KUALA LUMPUR – The Life Insurance Association of Malaysia (LIAM) has assured all policyholders that the nationwide state of emergency enforced until August 1 will not impact life insurance policies’ contractual obligations.
Claims would be paid according to the terms and conditions as stated in their policies, said president Loh Guat Lan.
“Policyholders and their family members can contact respective life insurance companies directly for assistance as relief measures may vary from one insurer to another,” she said in a statement today.
Meanwhile, Loh said the association, together with its 16 member companies, had undertaken several relief measures for flood victims to alleviate hardships caused by the recent flood catastrophe in several states including Pahang, Terengganu, Kelantan, Perak, and Johor.
Among the measures are the restructuring of premium paying modes from annual to monthly, extending the grace period for payment of premiums, reducing or waiving the interest charges for policy loan and automatic premium loan, and waiving the printing cost for policy or medical card replacements.
“As a responsible corporate citizen, LIAM is very concerned and understands the suffering and loss that the flood victims are experiencing. We believe that these measures will help to ease their burden and help them get back on their feet again,” she said.
Policyholders and their family members are advised to contact the respective insurance companies for further assistance. – Bernama, January 13, 2021
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