Etiqa launched its new term and critical illness family plans in collaboration with the Employee Provident Fund (EPF). The newly unveiled offerings consist of two insurance products, Etiqa Term Plus and Etiqa Critical Care Plus, as well as two takaful products, Etiqa Term Takaful Plus and Etiqa Critical Care Takaful Plus. These plans are enhanced and improved versions of the term secure and critical illness products initially introduced in 2022 under EPF’s i-Lindung initiative.
The introduction of these insurance and takaful plans through EPF is driven by its commitment to protect their members, especially among the B40 community and their families with the convenience of direct payment from their EPF’s account 2. These plans offer improved coverage, including higher coverage amounts for the term plans and a broader coverage scope for critical illnesses plans including cancer benefits, and a cash allowance for Communicable Diseases. Additionally, the term plan comes with attractive additional benefits such as additional 100% Accidental Death Benefit which is paid upon death or total permanent disabilities due to accident, and additional 200% Overseas Accidental Death coverage which is paid upon death while travelling overseas.
Etiqa Term Plus and Etiqa Term Takaful Plus provide guaranteed approval and simplified coverage by offering a single plan that covers the individual, spouse, and their children. These plans ensure hassle-free access to funds, boasting high coverage of up to RM200,000 through direct withdrawals from EPF Account-2. Moreover, they feature affordability, with premiums or contributions starting as low as RM12 per year, and offer flexible coverage options ranging from RM10,000 to RM200,000. Additionally, Etiqa Term Plus and Etiqa Term Takaful Plus have a 100% approval guarantee. Therefore, customers aged between 17 and 65 are not required to answer any health screening questions to sign up for these plans. Additionally, the plans can be extended to customer’s children with an entry age of between 14 days and 16 years old.
As for Etiqa Critical Care Plus and Etiqa Critical Care Takaful Plus, these plans streamline the application process, requiring customers to answer just four simple questions for themselves and their spouse, with no questions for children. These comprehensive plans cover 42 critical illnesses including Stroke, Cancer, Alzheimer, Heart Attacks and more while providing high coverage of up to RM200,000 inclusive of Etiqa Term Plus and Etiqa Term Takaful Plus, they ensure hassle-free access to funds through direct withdrawals from EPF Account-2, with premiums or contributions starting from as low as RM16 per year. Additionally, the plans offer an additional 50% of the insured or person covered’s amount upon a cancer diagnosis.
Kamaludin Ahmad, Group CEO of Etiqa Insurance and Takaful highlighted Etiqa’s commitment to addressing the needs of underserved communities, particularly the low income earners, by offering affordable coverage, “Etiqa is thrilled to offer our enhanced Term and Critical Illness plans, providing a minimum coverage from RM10,000, all with remarkably affordable premiums and contributions, from as low as RM12 and RM16 per year. Our goal is to ensure that individuals and their families can easily access affordable coverage with guaranteed approval for the Term plans and no need for a medical examination for Critical Illness plans, as we’re committed to making insurance and takaful accessible to everyone. Furthermore, these plans come with a range of improved benefits, enhancing their overall values.
“We believe that these specially crafted plans offer an affordable and accessible choice for EPF members, aligning perfectly with Etiqa’s mission of ‘Making the World a Better Place.’ This approach empowers B40 individuals to tailor their coverage according to their financial capacity, thanks to the convenience of direct payments from EPF’s Account 2,” he highlighted.
These insurance and takaful plans have been designed especially for the B40 community with its affordable and customizable prices. Every EPF member is able to determine their premiums and contributions themselves when purchasing the plans via EPF’s latest mobile application ‘KWSP i-Akaun’. Upon choosing their desired plans on the mobile application, EPF members will be prompted with options on how many units they would like to purchase. The number of units will determine their premiums or contributions while reciprocating their coverage amount.