PETALING JAYA: General takaful members of Malaysian Takaful Association (MTA) have introduced a 60 days contribution warranty period extension for its non-motor general takaful business to their respective participants, in light of the impact from the Covid-19 pandemic and the implementation of the movement control order.
It explained that general takaful members will consider request from participants for extended contribution warranty period, subject to conditions and criteria established by respective operators.
It also introduced some flexibility in terms of renewal of coverage for non-motor general takaful business.
“Operators will provide an option for renewals on a short term basis, for example six months, on a pro rata contribution amount. In such instances, the expiring certificates will be extended to a new expiry date and a pro rata takaful contribution will be applicable for the extended period,” MTA said in a statement today.
Meanwhile, MTA noted that there is no change for the requirement of cash-before-cover in regards to retail motor certificate. Takaful contributions are still subject to seven working days remittance to the general takaful operators.
However, short term renewals shall be allowed in the form of an extension of period of coverage and the takaful contribution shall be calculated on a pro rata basis.
“The measures are offered on case-to-case basis, therefore the affected certificate holders are advised to get in touch with their respective takaful operators to obtain information on these additional benefits and reliefs offered,” MTA said.
source https://www.thesundaily.my/business/more-leeway-for-non-motor-general-takaful-biz-EF2241688
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