KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) member companies have collectively rolled out various initiatives to assist policyholders who were affected by the recent floods by granting an additional timeline of a few months for premium payments and restructuring premium payment modes from annual to monthly basis.
In addition, LIAM is offering extended grace periods for premium payments, beyond the usual 30 days, and waiving or reducing interest charges on policy loans and policies under the Automatic Premium Loan (APL) facility, including waiving the cost of replacing lost or damaged insurance policies or medical cards.
