’] cashflow losses through such loans, I discussed with insurance companies and was told they have no objection to providing instalment payment scheme as some parties could put up the payment first. So I discussed with SOCSO and other parties to participate in the programme as investors,” he said.

Datuk Seri Saravanan further stated that he is confident the programme will help to reduce the financial burden on the people, especially civil servants, and can contribute to the eradication of poverty.

(Source: Malay Mail)

0 0 votes
Article Rating


Comments (0)

Notify of

Inline Feedbacks
View all comments
Top Insurance Articles
Post Image
Government and Private Hospitals in Malaysia: How Much Do They Really Cost?
- 2nd January 2018
We keep hearing that government hospitals are cheaper than the private ones, but what’s the price difference really like? Keep reading to find out!
Post Image
How To Claim Income Tax Reliefs For Your Insurance Premiums
Alex Cheong Pui Yin
- 23rd March 2023
There are quite a few types of tax reliefs that you can claim to reduce your chargeable income […]
Post Image
Cancer Treatment In Malaysia: How Much Does It Cost?
- 2nd October 2018
Many know the devastating effects of cancer, but few talk about just how expensive cancer treatment costs can be.
Post Image
The Ultimate Guide to Buying Your First Insurance Plan
Desiree Nair
- 20th March 2017
Having problems buying your first insurance policy? We’ll set you straight on the know-hows of buying the most suitable insurance policy to suit your needs.

Related articles

Related Posts Image
Related Posts Image
Related Posts Image
Related Posts Image