Life firms extend relief efforts till 31 Dec 2020

The Life Insurance Association of Malaysia (LIAM) and its member companies has announced the extension of the additional relief measures for affected policyholders to 31 December 2020 following the third wave of the COVID-19 pandemic in the country.

The additional relief measures include cash benefits, hospitalisation allowance and lump-sum death/compassionate benefits among other forms of financial assistance, according to a press release.

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

“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,” Lan added.

LIAM and MTA have also granted a 90-day deferment period/no-lapse guarantee for three months for policyholders who are impacted by this pandemic.  During this period, insurance and takaful companies will 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.

Policyholders who are qualified for this relief include COVID-19 positive patients, home quarantined (mandatory) policyholders or those who have suffered a loss of income.  SMEs that have been affected by retrenchment, shorter working hours and salary or commission reductions for individuals; and loss of business income for self-employed are included as well.