Petaling Jaya: The Malaysian National Cooperative Movement (Angkasa) has launched the MyAngkasa Plus Protection Plan to provide coverage for cooperatives and companies involved in the financial sector through subsidiary MyAngkasa Holdings Sdn Bhd.
The security scheme, which adds value through Angkasa’s cooperative credit ecosystem, is a collaboration between MyAngkasa Holding, MyAngkasa Amanah Bhd, Zurich Takaful Malaysia Bhd and Zurich General Takaful Malaysia Bhd.
Angkasa president Datuk Seri Abdul Fattah Abdullah said the scheme is an arrangement designed to assist more than 7.2 million cooperative members with affordable contributions while offering comprehensive coverage.
He explained that the main objective of the scheme is to provide financial security for cooperatives and companies, as well as members financing through cooperatives or companies using the Angkasa salary deduction system in the event of unexpected circumstances affecting borrowers. To provide financial security.
“This scheme provides financial assistance to borrowers facing disasters. Lenders also get protection from coverage for the financing provided, thereby reducing the risk of non-repayment and default.
“Additionally, MyAngkasa Amanah Bhd, MyAngkasa’s trust management company, plays a role in this initiative by acting as the trustee and manager of the trust deeds signed by customers,” he said recently at Wisma Ungku A. Aziz on the MyAngkasa Plus Protection Scheme. Said during the launch of.
Fattah highlighted that Angkasa ensures that the scheme will be managed with good governance to guarantee that benefits reach beneficiaries directly, with additional products such as Hibah, Will and estate management.
“This innovative approach differentiates this plan from other existing market products. We aim to serve over 216,000 customers under this scheme, benefitting over 7.2 million accounts.”
As Malaysia’s population continues to age, with projections indicating that more than 30% will be elderly in the coming years, Fattah also highlighted the importance of inclusion in financial and insurance plans for senior citizens.
“Currently, restrictions prevent individuals 65 and older from accessing certain protection plans, leaving a gap in support for this vulnerable demographic,” he said.
He stressed the need for the government to reconsider the minimum entry age requirements, especially for the elderly.
“We hope the government will invest in reviewing policies to ensure that those aged 65 and even 75 are not left out of vital schemes. Preparing for an aging society means putting in place strong systems, including health and general insurance, to protect the elderly from unexpected challenges.
He said initiatives like Suraksha Yojana can serve as a model to address these shortcomings, ensuring affordable and comprehensive protection for all, regardless of age.
Shamsul Azman Alias, CEO of Zurich General Takaful Malaysia Bhd, highlighted that in addition to death and permanent disability benefits, Zurich Takaful also provides takaful coverage for involuntary job loss due to accidents.
Similarly, Noor Fatiha Mustapha, CEO of Zurich Takaful Malaysia Bhd, expressed confidence that Zurich Takaful’s 150 years of expertise will enable the provision of excellent services, especially through the MyAngkasa Plus Protection Scheme, ensuring 24/7 Offers comprehensive plans covering both natural and accidental events. Worldwide protection for co-operative members.
“This initiative aligns with the brand campaign ‘Protect What Truly Matters’ as part of our ongoing commitment to protect Malaysians, so they can live with confidence and secure a brighter future,” he said.
