Bank Negara Announces Extension of Life and Family Takaful Relief Programme

Bank Negara Malaysia (BNM) announced that family Takaful participants and life insurance policyholders will be given the option to defer their regular payments for three months without affecting their policy coverage.

Additionally, life insurers and family Takaful operators should assist their policyholders with other benefits including extension of the grace period to reinstate a policy/certificate that has lapsed, waiving of fees and charges for any amendments to policies/certificates and waiver of any penalties/consequences for late payments of premiums/contributions particularly when the policyholder does not have access to electronic payment channels during the Movement Control Order, which has been extended till 14...