PETALING JAYA: RHB Insurance Bhd is offering its individual and SME policyholders affected by Covid-19 continued insurance protection via its “premium installment scheme” and “premium relief scheme”.
Its managing director, Kong Shu Yin commented that the two schemes will help preserve policies by continuing the insurance coverage of its policyholders for new and existing policyholders who are experiencing temporary financial setbacks arising from the outbreak.
“Under the premium relief scheme, RHB Insurance has allocated RM5 million to be used against applications for discounts on premiums of up to 50% for both new and existing SME policyholders,” he said in a press release.
The premium installment scheme allows new and existing policyholders who are affected by the pandemic to apply to pay insurance premiums, excluding motor insurance, in installments for up to six months.
The insurer stated this scheme is applicable for policies with due dates from March 18 to Dec 31, 2020 and allows eligible policyholders, including SMEs, the flexibility to restructure their payments without affecting their policy coverage.
Furthermore, its SME customers with insurance policy inception dates of between March 1 to Dec 31, 2020 are eligible to apply for additional relief in the form of premium discounts under the premium relief scheme.
This scheme is the first in Malaysia that allows discounts on premiums for SME policyholders who face temporary financial constraints arising from Covid-19. The percentage of premium relief will be in a range of 10% to 50%, depending on the degree to which the SME is affected.
Kong stated that the approval for both schemes will be given on a case to case basis, based on the merits of each application.