Petaling Jaya: The Malaysian National Cooperative Movement (Angkasa), through its subsidiary MyAngkasa Holdings Sdn Bhd, has introduced the MyAngkasa Plus Protection Scheme, which provides compensation to companies involved in the cooperative and financial sectors.
The protection scheme, which adds value through Angkasa’s cooperative credit ecosystem, is a collaboration between MyAngkasa Holding, MyAngkasa Amanah Bhd, ZurichTakaful Malaysia Bhd and Zurich GeneralTakaful Malaysia Bhd.
Angkasa Chairman Datuk Seri Abdul Fattah Abdullah said the scheme was designed to support more than 7.2 million cooperative members with affordable contributions while providing comprehensive coverage. He said that.
He said the main purpose of the scheme is to help members and cooperatives who use the Angkasa payroll deduction system to raise funds through cooperatives and companies in the event of unforeseen circumstances affecting the borrower. He explained that the purpose is to provide financial protection to employees.
“The scheme provides financial support to borrowers facing disaster. Lenders are also protected by indemnification on the loans extended, reducing the risk of non-repayment or default.
“Additionally, Angkasa’s trust management company, MyAngkasa Amanah Bhd, is playing a role in this initiative by acting as a trustee and custodian of the trust deeds signed by its customers,” said Wisma Ungku A recently. He said this while launching the MyAngkasa Plus Protection Scheme in Aziz.
Mr Fattah stressed that Angkasa has ensured that the scheme is managed with good governance and benefits are delivered directly to beneficiaries, along with additional products such as hiba, wills and estate management.
“This innovative approach distinguishes this scheme from other existing market products. “We aim to bring that,” he said.
As Malaysia’s population continues to age, with some predicting that over 30% of the population will be elderly in the next few years, Mr Fattah also emphasized the importance of inclusiveness in financial and insurance systems for the elderly.
“Currently, restrictions prevent individuals over 65 from accessing certain protection plans, creating a disparity in support for this vulnerable population,” he said.
He emphasized the need for the government to reconsider minimum age requirements for entry, especially for older people.
“We want the government to invest in reviewing policies to ensure that people aged 65 and even 75 are not left out of vital systems. Preparing for an aging society means This means having strong systems in place, such as health insurance and general insurance, to protect against unexpected hardships.”
He said initiatives like the Protection Scheme could serve as a model to address these gaps and ensure affordable and comprehensive protection for all, regardless of age.
Shamsul Azman Alias, CEO of Zurich General Takaful Malaysia Bhd., said that in addition to death and permanent disability benefits, Zurich Takaful also provides Takaful compensation for involuntary unemployment due to accidents. He emphasized that there is.
Similarly, Zurich Takaful Malaysia Sdn Bhd CEO Nur Fatiha Mustafa said Zurich Takaful’s 150 years of expertise enables it to provide superior service, especially through the MyAngkasa Plus Protection Scheme. expressed confidence. MyAngkasa Plus Protection Scheme provides a comprehensive plan that covers both natural and accidental events and ensures 24/7 coverage. Protecting cooperative members around the world.
“This initiative is in collaboration with our brand campaign ‘Protect what really matters’ as part of our ongoing commitment to protect so Malaysians can live with confidence and secure a brighter future. ” she said.
