Life Insurers Provide Relief Aid for Flood Victims

Kuala Lumpur, Thursday, 12 December 2024 - The Life Insurance Association of Malaysia (LIAM) wishes to announce a pack of relief measures offered by life insurers to alleviate the financial hardships caused by the ongoing floods across the country.

Thousands have been displaced by the severe floods, facing immense challenges to rebuild their lives and manage financial commitments, including insurance premiums. In response, LIAM member companies have collectively rolled our various initiatives to assist affected policyholders*, which may include the following:

1. Extended Payment Timelines - Granting additional timeline of a few months for premium payments;

2. Flexible Payment Options - Restructuring premium paying modes, from annual to monthly basis;

3. Longer grace periods - Extending the grace period (usually 30 days) to a longer timeframe for premium payments;

4.Interest waivers or Reduction – Waiving or Reducing interest charges for policy loans and policies under the Automatic Premium Loan (APL) facility.

5. Fee waivers for document replacement - Waiver cost for replacing lost or damaged insurance policies or medical card

(* Subject to Individual Insurers’ terms and conditions.)

“We extend our deepest sympathies to the victims and families whose homes have been damaged and livelihoods disrupted by the recent floods. Our member companies are fully committed to providing essential support during this challenging time, helping to restore peace of mind and ensure that insurance needs are met. We encourage all affected policyholders to contact their life insurance providers for more information about the relief measures available to assist during this difficult time” said Raymond Lew, President of LIAM.

“As an industry, we recognise our responsibility to step forward in time of crisis.  The disaster has had a profound impact on families, businesses, and the wellbeing of many individuals. By offering timely relief measures, we can help ease their burden and provide much-needed assistance during this difficult recovery period,” Raymond added.

Given that each case and claim may vary, policyholders who have been affected and are uncertain about their coverage are encouraged to contact their respective insurers for further information and clarification.

Details of Hotline of Life Insurance Companies