Life insurance policyholders and family takaful participants will have the option to defer their regular payments for three months without affecting their 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 to Dec 31, 2020. Additionally, life insurers and family takaful operators will also provide the following assistance to the affected policyholders and takaful participants until Dec 31, 2020.
- Extend the period during which a policyholder and takaful participant can reinstate a policy/certificate that has lapsed;
- Provide options to enable policyholders and takaful participants to continue to meet their premium/contribution payments and maintain their policies/certificates. This may include changes in the sum assured/covered, adjustments to the premium/contribution structure and conversion into a paid up policy;
- Waive fees and charges imposed for changes made to policies/certificates;
- Waive any penalties/consequences for late payments of premiums/contributions, particularly where policyholders/takaful participants are unable to access electronic payment channels during the Movement Control Order.
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