Takaful’s life insurers and family operators offer relief measures to help flood victims

KUALA LUMPUR: Life insurance and takaful family policyholders affected by the floods have been offered a series of support and relief measures, including an additional period of a few months for the payment of premiums / contributions.

The measures, which are subject to the terms and conditions of insurers and takaful operators, were announced by the Life Insurance Association of Malaysia (LIAM) and the Malaysian Takaful Association (MTA) in a joint statement today.

Other measures include restructuring the way premiums / contributions are paid from an annual to a monthly basis; extend the grace period (generally 30 days) to a longer period for the payment of premiums / contributions; and the reduction or elimination of interest charges for policy / certificate loans under the Automatic Premium Lending (APL) option.

Another measure is the exemption from printing costs for the replacement of insurance policies, takaful certificates and medical cards.

LIAM President Loh Guat Lan said the association’s member companies are committed to providing the necessary support to affected families so they can have peace of mind knowing their insurance needs are taken care of. in charge.

“We would like to advise policy / certificate holders to contact their insurance / takaful companies for details of relief measures offered by their life insurers,” he said.

MTA President Elmie Aman NajasMeanwhile, MTA Chairman Elmie Aman Najas said the insurance and takaful industry is focused on helping victims when needed.

“The floods have taken their toll on families, businesses and the well-being of the victims and the necessary relief measures will help ease their burden during this difficult time.

“The floods led to the evacuation of many victims from the flooded areas to safer areas, mainly

causing the family to lose contact with family members, lose business and some even lost loved ones in the floods and it is time for the industry to play its role and responsibility in helping the victims, ”he said. he added.

As the circumstances of each case or claim may differ, policy / certificate holders who are affected and who are unsure of their coverage are advised to contact their respective insurers / takaful operators for further information and clarification. . -Bernama