Malaysia: FWD launches new takaful products
Source: Middle East Insurance Review | Mar 2024
FWD has introduced two new takaful plans for members under Malaysia’s Employees Provident Fund (EPF). The improved plans, with added benefits, are auto renewable on a yearly basis and offer coverage to include EPF members as well as their spouses and up to 10 children. EPF members can participate in the FWD i-Lindung Term Takaful Plan and FWD i-Lindung Critical Illness Plan using funds from their EPF Account 2.
The FWD i-Lindung Term Takaful Plan is an auto-renewable yearly term plan that offers coverage from MYR10,000 ($2,100) to MYR200,000. The coverage includes death and total and permanent disability (TPD) benefits, 200% payout for death and TPD due to accidental causes, MYR500 one-time payment upon first diagnosis of infectious diseases and a compassionate death benefit of MYR3,000.
FWD i-Lindung Critical Illness Plan is an auto-renewable yearly critical illness (CI) plan that provides critical illness benefits from early to advanced stages as well as full payment of sum covered upon death. The plan offers the sum covered from MYR10,000 to MYR200,000. The benefits provided are death benefits due to all causes and CI benefits for carcinoma-in-situ or cancer, heart attack and stroke. Other major medical treatment covered by this plan include dialysis, angioplasty, intensive care unit stay for seven days, non-invasive procedures for heart conditions, complex surgery and major organ transplant. According to FWD Takaful claims data as of December 2022, cancer, heart attack and stroke make up approximately 78% of all critical illness claims. M