Source: LIAM, 20 March 2020
The Life Insurance Association of Malaysia (LIAM) and its member companies are taking proactive steps in providing additional relief measures for policyholders who are impacted by the economic slowdown due to the COVID-19 pandemic in the country.
- The following additional benefits are a few examples of relief measures taken by insurers:
- i. RM5,000 Cash Relief for customers who are diagnosed with Covid-19
- ii. Cash benefits/allowance for hospitalization (for example up to RM250 per day up to 30 days of hospitalization)
- iii. Special lump-sum death benefits (ranging from RM5,000-20,000 upon death of the insured)
- iv. Four insurance companies pledge RM1 million each as part of their financial assistance/support programme for customers affected by COVID-19
“Policyholders are advised to check with their respective insurance companies for the additional benefits offered by their insurance company for the COVID-19 outbreak and the terms and conditions of their health insurance policy,” said Ms Loh Guat Lan, President of LIAM.
To ensure that policyholders continue to receive life insurance protection, life insurance companies have also introduced various flexibilities in premium payments to assist affected policyholders during this trying time. As the flexibilities provided for vary from company to company, affected policyholders are advised to check with their respective life insurance companies for more details.
According to Ms Loh, the additional relief measures are timely to support those immediately impacted by the crisis including healthcare workers, patients and policyholders affected
by a temporary loss of income or jobs.
“The unprecedented situation demands that we continue to respond thoughtfully and decisively as the industry is concerned over this outbreak and wish to do more for the rakyat,” said Ms Loh.
We are willing to meet our customer’s near-term and long-term needs and are prepared to ensure that they are not burdened by the catastrophe. The COVID-19 pandemic has caused disruptions to the economic, educational, medical and the everyday lives of Malaysians.
“We are in the people business and we take care of our policyholders’ welfare. In view that the COVID-19 is a very serious and imminent threat to public health, we believe that the immediate response by the industry to offer additional coverage will go a long way in alleviating the impact of the COVID-19 outbreak to the consumers,” said Ms Loh.
Kindly contact the respective life insurance companies directly if you wish to find out more about your insurance coverage for COVID-19.
LIAM Member Companies include (refer to www.liam.org.my):
- AIA Bhd.
- Allianz Life Insurance Malaysia Berhad
- AmMetLife Insurance Berhad
- AXA AFFIN Life Insurance Berhad
- Etiqa Life Insurance Berhad
- Gibraltar BSN Life Berhad
- Great Eastern Life Assurance (M) Berhad
- Hannover Rueck SE, Malaysian Branch (reinsurer)
- Hong Leong Assurance Berhad
- Manulife Insurance Berhad
- Malaysian Life Reinsurance Group Berhad(reinsurer)
- MCIS Insurance Berhad
- Prudential Assurance Malaysia Berhad
- Sun Life Malaysia Assurance Berhad
- Tokio Marine Life Insurance Malaysia Bhd.
- Zurich Life Insurance Malaysia Berhad