KUALA LUMPUR, May 11 — The insurance and takaful industry has topped up the existing RM8 million COVID-19 Test Fund (CTF) by another RM2 million.
In a joint statement today, the Life Insurance Association of Malaysia (LIAM), General Insurance Association of Malaysia (PIAM) and Malaysian Takaful Association (MTA) said that since its launch in March last year, the CTF had benefitted over 42,000 policy or certificate holders, surpassing the early estimation that the fund would assist nearly 27,000 people.
LIAM chief executive officer (CEO) Mark O’Dell said the industry had pledged another RM2 million to the existing RM8 million CTF after taking into consideration the current spike in the daily COVID-19 cases and to enable more Malaysians to go for the tests.
“With the additional RM2 million fund, we hope to encourage more people to go for testing to flatten the curve, benefiting another 20,000 policy or certificate holders in the country.
“Policy or certificate holders are advised to submit their claims for testing to the CTF as soon as possible. Claims will be considered on a first come, first served basis until the CTF fund is fully utilised,” he said.
The CTF reimbursement to-date has almost reached RM8 million.
Meanwhile, PIAM CEO Julie Chong said various relief measures and financial assistance had been extended to affected policy or certificate holders to cope with the financial, mental and social impact of the COVID-19 pandemic.
“These include cash relief benefit for customers who are diagnosed with COVID-19, cash allowance for hospitalisation (for example RM150-RM250 per day and up to 30 days of hospitalisation), and special lump-sum death benefits (ranging from RM5,000-RM20,000 upon death of the insured/covered person),” she said.
The CTF, launched to support the government’s efforts to conduct more tests on Malaysians exposed to the COVID-19 virus, provides a cash reimbursement from RM50 to RM300 per test.
More information on the application of claims for COVID-19 test can be found at www.myctf.my.
