COVID-19: Life insurance companies offer additional relief measures to policyholders

KUALA LUMPUR, March 20 — 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 COVID-19.

The association said the additional relief measures include RM5,000 cash relief for customers who are diagnosed with COVID-19, cash benefits/allowance for hospitalisation and special lump-sum death benefits from RM5,000-20,000 upon death of the insured.

Meanwhile, four insurance companies have pledged 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 COVID-19 and the terms and conditions of their health insurance policy,” LIAM president Loh Guat Lan said in a statement today.

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.

Loh said the additional relief measures are timely to support those immediately impacted by the crisis, including healthcare workers, patients and policyholders 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,” she added.

Source: BERNAMA News Agency