Life insurers and takaful operators extend deferment of payment to year-end


THE Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) have extended the Covid-19 Relief Programme on deferment of premium payment/takaful contribution and additional relief measures to Dec 31, 2021 for their policy/certificate holders who are financially affected by the pandemic.

Persatuan Insurans Am Malaysia (PIAM) also announced that all general insurers will continue to offer additional relief measures to Dec 31, 2021 to policyholders affected by the pandemic.

Under the relief programme, life insurers and family takaful operators will continue to provide insurance/takaful protection to the affected policy/certificate holders including those who are unable to earn an income to have a grace period of three months or 90 days to pay premium/contribution due.

The extension of the programme is in response to the need of affected policy/certificate holders who may continue to face financial difficulties during this pandemic. 

The deferment of three months premium/contribution payment was introduced in April 2020 as an optional premium/contribution deferment programme.