Civil servants can now buy car insurance in instalments

 

M Saravanan says the shariah-compliant MyezyCover scheme has been given RM100 million in funding.

KUALA LUMPUR: About 1.7 million civil servants, especially those from the B40 group, can purchase or renew their vehicle insurance in interest-free instalments through the MyezyCover scheme introduced by the government today.

Human resources minister M Saravanan said the shariah-compliant scheme was implemented with RM100 million in funding from the Social Security Organisation (Socso), MyAngkasa Amanah Berhad (MAAB) and A-Tech Insure Sdn Bhd (Atech).

“In the initial stage, the programme is targeted at civil servants, especially those who fall under the B40 category. It will then be extended to pensioners and private sector retirees to enable them to buy motor insurance via monthly instalments, or every four months, or in one payment.

“Those who make a one-payment purchase will receive a 10% discount and their salaries will be deducted accordingly,” he told reporters after witnessing the signing of the agreement on the scheme at Menara Perkeso here today.

Saravanan said Socso was an investor in the programme because the government was aware that there were civil servants, especially those in the B40 group, who could barely cover their vehicle insurance payment.

“They had to wait for their salary to purchase their car insurance even though it had expired in the middle of the month.

“Some even buy road tax and car insurance by taking loans from illegal money lenders or  cooperatives or with their credit cards,” he said.

Socso was represented at the signing ceremony by its chief executive officer, Mohammed Azman Aziz Mohammed, ATech by CEO Syed Alwi Mohamed Sultan and MAAB by CEO Faudzi Mt Din.

In a separate statement, Atech chairman Abu Kassim Mohamad said that with the instalment being as low as RM50 a month, MyezyCover could assist civil servants to manage their cash in hand for other expenses. - FMT