KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) member companies have collectively rolled out various initiatives to assist policyholders who were affected by the recent floods by granting an additional timeline of a few months for premium payments and restructuring premium payment modes from annual to monthly basis.
In addition, LIAM is offering extended grace periods for premium payments, beyond the usual 30 days, and waiving or reducing interest charges on policy loans and policies under the Automatic Premium Loan (APL) facility, including waiving the cost of replacing lost or damaged insurance policies or medical cards.
LIAM president Raymond Lew said its member companies are fully committed to providing essential support during this challenging time, helping to bring peace of mind and ensure that insurance needs are met.
“We encourage all affected policyholders to contact their life insurance providers for more information about the relief measures available to assist flood victims during this difficult time.
“As an industry, we recognise our responsibility to step forward in times of crisis.
“The disaster has had a profound impact on families, businesses and the well-being of many individuals.
“By offering timely relief measures, we can help ease their burden and provide much-needed assistance during this difficult recovery period,” he said in a statement yesterday.
Lew said LIAM extends its deepest sympathies to the victims and families whose homes have been damaged and livelihoods disrupted by the recent floods.
As each case and claim may vary, policyholders who have been affected and are uncertain about their coverage are encouraged to contact their respective insurers for further information and clarification.
