Malaysian life insurance companies implement relief measures to assist flood victims; Emergency Proclamation – Life Insurance Claims during Emergency Proclamation
Kuala Lumpur, 13 January 2021 – LIAM together with its 16 member companies have undertaken several relief measures for flood victims to alleviate the hardship caused by the recent flood catastrophe in several states which include Pahang, Terengganu, Kelantan, Perak and Johor.
LIAM President, Loh Guat Lan said as a responsible corporate citizen, LIAM is very concerned and we understand the suffering and loss that the flood victims are experiencing.
Some of the relief measures that respective companies are implementing to further ease the burden of the flood victims include:
a. Restructuring of premium paying modes, from annual to monthly basis;
b. Extending the grace period for payment of premiums;
c. Reducing or waiving the interest charges for policy loan and APL.
d. Waiver of printing cost for policy/medical card replacement among others
“Our member companies are committed in expediting the claims payments related to this catastrophe. We would like to advise policyholders and their family members to contact their respective insurance companies for further assistance.
In this time of need, it is only right that the life insurance industry extend its warmth and care for them. We believe that these measures will help to ease their burden and help them get back on their feet again,” Loh added.
LIAM would like to extend our sympathies to the flood victims. Our hearts and prayers go out to everyone affected by the floods and we pray for their safety wherever they are.
Meanwhile we would like to advise all policyholders that the Emergency Proclamation declared on 12 January 2021 until 1 August 2021, will not impact life insurance policies’ contractual obligations. Claims will be paid according to the terms and conditions stated in their policies.
Policyholders and their family members can contact the respective life insurance companies directly for assistance as relief measures may vary from one insurer to another.
LIAM Member of Companies (refer to website www.liam.org.my)
1. AIA Bhd.
2. Allianz Life Insurance Malaysia Berhad
3. AmMetLife Insurance Berhad
4. AXA AFFIN Life Insurance Berhad
5. Etiqa Life Insurance Berhad
6. Gibraltar BSN Life Berhad
7. Great Eastern Life Assurance (M) Berhad
8. Hannover Rueck SE, Malaysian Branch (reinsurer)
9. Hong Leong Assurance Berhad
10. Manulife Insurance Berhad
11. Malaysian Life Reinsurance Group Berhad (reinsurer)
12. MCIS Insurance Berhad
13. Prudential Assurance Malaysia Berhad
14. Sun Life Malaysia Assurance Berhad
15. Tokio Marine Life Insurance Malaysia Bhd.
16. Zurich Life Insurance Malaysia Berhad
