Insurance companies will be offering a premium deferment of three months for policyholders whose source of income is affected by the Covid-19 pandemic. Takaful certificate holders who have had their source of income affected will also be able to defer paying their contributions for three months.
The measure was announced by Prime Minister Tan Sri Muhyiddin Yassin as part of the Prihatin Economic Stimulus Package today. Unfortunately, no further details were given on the process of the premium deferment – we will update the article when we receive more information.
According to the Prime Minister, the insurance and takaful industry will also be contributing to the Ministry of Health’s efforts to carry out more widespread testing for the Covid-19 virus. A special fund amounting to RM8 million will be launched to subsidise the cost of Covid-19 testing at private hospitals or laboratories – for up to RM300 for each medical policy/certificate holder that has been directed to undergo testing by the Ministry of Health.