‘Emergency won’t impact life insurance policies’ contractual obligations’

KUALA LUMPUR: Life Insurance Association of Malaysia (LIAM) has assured all policyholders that the nationwide state of emergency enforced until Aug 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.

Meanwhile, Loh said the association, together with its 16 member companies, had undertaken several relief measures for flood victims to alleviate the hardship caused by the recent flood catastrophe in several states which include

Pahang, Terengganu, Kelantan, Perak and Johor.

Among the measures are restructuring of premium paying modes from annual to monthly basis, extending the grace period for payment of premiums, reducing or waiving the interest charges for policy loan and automatic premium loan, and waiver of printing cost for policy or medical card replacement.

“As a responsible corporate citizen, LIAM is very concerned and we understand 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