No doubt Inflation is impacting our lifestyle, so some are looking to cut their living cost by reducing 'non-priority expenses' which may inadvertently cut off your protection as well when accident happen. As a working self-employed adult if you cannot afford other insurance this is a must have insurance for you that provided by the government, especially for the dependent's benefit which can lighten hardship of a family.
Here I would like to share with readers who chance upon this article on most affordable 'Personal accident + Critical Illnesses + Permanent disability' insurance available for Malaysian that not many are aware of.
When initially introduced in 2017 this scheme only cover Passenger Transport sector which are e-hailing, taxi and bus drivers. However, from 2020 this scheme was extended to 19 other sectors so more self-employed individuals from sectors below can be covered:
| Good and Food Transport | Online Business |
| Agriculture | Information Technology |
| Livestock | Data processing |
| Forestry | Agents |
| Fisheries | Professional Services |
| Food | Support Services |
| Manufacturing | Household Services |
| Construction | Arts |
| Hawkers | Beauty and Healthcare |
| Accommodation Premises |
Eligibility is pretty simple, you only need to be
| Malaysian citizen / permanent resident without age limit; and |
| Individuals who work for themselves to earn a living |
(it means that if you are still working at 80 years old, you will still be covered)
Benefits for the scheme:
- Medical Benefits
- Temporary Disablement Benefits
- Permanent Disablement Benefits
- Constant Attendance Allowance
- Dependents' Benefit
- Funeral Benefit
- Facilities for Physical or Vocational Rehabilitation
- Education Benefit
The most plausible part of this scheme is their affordable premium that range from RM157.20 to RM592.80 per year. If you don't already know, SOCSO payment is also tax deductible up to RM250 as time of this writing.
Above are summary of my finding, for latest detail information you should visit their official website at:
https://matrix.perkeso.gov.my/
To apply for this scheme it's quite straight forward too, all can be done online, to get an idea how to proceed you can refer to the video below:
https://www.youtube.com/watch?v=XvJ49kh14tA
Remember, when it rains, it pours, hope my finding here can help to provide some protection for you and your family. No one wish to meet with accident, but accident do happen. Stay Safe, Stay Prepare!
