Life Insurers Offer Relief Measures to Assist Flood Victims
Kuala Lumpur, Tuesday, 7 March 2023 - The Life Insurance Association of Malaysia (LIAM) wishes to announce a pack of relief measures offered by life insurers to alleviate the hardship caused by the current floods in the country.
Thousands of people have been displaced from their homes by severe floods and may face difficulties in paying their premiums on time. Hence, life insurers have collectively come together to provide a range of support and relief measures*, which may include the following:
1. Granting additional timeline of a few months for premium payments;
2. Restructuring premium paying modes, from annual to monthly basis;
3. Extending the grace period (usually 30 days) to a longer timeframe for premium payments;
4.Reducing or waiving interest charges for policy loan and policies under the Automatic Premium Loan (APL) option.
5. Waiver of printing cost for insurance policy or medical card replacement.
* Subject to Insurers’ terms and conditions.
“We would like to extend our deepest sympathies to the victims and families whose homes were damaged, and livelihoods disrupted by the floods. Our member companies are committed to providing the necessary support to affected families and ensure their peace of mind, knowing that their insurance needs are taken care of. We advise policyholders to contact their life insurance provider to find out more details of the relief measures offered.” said Loh Guat Lan, President of LIAM.
“It is timely for the industry to play their roles and responsibility in helping the victims. The flood has taken a major 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,” Loh added.
As circumstances of each case/claim may differ, policyholders who are affected and unsure of their coverage are advised to contact the respective insurers for more information and clarification.