Page 27 - LIAM Annual Report 2020

ANNUAL REPORT 2020 25
ANNUAL REPORT 2020
25

temporarily shortening the policy duration, so that iv. Waiver of any penalties/consequences for late
policyholders can maintain their insurance protection. payments of premiums/contributions, particularly
where policyholders/takaful participants affected
Subsequently, further additional relief measures were by COVID-19 are unable to access electronic
announced to ensure that policyholders affected by payment channels during the Movement Control
COVID-19 continue to have life insurance protection Order.
even in the midst of temporary financial difficulties.
These include: -

i. Extending the period during which a policyholder
and takaful participant affected by COVID-19 can
reinstate a policy/certificate that has lapsed;
ii. Provide options to enable policyholders and
takaful participants affected by COVID-19 to
continue to meet their premium/contribution
payments and maintain their policies/certificates.
These may include changes in the sum assured/
covered, adjustments to the premium/contribution
structure and conversion into a paid up policy;
iii. Waiver of fees and charges imposed for changes
made to policies/certificates; and