by SHAFIQQUL ALIFF / pic by BERNAMA

THE Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association (MTA) are providing some relief for victims of the floods that had hit several states nationwide.

The associations acknowledged that thousands of people have been displaced from their homes and may face difficulties in paying their premiums and contributions on time.

In a joint statement yesterday, LIAM and MTA said life insurers and family takaful operators have collectively come together to provide a range of support and relief measures such as granting an extra timeline of a few months for payment of premiums or contributions, restructuring of premium and contribution paying modes, from annual to monthly basis.

They have also extended the grace period, which is usually 30 days, to a longer timeframe for payment of premiums and contributions, reducing or waiving the interest charges for the policy or certificate loans and policies, and certificates under the Automatic Premium Loan option.

However, the waiver of printing cost for an insurance policy, takaful certificate and medical card replacement is subject to insurers and takaful operators’ terms and conditions.

LIAM president Loh Guat Lan said both associations deeply sympathised with the families and victims that had their homes damaged and livelihoods disrupted by the floods.

“Our member companies are committed to providing the necessary support to affected families so that they can have the peace of mind to know that their insurance needs are taken care of.

“We would like to advise policy and certificate holders to contact their insurance and takaful companies to find out the details of the relief measures offered by their life insurers,” he said in the statement.

Meanwhile, MTA chairman Elmie Aman Najas said the insurance and takaful industry is focused to help the victims in their times of need as the floods have taken their toll on the family, business and the wellbeing of the victims and the necessary relief measures will help ease their burden during this difficult time.

“The floods have resulted in the evacuation of many victims from flooded areas to safer grounds mainly causing them to lose contact with their family members, losing business and some even lost their loved ones in the floods and it is timely for the industry to play their role and responsibility in helping the victims,” he added.