I-LINDUNG: RM44.2 MLN WITHDRAWN FROM EPF AKAUN SEJAHTERA AS OF SEPTEMBER 2024 - LIM

KUALA LUMPUR, Nov 20 (Bernama) -- A total of RM44.2 million has been withdrawn by contributors from the Employee Provident Fund (EPF) Akaun Sejahtera since the i-Lindung programme was introduced in July 2022, up until September this year, according to Deputy Finance Minister Lim Hui Ying.

She said that during the same period, a total of 144,589 EPF members had benefited from the initiative, which allowed them to withdraw funds from their Akaun Sejahtera to purchase life insurance and critical illness coverage under the i-Lindung programme.

“Starting from February 2024, the EPF has improved the second phase of the i-Lindung programme under the member protection plan.

“EPF members can use the savings in their Akaun Sejahtera to purchase conventional and takaful insurance products for life protection and critical illness coverage for their immediate family members,” she said during the question-and-answer session in the Dewan Rakyat today.

She said this in response to a question from Chiew Choon Man (PH-Miri) on whether the EPF would empower the i-Lindung programme through subsidies and negotiations with insurance companies.

Lim said the government welcomed Chiew’s proposal for the EPF to empower the i-Lindung programme through subsidies and negotiations with insurance companies, so that medical coverage could be offered at a reasonable rate up to the age of 99.

She said that the primary objective of the EPF was to provide a retirement savings fund that would ensure the financial well-being of the people after retirement.

-- BERNAMA