The Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) announced a pack of relief measures to alleviate the hardship caused by the current floods’ catastrophe in the country.
Chairman of MTA Elmie Aman Najas says, “The insurance and takaful industry is focused to help the victims in their times of need. The flood has taken its 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.
“The floods have resulted in the evacuation of many victims from flooded areas to safer grounds mainly causing the family to lose contact with their family members, losing business and some even lost their loved ones in the floods and it is timely for the industry to play their role and responsibility in helping the victims” he added.
Life Insurers and Family Takaful Operators have collectively come together to provide a range of support and relief measures which include granting extra timeline of a few months for payment of premiums/contributions, restructuring of premium/contribution paying modes from annual to monthly basis, extending the grace period (usually 30 days) to a longer timeframe for payment of premiums/contributions, reducing or waiving the interest charges for policy/certificate loan and policies/certificates under the Automatic Premium Loan (APL) option, waiver of printing cost for insurance policy/takaful certificate/medical card replacement.
As circumstances of each case/claim may differ, policy/certificate holders who are affected and unsure of their coverage are advised to contact the respective insurers/takaful operators for more information and clarification.
“Our member companies are committed to providing the necessary support to affected families so that they can have the peace of mind to know that their insurance needs are taken care of. We would like to advise policy/certificate holders to contact their insurance/takaful companies to find out the details of the relief measures offered by their life insurers,” said Loh Guat Lan, President of LIAM.
