The Life Insurance Association of Malaysia says for three months, companies will continue providing insurance protection for policyholders affected by the MCO.
The Life Insurance Association of Malaysia in a report attributed the overall dip to the 24.5% contraction of premiums in investment-linked policies. It also reported a rise in direct channel sales for temporary insurance, critical illness insurance and medical and health insurance, with annualised premiums and the total sum seeing growth levels of 63.9% and 71.5% respectively.
“The industry has granted a 90-day deferment period or no-lapse guarantee of three months for policyholders who are impacted by this pandemic.
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