RHB Insurance Berhad is providing relief to individual and SME policyholders affected by the ongoing Covid-19 impact.
The insurance provider will ensure customers facing temporary financial difficulties continues to receive insurance protection, through its “Premium Installment Scheme” and “Premium Relief Scheme”.
Under the Premium Installment Scheme, both existing and new policyholders under RHB Insurance who are affected by the outbreak may apply to pay their insurance premiums, excluding motor insurance, in installments for up to six months.
The scheme is applicable for policies with due dates from March 18 to Dec 31. Furthermore, it will allow eligible policyholders, including SMEs, the flexibility to restructure their payments in three monthly installments or six monthly installments.
Additionally, SME customers with insurance policy inception dates between March 1 to Dec 31 can apply for additional relief in the form of premium discounts under the Premium Relief Scheme.
The scheme according to RHB Insurance is the first in the country allowing discounts on premiums for SME policyholders who face temporary financial constraints arising from the Covid-19 pandemic.
“Our Premium Installment Scheme and Premium Relief Scheme are designed to provide the much needed relief to all eligible RHB Insurance policyholders, including SMEs who are affected by Covid-19. These schemes will help preserve policies by continuing the insurance coverage of our policyholders for both, new and existing policyholders whom are experiencing temporary financial setbacks arising from the outbreak. The approval for both schemes will be given on a case to case basis, based on the merits of each application. Policyholders can visit our RHB Group corporate website for more information, including on eligibility criteria and the application process,” said Kong Shu Yin, Managing Director, RHB Insurance Berhad.
“Under the Premium Relief Scheme, RHB Insurance has allocated RM5 million to be used against applications for discounts on premiums of up to 50 percent for both new and existing SME policyholders” added Kong Shu Yin.
The scheme is also open to individuals who are infected and subject to mandatory home quarantine or suffered a loss of income due to Covid-19.
The percentage of premium relief will be in a range of 10 percent to 50 percent, depending on the degree to which the SME is affected by Covid-19.