KUALA LUMPUR: RHB Insurance Bhd (RHB Insurance) is providing relief to individual and SME policyholders affected by Covid-19 to ensure customers facing temporary financial difficulties continue to receive insurance protection, through its Premium Installment Scheme and Premium Relief Scheme.
Under Premium Installment Scheme, both existing and new policyholders under RHB Insurance who are affected by Covid-19 may apply to pay their insurance premiums, excluding motor insurance, in installments for up to six months.
This scheme is applicable for policies with due dates from 18 March 2020 to 31 December 2020 and allows eligible policyholders, including SMEs, the flexibility to restructure their payments in three monthly installments or six monthly installments, without affecting their policy coverage.
Additionally, SME customers with insurance policy inception dates of between 1 March, 2020 to 31 December, 2020 can apply for additional relief in the form of premium discounts under the Premium Relief Scheme.
This Premium Relief Scheme is the first in Malaysia that allows discounts on premiums for SME policyholders who face temporary financial constraints arising from the Covid-19 pandemic.
RHB Insurance’s Premium Installment Scheme and Premium Relief Scheme are designed to provide the much needed relief to all eligible policyholders, including SMEs who are affected by Covid-19.
These schemes will help preserve policies by continuing the insurance coverage of our policyholders for both, new and existing policyholders whom are experiencing temporary financial setbacks arising from the outbreak.
"The approval for both schemes will be given on a case to case basis, based on the merits of each application,” RHB Insurance managing director Kong Shu Yin said in a statement today.
He said under the Premium Relief Scheme, RHB Insurance has allocated RM5 million to be used against applications for discounts on premiums of up to 50 per cent for both new and existing SME policyholders.
The Premium Installment Scheme is open to individuals who are infected, subject to mandatory home quarantine or suffered a loss of income due to Covid-19.
SME customers who have suffered a loss of income as a result of the economic impact of the Covid-19 outbreak may also apply through this scheme.
The Premium Relief Scheme is available for application to both, new and existing SME policyholders that have suffered a loss of income as a result of the economic impact of the Covid-19 outbreak.
The percentage of premium relief will be in a range of 10 per cent to 50 per cent, depending on the degree to which the SME is affected by Covid-19.