EPF allows monthly withdrawal for home loan instalment
More people can afford to buy a house. With all those people flowing into the market, there are more need of mortgages and asset protection plans.
EPF allow withdrawal for critical illness policy
Critical illness insurance plans are very popular. With the insured rate merely 40% in Malaysia, many people want to have a critical illness policy but probably couldn’t afford it due to limited income and inflation. Now without forking out extra money, client can use their EPF money to buy this type of protection.
Withdrawal flexibility for savings more than RM1 million
Savings in excess of RM1 Million can be withdrawn in totality (all) or in any amount not less than RM100,000 once in every 3 months. This is a good news for high income employee who has a lot of money in EPF. Most of them still concern about retirement need.
With proper planning, we can convince clients to withdraw the extra fund to set up annuity plan. Annuity plans are designed for retirement needs. Client put in a lump sum into an annuity plan, and then receive monthly income from it to maintain their lifestyle.
Maximum 3% service charge on unit trust investment using EPF money
The main reason stopping Malaysians to invest in unit trust is the relatively high cost of entry. EPF has set a limit of 3% instead of the previous 6.5% service fees charged by local unit trust companies. More people are willing to withdraw and take advantage of the investment expertise of the local fund houses.
Some unit trust agents still feel painful of the commission cut, but I see more opportunities. If you can help your client make money faster and easier, eventually you will get more business.
Younger age member can withdraw for unit trust investment
Previously, only members with RM55k in Account 1 are eligible to withdraw for unit trust investment. But now, the standard had been lowered. Younger age members no longer have to wait until their EPF Account 1 to exceed RM55k.
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