Insurance, takaful operators offer customers relief measures

The Life Insurance Association of Malaysia and the Malaysian Takaful Association say they will continue to be proactive in helping customers overcome  the Covid-19 crisis.

PETALING JAYA: Insurance companies and takaful operators have come up with measures to help ease the burden of policyholders affected by the Covid-19 crisis.

Holders of life insurance and takaful family protection plans may defer payment of their premiums for three months, the Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) said today.

They said those insured need to obtain the approval of their insurance company or takaful operator.

The option will be available from April 1 until Dec 31.

Additionally, LIAM and MTA said, the period during which a policy holder or takaful participant can reinstate a policy that has lapsed has also been extended.

To enable customers to meet their premium payments and maintain their policies, they may also make changes in the sum assured, adjust their payment structure, or convert their plans into paid-up policies.

Penalties for late payments of premiums and contributions, particularly in cases where the people are unable to access electronic payment channels during the movement control order, will also be waived.

“With these relief measures, the industry hopes that customers affected¬† Covid-19 will be able to continue with their livelihood during these trying times and help them cope with the immediate health effects of the virus and the economic consequences,” a joint statement by LIAM and MTA said.

“The unprecedented situation demands that we continue to respond proactively as the industry is concerned over this outbreak which has impacted many lives, including healthcare workers, patients and policyholders.”