The General Insurance Association of Malaysia (PIAM) said the deferment of payment for insurance policies, as announced by the government today under its economic stimulus package, only applies to life insurance and family takaful.The deferment does not apply to general insurance policies, PIAM said in a statement. The association was clarifying an infographic that was being shared on social media. This, it said, has also been clearly indicated in a press release by Bank Negara Malaysia today.
"Life insurers and family takaful operators will allow affected policyholders and takaful participants an option to defer the regular premium/contribution payments due under life insurance policies and family takaful certificates for three months without affecting the policy coverage. This flexibility may be provided by life insurers and family takaful operators through a no-lapse guarantee, an extension of grace period or any other means that maintain the policy/certificate intact during the deferment period. This option will be available from April 1 until Dec 31, 2020,” BNM's statement read.
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