The Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) have announced a list of relief measures to assist individuals who were affected by the recent severe floods.

In a joint statement, LIAM and MTA said that thousands of people have been displaced from their homes due to the catastrophe and may face difficulties in paying their insurance premiums on time. As such, life insurers and family takaful operators have agreed to provide a range of assistance for them, specifically:

• Extending the timeline by a few extra months for policyholders to pay their premiums and contributions
• Restructuring the payment modes from annual to monthly basis
• Extending the grace period (usually 30 days) to a longer timeframe for payment of premiums and contributions
• Reducing or waiving the interest charges for policy loans and policies under the Automatic Premium Loan option
• Waiving the printing cost for the replacement of insurance policies, takaful certificates, and medical card

Note, however, that these aids will also be subject to the individual terms and conditions from each insurer and takaful operator, so policyholders are encouraged to seek for more details from their agents.

The president of LIAM, Loh Guat Lan said that both associations deeply sympathise with all flood victims in this difficult time, especially with their homes damaged and livelihoods disrupted. “Our member companies are committed in 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,” she said.

The chairman of MTA, Elmie Aman Najas also chimed in with a similar sentiment, commenting that the flood has taken its toll on the family, business, and wellbeing of the victims. “The flood 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 said.

Policy and certificate holders who wish to contact their respective insurers or family takaful operators can check this list by LIAM and MTA for the official hotlines and contact details.

Aside from LIAM and MTA, the General Insurance Association of Malaysia (PIAM), too, has offered aid to affected individuals in the form of a one-off subsidy of up to RM500 for the clean-up of vehicles that were directly affected by the recent floods.

(Source: LIAM)

• TAGS:
• Flood
• Floods
• Insurance Premiums
• LIAM
• Life Insurance
• Life Insurance Association of Malaysia
• Malaysian Takaful Association
• MTA
• Takaful Coverage
• Takaful Insurance