The Malaysian Employees Provident Fund (EPF) contributors can look forward to the EPF critical illness scheme once it has received the approval from the relevant authorities.
Malaysian Takaful Association (MTA) chairman, Md Azmi Abu Bakar, said the association, together with Life Insurance Association of Malaysia, had discussed the scheme with the EPF two years ago.
“The plan will enable EPF contributors to use their savings to participate in the critical illness scheme,” he said noting that the structure and product of the scheme were already finalized and the association was just waiting for approval from the authorities.
On another development, Md Azmi said MTA had also planned activities including talks on inter Takaful operators agreement on Takaful intermediaries, Takaful basic examinations, expo on Islamic banking and Takaful, centralizing database for motor repair estimation, review on Takaful Act 1984 and promoting Takaful and re-Takaful between Organisation of Islamic Conference countries.
Md Azmi said the association would face greater challenges and more demanding tasks ahead with the increase in number of Takaful players, which would be increased by another four by year-end. Currently, MFA members are Syarikat Takaful Malaysia Bhd, Takaful Nasional Sdn Bhd, Mayban Takaful Bhd, Takaful Ikhlas Sdn Bhd and Commerce Takaful Bhd.