EPF: Account 2 can be used to buy insurance for self, family members
The coverage includes life insurance, critical illness insurance and takaful products under i-Lindung Phase 2.
SHAH ALAM - Employees' Provident Fund (EPF) contributors are now allowed to utilise funds from Account 2 to get insurance coverage for themselves and their immediate family members.
In a statement, EPF said the coverage includes life insurance, critical illness insurance and takaful products under i-Lindung Phase 2.
"Members have the option to purchase insurance through EPF-approved companies and takaful operators using the EPF i-Akaun (member) mobile application platform.
"Since its launch in July 2022 until Dec last year, a total of 102,301 members have acquired 118,166 policies and takaful products through the i-Lindung platform, all at affordable premiums," EPF said.
Given the positive response, EPF has implemented significant enhancements, concentrating on policy and certificate management to extend coverage beyond one year.
"The platform provides features for efficient policy management and recurrent payments for long-term protection," it further stated.