15/04/2020
Deferment of Insurance Premium Payment under Covid-19 Relief Program
📌📌Dear policyowners, The General Insurance Association of Malaysia (PIAM) said the deferment of payment for insurance policies, as announced by the government under its economic stimulus package, only applies to life insurance and family takaful. The deferment does not apply to general insurance policies.
✳️Hong Leong Assurance (HLA): (FAQs) on Deferment of Premium Payment for Life Insurance due to COVID-19 ✳️
✔️What is deferment of premium payment under this Relief Program due to COVID-19?
This Relief Program is to give the eligible policy owners a deferment period of 3 months to pay the premium for their insurance policy. During this deferment period, we will continue to provide insurance protection.
This is NOT an automatic premium deferment program. Therefore, policy owners must approach us to apply for this Relief.
✔️Who are eligible for this deferment of premium payment?
The eligible policy owners are:
• Policy Owners who have been infected by COVID-19 • Policy Owners who are mandatory home quarantined by the authority • Policy Owners who have suffered a loss of income; and small and medium enterprises (SMEs) which have suffered a loss of income, as a result of the economic impact of the COVID-19 situation.
Examples of events that lead to such loss of income include retrenchment, shorter working hours and salary reduction for individuals; and loss of business income for self-employed and SMEs.
Note: The deferment period of 3 months is applicable to Policy Owners who do not have outstanding premiums and the insurance policy has not lapsed at the time of application.
✔️When is the effective date for this deferment of premium payment?
This applies to all policies where premium is due on 18th March 2020 to 31st December 2020. The deferment of premium, if approved by us, will be up to a maximum of 3 months from the date of premium due.
✔️How do I apply if I am eligible and would like to defer my premium payment for 3 months?
You may submit your application to [email protected] together with the following documents, starting from 1st April 2020 till 31st December 2020.
Email Subject Title: Payment Deferment Application: Policy Number
Supporting Documents: i. Doctor’s Letter confirming COVID-19 infection (if Policy Owner is infected); or ii. Letter of home quarantine from authority; or iii. Other relevant proof of documents, if any (e.g. retrenchment letter, company letter or bank statements to show salary reductions, hawker center closure notice etc.)
If there any enquirers please contact Jane Wong 012-4091868 for more information.
