HomeBlogPrudential Malaysia Partners with EPF to Empower Both EPF Members and Their Loved Ones Towards Financial Freedom

Prudential Malaysia Partners with EPF to Empower Both EPF Members and Their Loved Ones Towards Financial Freedom

Prudential Malaysia Partners with EPF to Empower Both EPF Members and Their Loved Ones Towards Financial Freedom

The nation’s leading insurance and family takaful provider enables access to affordable financial plans via EPF i-Lindung

Paving the way for more Malaysians and their families to be financially protected, Prudential Malaysia introduced four new solutions which are easy to enrol, accessible and provide good protection value under the Employees Provident Fund (EPF) i-Lindung initiative. The cost-effective protection plans are made available exclusively to EPF members and allows them to protect both themselves and their immediate family members through the funds in their EPF Account 2.

According to a report by Perbadanan Insurans Deposit Malaysia (PIDM), less than half of Malaysians have life insurance and only 54 percent have health insurance, and this trend has persisted for the past five years1. In effect, Malaysians may not be financially protected should anything untoward happens.

Understanding the urgency to enable and empower more Malaysians to be protected, Prudential Malaysia has collaborated with EPF for the second iteration of the EPF i-Lindung initiative, to offer Malaysians with both conventional and takaful protection plans. These plans have been carefully developed to address the needs of individuals and their families through the i-Lindung platform.

To enable this protection plan, members will simply need to log into their KWSP i-Akaun mobile app, select the Member Protection Plan section, choose the protection plans that not only cover themselves, but also their spouse and kids and then proceed to make payment through EPF Account 2 deduction.

“Since the launch of i-Lindung, the response and interest received on our protection plans has been highly encouraging. Many Malaysians want affordable and comprehensive protection plans for themselves and their loved ones, especially due to the challenging economic environment. This is why we’ve launched PRUGuard Family and PRUCare Family. EPF members can make their EPF funds work for them today to protect themselves and their loved ones,” said Mr. Lim Eng Seong, Chief Executive Officer of Prudential Assurance Malaysia Berhad

“The cost of healthcare and living has continued to increase and as the leading insurer and family takaful provider in the country, we understand the urgency to carefully develop protection plans to address these challenges. As reported by PIDM, people tend to miss the importance of getting protected as they do not fully understand the impact of financial risks and unexpected events. They also tend to perceive insurance as expensive and would rather invest their funds in other avenues. Through this collaboration with EPF, we look forward to seeing how PruBSN Lindung Famili and PruBSN Cegah Famili will help more people protect themselves and their families against any unforeseen circumstances,” said Wan Saifulrizal Wan Ismail, Chief Executive Officer of PruBSN.

PRUGuard Family and PruBSN Lindung Famili (Term Life Protection)

PRUGuard Family and PruBSN Lindung Famili are effective term protection plans that allow both the individual and their dependants to have a coverage of up to RM200,000. The protection plans are guaranteed yearly renewal, giving individuals and their families assurance and financial security when unforeseen circumstances such as death and total & permanent disability (TPD) happen. Both PRUGuard Family and PruBSN Lindung Famili cost as low as RM13.80^ a year for each covered member and provide the individual and their dependants an additional lump sum benefit of up to 300% on top of the sum assured, when faced with accidental death.

PRUCare Family and PruBSN Cegah Famili (Critical Illness Protection)

PRUCare Family and PruBSN Cegah Famili give Malaysians and their families an opportunity to have an affordable critical illness protection plan. The protection plans are ideal for anyone who is concerned about their future, should they be diagnosed with a critical illness or no longer be around. The protection plans are also guaranteed annual renewable plans and cost RM16.30^ a year per covered member. PRUCare Family and PruBSN Cegah Famili allow coverage of 43 critical illness of up to RM200,000 as well as a lump sum cash benefit if the individual or their dependants passes away.

Additionally, both PAMB and PruBSN will be carrying out their Fam-tastic Bonanza Campaign from 5 February 2024 till the 30 April 2024. The campaign will provide all EPF members subscribing to any of the protection plans with the chance to win the following rewards:

  • Shell e-Vouchers worth RM30 for the first 3,000 EPF members
  • Fam-tastic Bonanza prizes:
    • Grand prize – Holiday voucher worth RM10,000 for one winner
    • 1st Runner up – Harvey Norman e-Vouchers worth RM5,000 for two winners
    • 2nd Runner up – AEON vouchers worth RM2,000 for 10 winners
    • 3rd Runner up – Shopee e-Vouchers worth RM1,000 for 20 winners
    • Consolation prizes – Lazada e-Vouchers worth RM100 for 200 winners

To find out more about more these new affordable protection plans and its benefits, please www.prudential.com.my and www.prubsn.com.my.

1 https://www.pidm.gov.my/pidm2022/media/assets/pdf/PIDM-BIT-Insurance-Report_website.pdf

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