Liam extends additional relief measures to affected policyholders till Dec 31

The Life Insurance Association of Malaysia (Liam) and its member companies have extended the additional relief measures for affected policyholders until Dec 31, 2020, following the third wave of the Covid-19 pandemic in the country.

In a statement today, it said the additional relief measures came in the form of financial assistance including, among others, cash benefits, hospitalisation allowance and lump-sum death/compassionate benefits.

President Loh Guat Lan said the additional relief measures are some of the immediate initiatives implemented by the various Liam member companies to alleviate the hardships faced by policyholders and their family members.

She said Liam and its member companies have come together in solidarity, in support of the government’s measures to assist the rakyat in coping with the pandemic and to implement various relief measures to ensure affected policyholders are able to continue with their livelihoods.

“We would like to advise affected policyholders to contact their insurance companies to find out on the additional benefits that they are eligible to claim and to check on the terms and conditions of their health insurance policy,” she said.

Meanwhile, Liam said the association and the Malaysian Takaful Association (MTA) had also granted a 90 days deferment period/no-lapse guarantee for three months for policyholders who are impacted by the pandemic.

It said during this period, insurance and takaful companies would continue to provide insurance protection to affected policyholders if they are not able to pay for their premiums.

“Affected policyholders must apply to their insurance companies to get approval before they can benefit from this relief measure. This option is available from April 1 until Dec 31, 2020,” it said.

Liam said policyholders who are qualified for this relief, include Covid-19 positive patients and those who are home quarantined (mandatory) or suffered a loss of income, including small and medium enterprises (SMEs).

Loh added that Cpvid-19 affected policyholders needed to submit their applications to their insurance company for the deferment of payment of life insurance premiums and to date, over one million policyholders have been granted the premium deferment relief, involving a total of over RM1.6 billion premium payment.

- Bernama