How come life expectancy so low in malaysia? Singapore average is 83.

In all honesty, if such lifetime annuities is offered by EPF and guaranteed by EPF & gov of Malaysia, it is worth a big consideration.
Of course, final decision should be based on respective members (ie members have the right to opt in or reject for their respective cases) and after full disclosure of the parameters and numbers.

for example, in the earlier article shared by bro virtualgay at post 25886, it was mentioned that
"...for those with RM500,000, monthly payments of RM2,500 could be sustained without eroding the principal entirely"

This 6% payout in perpetuity till death of the members PLUS other features to be disclosed should be the starting point.

So yeah, I am pro... pending full details for final decision...