He said this was in line with EPF’s efforts to embark on a long-term strategy to expand the social protection coverage of employees.

“Currently, the average awareness of the importance of social protection and preparing for old age is still too low among a large number of Malaysians,” he said at the Insurance and Takaful i-Lindung facility launch ceremony here today.

On the i-Lindung platform, Tengku Zafrul said it could help EPF members get protection in the face of unforeseen situations.

“This is an important starting point to protect Malaysians and their families from the risk of death, total disability and chronic diseases,” he said.

EPF chairman Ahmad Badri Mohd Zahir is confident that the i-Lindung facility will be able to help realise the country’s aspiration to achieve an insurance penetration rate of more than 70%, besides helping members get insurance and takaful coverage.

“The i-Lindung facility is available at a minimum rate of RM30 per year with protection of RM10,000 and can be deducted from the second EPF account,” he said.

He also said EPF was targeting 300,000 members for the i-Lindung platform for the first year.

This i-Lindung platform is under the Members Protection Plan to facilitate the purchase of insurance and takaful products that include life and critical illness coverage at an affordable premium from Account 2.

This offer to EPF members is effective immediately.