Use EPF to buy Critical Illness insurance

Source : NST Online, 2007/07/20

Dewan Negara: EPF savings for health insurance

By : Reports by V. Vasudevan

EMPLOYEES Provident Fund contributors who want to use their savings to buy critical illness insurance policies can do so from June next year, the Finance Ministry’s parliamentary secretary Datuk Seri Dr Hilmi Yahaya said yesterday.

However, they may only buy them from insurance companies whose critical illness insurance policies are endorsed by the EPF.

Hilmi said four schemes were available to EPF members.

The first provides coverage for RM10,000, the second scheme RM20,000, the third scheme RM50,000 and the fourth RM100,000.

“The EPF will release money from the contributor’s second account once the insurance companies agree to sell a policy to him.”
Hilmi said this in reply to a question by Senator Datuk Soon Tian Szu. At present, EPF members are allowed to draw on their savings to buy life insurance policies.Hilmi said an EPF contributor could only buy critical illness policies for himself and not for members of his family.

He said a member could use his second account to buy an education policy for his children.

On naming of beneficiaries, Hilmi said every effort was being made by the savings fund to get contributors to do this.

“This include reminding contributors through the annual statements sent to them,” he added.

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