The Life Insurance Association of Malaysia (LIAM) and its member companies are extending additional relief measures for policyholders who are impacted by the economic slowdown due to the COVID-19 pandemic in the country.
Policyholders are advised to check with their respective insurance companies for the additional benefits offered for the COVID-19 outbreak, says Ms Loh Guat Lan, president of LIAM.
Several examples of relief measures taken by insurers are listed below:
- MYR5,000 cash relief for customers who are diagnosed with COVID-19
- Cash benefits/allowance for hospitalisation (e.g up to MYR250 per day, up to 30 days of hospitalisation)
- Special lump-sum death benefits (ranging from MYR5,000-MYR20,000 upon death of the insured)
- Four insurance companies pledge MYR1 million each as part of their support programme for customers affected by the coronavirus
That aside, to ensure policyholders continue to receive life insurance protection, life insurance companies have also introduced various flexibilities in premium payments to assist affected policyholders during this challenging time. Policyholders are advised to check with their respective life insurance companies for more details.
The additional relief measures are timely to support those impacted by the crisis including healthcare workers, patients, and policyholders affected by temporary loss of income or jobs.
“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.
The coronavirus pandemic continues to pose a serious threat to public health and the economy as the Government’s Movement Control Order is in effect to curb its spread.
LIAM Member Companies (refer to website 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
