Life insurers and takaful operators have granted COVID benefits even without coverage.
The Malaysian insurance and takaful industries have committed to the government’s call for public and private partnerships to manage the COVID-19 pandemic, a statement from the Life Insurance Association of Malaysia (LIAM) read.
COVID-19 risks are not covered under any medical and health insurance and takaful plans in Malaysia due to the difficulty in pricing for coverage relating to events that may occur once in a lifetime, such as a pandemic.
However, the majority of the country’s life insurers and takaful operators have provided supplementary benefits such as daily hospital income for affected policyholders and certificate holders.
In addition, policy premiums and takaful contributions that have benefited over 1 million policyholders and certificate holders with premiums and contributions valued over $395.5m (MYR1.6b) were deferred.
The industry is currently working with the Ministry of Health and Bank Negara Malaysia to explore avenues where insurers and takaful operators can ease some of the expenses of patients whose conditions require private hospital treatment under the present circumstances, LIAM said.
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