Agency Circular

To : All Members of the Agency Force

Circular Number : AGT/039/2020
Date : 29 March 2020

Covid-19 Relief Program- Deferment of Premium Payment for Life Insurance

In line with BNM’s announcement in response to Covid-19 Relief Program, policy owners can now
apply for a deferment of premium payment for a period of up to three months.

We have appended below some Frequently Asked Questions on the Relief Program:

What is the deferment of premium This Relief Program is to give eligible policy owners a
payment for Life Insurance under deferment period of three months to pay premium for
Covid-19 Relief Program? their insurance policy. During this deferment period, we
will continue to provide insurance coverage.

However, this is NOT an automatic premium deferment

program. Therefore, policy owners must approach us to
apply for it.

Who is entitled under this Relief It is open to all policy owners of Tokio Marine Life
Program? Insurance who are:
1. Infected with Covid-19 virus; or
2. Undergoing mandatory home quarantine by the
authorities; or
3. Suffered loss of income which includes
retrenchment, shorter working hours which resulted
in salary reduction for individuals, loss of income for
self-employed and small medium enterprises (SME).

Note: The deferment period of up to three months is only

applicable to policies that do not have outstanding
premiums and have not lapsed at the time of application.

When is the effective date of this This applies to all policies where premium is due from
deferment of premium payment? 18th March to 31st December 2020 (both dates inclusive).
The deferment period, if approved by us, will be up to a
maximum of three months from the date of the premium
due.

For example:
Premium due: 01 May 2020
Payment deferment applied and approved by us: 15 May
2020
Deferment period ends: 30 July 2020
 How do the policy owner apply? Policy owner can write to us by emailing to us at
customercare@tokiomarinelife.com.my with the email
subject title and content.

Email Subject:
PAYMENT DEFERMENT APPLICATION: POLICY NUMBER
XXXXXXXX

Email Content:
I would like to apply for a 3-month deferment of my
premium payment for the above policy.

What supporting documents should the 1. Doctor’s letter confirming Covid-19 infection (if
policy owner submit when they apply policy owner is infected); or
for this deferment of premium 2. Letter of mandatory home quarantine from
payment? authority; or
3. Employer’s letter on retrenchment or termination or
salary deduction; or
4. Letter of closure for non-essential business by
business owners; or
5. Other relevant proof or documents, if any (for
example hawker center closure notice).

If policy owner is currently using The automatic deduction will continue as usual.
automatic deduction from his salary or However, if policy owner wishes to temporary stop it,
via bank direct debit or credit card he/she can contact us.
standing instruction, does he needs to
cancel them?

What happens if the life assured dies In the event of death, during the deferment period, the
during the deferment period? total outstanding premiums including the amount due
within the deferment period (plus any other deductible
based on the terms of the polices) will be deducted from
the claim payable.

Additional information to be aware of:

1. This is not a waiver of premium, policy owner will still need to pay all the premiums due
during the deferment period.
2. There is no late payment interest imposed on all deferred premiums during the deferment
period.
3. If the application is approved, the policy coverage will remain in-force during the deferment
period.
4. Once the deferment period ends, the contractual provisions regarding premium payment
will resume as usual.

Should you require further information, please contact our RM/BDM/BDE or OIC of your respective
branches.
In the meantime, practice good hygiene and stay safe at home. We are in this together!

Thank you.

Best regards

Rachel Chin Koh Sing Yeen

Head of Operations Head of Market and Product Strategy