Extend reinstatement application period, says MP to insurers
PETALING JAYA: Major insurance companies should extend the reinstatement application period by 60 more days, says Bayan Baru MP Sim Tze Tzin.
He said in a statement on Tuesday (June 10) that this interim measure should be extended so that more people who have had to terminate their medical insurance have sufficient time to reactivate it.
Sim then added that the reinstatement period to facilitate recovery will end on June 30 and said that since Bank Negara introduced the interim measure, one positive development is the increase in people reactivating their policies.
'This period is crucial. Lapsed policies may still be reinstated without adversely affecting existing coverage, but action must be taken before the deadline,' he added.
Sim then said that he urged those who have terminated their policies due to financial pressure or premium increases to contact their respective insurance companies to check their cases for possible policy recovery.
'I also urge insurance agents and Malaysians to share this important information with friends and family. Do not wait until it's too late,' he said.
Sim then said NAMLIFA Central Region had shared a true story about a 'Mr Ravi' who took out an insurance policy in 2014 when he was 27-years-old.
He said that in this instance, the comprehensive coverage initially cost RM200 per month but rose to RM273.24 by 2023 due to two premium increases.
Sim added that this policyholder struggled after losing his job during the Covid-19 pandemic and could not maintain payments.
'This financial strain led to him cancelling his policy in late 2024, leaving him uninsured when he had a stroke,' said Sim
'Fortunately, Bank Negara Malaysia's interim measure allowed him to reactivate his policy without undergoing underwriting, enabling him to claim for treatment, though many remain unaware of this opportunity,' he added.
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