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Life Insurance Companies Announce Flood Relief Measures
Last update: 13/11/2017

KUALA LUMPUR, Nov 13 (Bernama) -- Life insurance companies in Malaysia will provide†flood relief measures†to alleviate the hardship caused by the recent flood catastrophe in Kedah and Penang, says the Life Insurance Association of Malaysia (LIAM).

President†Toi See Jong, said that all life insurance companies were concerned and understood the†loss that the flood victims were†experiencing.

"Among the relief measures that the respective companies are implementing to ease the burden of the flood victims include; premium paying modes restructuring, from annual to monthly basis; extending the grace period for payment of premiums; reducing or waiving the interest charges for policy loan and automatic premium loan; and printing cost for policy/medical card replacement waiver, among others," he said in a statement.

Some LIAM member companies are also making efforts to give financial contribution and benefits-in-kind,†said the association which has 16 members.

"Policyholders and their family members can contact the respective life insurance companies directly or†LIAM should they need further assistance," it added.



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US 4.0530/0600
S'pore 2.9686/9748
100 Yen 3.5867/5939
Sterling 5.3131/3235
Euro 4.7238/7327
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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