Recommend Us | About Us | Back to Bernama.com

News | Financial Calculator | Home Financing | Archived News |

 

  Welcome to Bernama Banking & Finance Special Page     
 
Pay Your Life Insurance Premiums Using Credit Cards, Debit Cards With Pin & Pay Feature - LIAM
Last update: 22/06/2017

KUALA LUMPUR, June 22 (Bernama) -- All payments for insurance premiums via credit cards and debit cards will be using the six digit Personal Identification Number (PIN) verification effective July 1, 2017, Life Insurance Association of Malaysia (LIAM) announced today.

Payment of premiums using signature will no longer be accepted, it said.

"This is in line with the nationwide government's policy to replace cards using signature, to the PIN and PAY system," said the association in a statement here, today.

Policyholders can also make arrangements with their insurance companies to switch to direct debit arrangements where premiums will automatically be deducted from their accounts on the scheduled deduction date, it said.

LIAM said the life insurance industry is actively promoting electronic payments (e-payment) among its customers by encouraging them to use e-payment as an alternate payment channel to the conventional cheque or cash payments for bills and premiums.

"We urge all our customers to embrace e-payments in all their mode of transactions as they are safe, efficient and reliable. Customers do not have to worry about ensuring that their premiums are paid every due date," it explained.

They also do not need to make arrangements for third parties to assist with their premium payments and do not need to share their bank details unnecessarily and can keep this personal data secured and protected.

e-payment transactions can be used to both make payments for premiums to insurance companies and to receive dividends and claims from insurance companies.

It also reminded all its customers with existing payment arrangement using debit card to update their new debit card number with their insurance company when they change previous debit card to the new card with pin and pay feature.

-- BERNAMA


 <Back>

AmInvestment Bank Wins 'Best Sukuk House Of The Year 2017' Award At 7th GIFA
Find Ways To Boost Cross-Border Transactions Of Islamic Finance Services - BNM Governor

 
Maybank Islamic Looks To Expand Shariah Banking To ASEAN

Takaful IKHLAS Chieftain Bags Best CEO 2017 Award
Pixelated Inks MoUs With Four Companies To Boost Adoption Of UBI

 
Tokio Marine Life Launches Online Service To Check Unclaimed Monies

WEDNESDAY, SEPT 20, 2017
US 4.1910/1940
S'pore 3.1095/1127
100 Yen 3.7564/7601
Sterling 5.6625/6669
Euro 5.0254/0303
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?
 

 
  Main | News | Insurance

© 2017 BERNAMA. All Rights Reserved. Disclaimer | Privacy Policy| Security Policy
This material may not be published, broadcast, rewritten or redistributed in any form except with the prior written permission of BERNAMA.
Best viewed in Firefox 8.0 & Internet Explorer 8.0 with 1024 x 768 resolution