PETALING JAYA: The Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) have announced a pack of relief measures to alleviate the hardship caused by floods.
Thousands of people have been displaced from their homes by the severe floods and may face difficulties in paying their premiums/contributions on time.
Life Insurers and Family Takaful Operators have collectively come together to provide a range of support and relief measures which include:
1. Granting extra timeline of a few months for payment of premiums/contributions;
2. Restructuring of premium/contribution paying modes, from annual to monthly basis;
3. Extending the grace period (usually 30 days) to a longer timeframe for payment of
premiums/contributions;
4.Reducing or waiving the interest charges for policy/certificate loan and
policies/certificates under the Automatic Premium Loan (APL) option.
5. Waiver of printing cost for insurance policy/takaful certificate/medical card
replacement.
* subject to Insurers and Takaful Operators’ terms and conditions.
“We would like to extend our deepest sympathies to the families and victims that had their homes damaged and livelihoods disrupted by the floods,” said LIAM president Loh Guat Lan.
“Our member companies are committed in providing the necessary support to affected families, so that they can have the peace of mind to know that their insurance needs are taken care of. We would like to advise policy/certificate holders to contact their insurance/takaful companies to find out the details of the relief measures offered by their life insurers.”
MTA Chairman Elmie Aman Najas, Chairman of said that the insurance and takaful industry is focused to help the victims in their times of need. The flood has taken its toll on the family, business, and the wellbeing of the victims and the necessary relief measures will help ease their burden during this difficult time.
“The floods have resulted in the evacuation of many victims from flooded areas to safer grounds mainly causing the family to lose contact with their family members, losing business and some even lost their loved ones in the floods and it is timely for the industry to play their role and responsibility in helping the victims” he added.
As circumstances of each case/claim may differ, policy/certificate holders who are affected and unsure of their coverage are advised to contact the respective insurers/takaful operators for more information and clarification.