From next year, the Employees Provident Fund will allow contributors to withdraw money to buy critical illness insurance. According to the full story by V.K.Chin, I found out that:
- the scheme is similar to personal accident plan which expires without cash value
- premium only payable up to age 55, but coverage will continue until 70.
The premium will depend on the age of the insured, therefore those interested in this scheme should start as early as possible since they will be paying less premium than those in the older group
- Four schemes will be offered : Sum assured RM10,000, RM20k, RM50k, and RM100
I discussed about how much critical illness coverage a person needs previously.
Kindly leave a comment to share your opinion.