KUALA LUMPUR (Jan 13): The Life Insurance Association of Malaysia (LIAM) is providing relief measures for policyholders that have been impacted by recent floods in several states, including Pahang, Terengganu, Kelantan, Perak and Johor.

In a statement, LIAM president Loh Guat Lan noted that the association’s 16 members were undertaking measures to help policyholders impacted by the floods, which included the restructuring of premium paying modes from an annual basis to a monthly basis, the extension of a grace period for the payment of premiums, the reduction or waiver of interest charges for policy loans and automatic premium loans (APLs), as well as the waiving of printing costs for policy or medical card replacements, among others.

“Our member companies are committed to expediting the claims payments related to this catastrophe. We would like to advise policyholders and their family members to contact their respective insurance companies for further assistance.

 "In this time of need, it is only right that the life insurance industry extend its warmth and care for them. We believe that these measures will help to ease their burden and help them get back on their feet again,” Loh added.

At the same time, the emergency currently in place until Aug 1 will not impact life insurance policies’ contractual obligations, with claims to be paid according to the terms and conditions stated in such policies, she said.