Motor Insurance - Interest Free Installments

About 1.7 million civil servants especially those from the B40 group can now purchase or renew their vehicle insurance with interest-free instalments through MyezyCover scheme. The Syariah-compliant scheme was implemented with a RM100 million funding by the Social Security Organisation (Socso), MyAngkasa Amanah Bhd (MAAB) and A Tech Insure Sdn Bhd (ATECH).

The Scheme is targeted at civil servants especially the B40 before being extended to government and private sector retirees to enable them to buy motor insurance via monthly instalments, or four-month payments or in one payment. However those who make a one-payment purchase would receive a 10 per cent discount with payment via salary deduction by Angkasa.