KUALA LUMPUR: Life insurance coverage and family takaful policyholders affected by the floods have been provided a variety of help and relief measures, together with an additional timeline of some months for fee of premiums/contributions.
These measures, that are topic to insurers’ and takaful operators’ phrases and circumstances, have been introduced by the Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) in a joint assertion right now.
Other measures embody restructuring of premium/contribution paying modes from an annual to month-to-month foundation; extending the grace interval (often 30 days) to an extended timeframe for fee of premiums/contributions; and decreasing or waiving the curiosity prices for coverage/certificates loans below the Automatic Premium Loan (APL) choice.
Another measure is the waiver of printing value for substitute of insurance coverage insurance policies, takaful certificates and medical playing cards.
LIAM president Loh Guat Lan stated the affiliation’s member corporations are dedicated to offering the mandatory help to affected households in order that they’ll have peace of thoughts with the data that their insurance coverage wants are taken care of.
“We would love to advise coverage/certificates holders to contact their insurance coverage/takaful corporations to discover out the small print of the relief measures provided by their life insurers,” he stated.
Meanwhile, MTA chairman Elmie Aman Najas stated the insurance coverage and takaful business is concentrated on serving to the victims of their occasions of want.
“The floods have taken a toll on the family, enterprise, and wellbeing of the victims and the mandatory relief measures will assist ease their burden throughout this troublesome time.
“The floods have resulted within the evacuation of many victims from flooded areas to safer grounds primarily
inflicting the family to lose contact with their family members, shedding enterprise and a few even misplaced their family members within the floods and it’s well timed for the business to play their position and accountability in serving to the victims,” he added.
As circumstances of every case or declare could differ, coverage/certificates holders who’re affected and uncertain of their protection are suggested to contact their respective insurers/takaful operators for extra data and clarification. – Bernama