12th July 2022 - 3 min read
The Employees Provident Fund (EPF) has launched i-Lindung, a new feature that allows members to purchase life and critical illness protection at an affordable premium using funds from their Akaun 2. It is rolled out under the EPF’s Members Protection Plan.
In a statement, the EPF shared that members can tap into this feature at any time of the day via the EPF i-Akaun portal, and they will be able to obtain information on available products and prices conveniently. They can also get a quick quotation before purchasing the preferred product.
For added value, insurance companies and takaful operators that are involved in the i-Lindung programme may also provide additional coverage and customise the price of their products according to the member’s financial capability. Participating insurance companies and takaful operators currently include:
If you’d like to tap into i-Lindung, you must make sure that you are a citizen with an active i-Akaun. You must also have sufficient balance in your EPF account (at minimum of RM100). Members who are 55 years old and above can also purchase products under i-Lindung as long as they are within the eligible entry age of the products offered, and maintain a minimum of RM100 in their EPF accounts (Akaun 55 and/or Akaun Emas).
Also, no check-ups are required to purchase the insurance products under i-Lindung. You will, however, be required to answer a simple questionnaire by the insurers regarding basic health information. Note as well that i-Lindung currently offers only pure protection products (no savings element) with one-year coverage. Additionally, you can only purchase protection for yourself for now, and not for your family members.
To make a purchase through i-Lindung, simply log in to your i-Akaun and click on the i-Lindung tab. You’ll be able to browse through the products offered by various insurers. Once you’ve decided, click on your preferred option and you’ll be led to the insurer’s portal, where you are required to fill in an online form. Authorise a deduction from your EPF account after that (payment may take a few days to go through), and you’ll receive an acknowledgement slip. Following that, your policy or certificate document will be sent to you via email, although you may also view it in the “My Protection Plan” section under i-Lindung.
The chairman of the EPF, Tan Sri Ahmad Badri Mohd Zahir said that i-Lindung is another milestone for the provident fund as it provides an avenue of social protection and financial security if members were met with unfortunate circumstances.
“Protection through insurance and takaful is one of the key components of financial wellbeing which we highly encourage our members to obtain in order to be protected against financial uncertainties. The i-Lindung facility is especially beneficial for EPF members, where the EPF has worked together with the insurance companies and takaful operators to offer the most affordable rate to our members,” Tan Sri Ahmad Badri further stated.
The EPF had first mentioned i-Lindung back in November 2021, alongside another facility dubbed i-Sayang. The provident fund said that these facilities are part of its continuous efforts to improve and provide better retirement outcomes for its members.
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