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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.



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US 3.9110/9140
S'pore 2.9732/9771
100 Yen 3.7290/7333
Sterling 5.5208/5254
Euro 4.8223/8271
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?

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