ANNOUNCEMENT

COVID-19 Financial Assistance For Policy Holders

1

Cov-Aid Premium Instalment Scheme offered by RHB during COVID-19

1. The scheme is by application, and approval will be evaluated on a case-by-case basis, based on the merits of each application.


2. The aim of this assistance is to preserve protection coverage for policyholders, individuals and SMEs, who face temporary financial constraints arising from the COVID-19 pandemic.

Eligibility

Individuals who are infected, subject to mandatory home quarantine or suffered a loss of income*; and

SMEs** which have suffered a loss of income as a result of the economic impact of the COVID-19 situation.

Premium due date from 18 March 2020 to 31 December 2020 (both dates inclusive).

Premium amount RM1,500 and above.

Existing and new policyholders can apply for this scheme.

All classes with insurance cover of more than 6 months, excluding motor.

*Examples of events that lead to loss of income: retrenchment, salary and commission cuts for individuals; and loss of business income for self-employed and SMEs.

**Kindly refer to Appendix 1.

FAQs

Eligible Classes
Personal Accident, Medical, Bond/Trade credit, Fire, Miscellaneous, Engineering, Liability, Marine cargo, Marine Hull, Package
Non Eligible Classes
Motor
1.  What documents are required for the application?

Application Form for Premium Instalment Scheme to be submitted via email or hardcopy with a brief description of how you have been affected by the COVID-19 pandemic including any loss of income; and


Documentary evidence of loss of income:

  • Individuals : Past 3 months’ salary slip, letter of retrenchment or termination.
  • SMEs : Any supporting documents.


You may submit through our agent, branches or our Customer Relationship Centre at:

RHB Insurance Berhad
Level 12B, West Wing, The Icon
No 1, Jalan 1/68F, Jalan Tun Razak,
55000 Kuala Lumpur
Tel: 1300 220 007
Email : rhbi.general@rhbgroup.com

2.  When do I know the outcome of the application?

If approved:

  • You will be notified via email on the Letter of Offer together with an Appendix on the terms and conditions of acceptance.
  • You will need to sign and return to us the duly signed Letter of Offer and Appendix, reaching us within the number of days as stipulated in the Letter of Offer.


If rejected:

  • You will be notified by email.
  • The outstanding premium becomes due immediately or as per the premium warranty period.


Processing of application will take up to 10 working days.
3.  How does the Instalment Scheme work?
Premium Due No. of Instalments
  • RM1,500 – RM 5,000
up to 3 months instalments
  • >RM 5,000
up to 6 months instalments

The first instalment will be payable within the month of the return of the duly signed Letter of Offer and Appendix or 1 month after the end of Movement Control Order, whichever is later.

4.  When do I start to pay the instalment premium?

If approved, the first instalment will be payable within the month of the return of the duly signed Letter of Offer and Appendix or 1 month after the end of Movement Control Order, whichever is later.


Subsequent instalments shall be made on or before the due dates, failing which, the balance of the premium will become payable in full.

5.  What would happen to my insurance coverage if I failed to pay the instalment?
The policy will be cancelled in accordance with the policy terms and conditions. However, your obligation to pay the premium for the time on risk remains.

Apply for RHB Cov-Aid Premium Instalment Scheme

Apply Now

2

Cov-Aid Premium Relief Scheme offered by RHB during COVID-19

Partial temporary relief in the payment of insurance premium by SMEs who are severely
impacted by the COVID-19 pandemic and the MCO.

1. The scheme is by application, and approval will be evaluated on a case-by-case basis, based on the merits of each application subject to a total fund of RM5 million in the scheme.


2. The aim of this scheme is to preserve protection coverage for our policyholders who face temporary financial constraints arising from the COVID-19 pandemic.

Eligibility

SMEs* which have suffered a loss of income as a result of the economic impact of the COVID-19 situation.

SMEs with policies inception date between 1 March 2020 and 31 December 2020 (both dates inclusive), subject to the availability of funds under the scheme.

New and existing policyholders can apply for this scheme.

*BNM definition of SME has been simplified under 2 categories:

1. Manufacturing: Sales Turnover not exceeding RM50 million OR full-time employees not exceeding 200 workers ; and

2. Services and Other Sectors: Sales Turnover not exceeding RM 20 million OR full-time employees not exceeding 75 workers.

FAQs

1.  What classes of insurance are applicable?
All classes of insurance are generally applicable, however, the Company reserves the right to exclude any particular class or classes of insurance.
2.  How does the COV-AID Premium Relief Scheme work?

  • The percentage of premium relief will be in a range of 10% to 50%, depending on the degree to which the customers are affected by the COVID-19.
  • Maximum relief per customer is RM5,000. There is no limit to the number of policies that may qualify by the SME.
  • Applicable for policy premium amount of more than RM1,000.
  • The premium relief is on gross premium before service tax and stamp duty.

3.  How to apply for the COV-AID Premium Relief Scheme?

  • Application Form for Premium Relief Scheme to be submitted via email or hardcopy with a brief description of how you have been affected by the COVID-19 pandemic including any loss of income; and
  • Supporting documents for evidence of loss of income.
  • Only premium on policies due for renewal within 3 months of the application date will be considered for relief. A separate application must be made for premium relief for these policies when they become renewable within 3 months.

You may submit the application through our agent, branches or our Customer Relationship Centre at:


RHB Insurance Berhad
Level 12B, West Wing, The Icon
No 1, Jalan 1/68F, Jalan Tun Razak,
55000 Kuala Lumpur
Tel: 1300 220 007
Email : rhbi.general@rhbgroup.com

4.  When do I know the outcome of the application?

If approved:

  • You will be notified via email on the Letter of Offer together with an Appendix on the terms and conditions of acceptance.
  • You will need to sign and return to us the duly signed Letter of Offer and Appendix, reaching us within the number of days as stipulated in the Letter of Offer.

The approval for relief is one-off and for each premium payable, and is not a percentage discount/relief on the policy. Therefore, subsequent endorsements will not be automatically entitled to the same discount/relief. Relief for each subsequent endorsement which carries an additional premium is subject to approval by the Company.


If rejected:

  • You will be notified by email.
  • The outstanding premium becomes due immediately or as per the premium warranty period.


Processing of application will take up to 10 working days.

5.  What would happen to my insurance coverage if I fail to pay my portion of the premium?
You are still responsible to pay the total premium less any premium relief in accordance with the terms and conditions of the policy, failing which the Company reserves the right to cancel the policy in accordance with the terms and conditions of the policy. Just to make it doubly clear, any premium relief granted shall not be deemed as premium paid for the policy.
6.  What happens if I decide to cancel or reduce the sum insured or coverage of the policy subsequently? Am I entitled to any premium refund?
In the event of premium refund arising from endorsement or cancellation, the refund amount shall be computed on the portion of premium paid or payable by the Insured, without regard to the amount of premium relief granted.

Apply for RHB Cov-Aid Premium Relief Scheme

Apply Now

3

COVID-19 Test Fund (CTF)

The insurance and takaful industry has pledged RM8 million to establish a special relief fund or COVID-19 Test Fund (CTF) to support the Ministry of Health’s (MoH) efforts to conduct more COVID-19 tests in Malaysia.


FAQs

1.  What is the COVID-19 Test Fund (CTF) set up by the insurance and takaful industry?

The CTF is a RM8 million fund set up by the insurance and takaful industry to support the Ministry of Health’s (MoH) efforts to conduct more COVID-19 testing.


The fund will provide a fixed cash reimbursement up to RM300 for the cost of COVID-19 testing for individuals covered under individual or group Medical and Health Insurance policies/takaful certificates.

2.  What are the Medical and Health Insurance/ Takaful products that qualify for the RM300 under CTF?

Medical and Health Insurance/ Takaful products that qualify for the RM300 reimbursement from the COVID-19 Testing Fund shall include products defined in the Bank Negara Malaysia’s Guidelines on Medical and Health Insurance/ Takaful.


This includes medical expenses plans, hospital and surgical plans, hospital income plans, and critical illness/dread disease plans and other similar insurance/ Takaful plans offering similar benefits.


The COVID-19 Testing Fund is extended to Malaysians and Non-Malaysians residing in Malaysia. However, the CTF is not extended to the Foreign Worker Hospitalisation Scheme.

3.  Who is eligible to claim from the CTF?

The CTF is only applicable for insurance policyholders/ takaful certificate holders with group*/individual Medical and Health-related insurance policies and takaful certificates, who have been referred by registered doctors for COVID-19 testing at recognised private labs as listed on the MoH COVID-19 website.

*for employees only, excluding dependents.

Your insurance policy/takaful certificate must be in force as of 27 March 2020 and at the time the COVID-19 test is conducted.

4.  If I have more than one Medical and Health Insurance Policy/Takaful certificate with different insurance and takaful companies, can I claim from more than one company?
The CTF will pay out up to a maximum of RM300 per individual regardless of the number of COVID-19 tests. You can only claim once from the CTF even though you have more than one Medical and Health Insurance Policy/Takaful certificate.
5.  Who can be tested for COVID-19 under this CTF?

Those entitled to claim from the CTF must be referred by a registered doctor and are:

  • Deemed as persons under investigation (PUI) as defined by MoH (latest version below) or
  • Contacts of a positive COVID-19 case (MoH definition below).


Case definition of persons under investigation (PUI) issued by MoH, updated on 25 March 2020.


Annex 1 to MoH COVID-19 Guidelines as updated from time to time:

  • Acute respiratory infection (sudden onset of respiratory infection with at least one of: shortness of breath, cough or sore throat) with or without Fever.


AND


  • Travelled to / resided in foreign country within 14 days before the onset of illness OR
  • Close contact* in 14 days before illness onset with a confirmed case of COVID-19**.


OR


  • Attended an event associated with known COVID-19 outbreak.


*Close contact defined as:

  • Healthcare associated exposure without appropriate Personal Protective Equipment (including providing direct care for COVID-19 patients, working with healthcare workers infected with COVID-19, visiting patients or staying in the same closed environment of a COVID-19 patient).
  • Working together in close proximity or sharing the same classroom environment with a COVID-19 patient.
  • Traveling together with a COVID-19 patient in any kind of conveyance.
  • Living in the same household as a COVID-19 patient.


**Confirmed case of COVID-19 defined as a person with laboratory confirmation of infection with the COVID-19
Note: This CTF does not cover Drive-Through tests offered by some private hospitals/laboratories.

6.  Am I entitled to claim from the CTF if my COVID-19 test shows a negative result?
Yes, you are eligible to claim from the CTF regardless of the test results.
7.  If I require further treatment for COVID-19, can I still claim from the CTF?
This CTF is specially set up for COVID-19 tests. If you require further treatment, you should contact your insurer/takaful operator to find out if these treatments are covered under your insurance policy/certificate.
8.  Can I claim from the CTF if my COVID-19 test is conducted at home?
No, currently this CTF does not cover home tests.
9.  Can I go to any hospital or recognized laboratory to be tested without seeing a doctor first and still claim from CTF?
No, you must see a registered doctor, and upon meeting the criteria, you need to get a doctor’s request or instruction to get tested.
10.  When is the funding available and is there a closing date to apply?
The CTF is available for COVID-19 tests done on and from 27 March 2020 based on claims submitted on a ‘first-come-first-served’ basis. Once the RM8 million is paid out, the funding will stop.
11.  Is there any specific private hospital/private laboratory that I can conduct the COVID-19 test?

While you may visit any registered doctor at a private or public clinic or hospital, if you meet the criteria and are advised by the registered doctor to get tested, the test sample may be collected there and then.


Alternatively, you may be directed to go to a recognized laboratory listed by the Ministry of Health on its website.

Please note that at this moment, only PCR (Polymerase Chain Reaction) test for COVID-19 is accepted as per the recognized labs by MOH. Rapid Test will not be accepted.

12.  If I have done a test on complimentary basis, can I still claim the RM300?
No. You are not entitled to claim the RM300 if you have done the test on complimentary basis.
13.  If my doctor advised me to do a COVID-19 test for surgery or hospital admission, am I entitled to claim the RM300?
No. The CTF does not cover COVID-19 test for surgery or hospital admission.
For more information on CTF, visit myctf.my


An initiative by:

Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM)
and the Malaysian Takaful Association (MTA)

Full eligibility and list of laboratories

Find Out More

or

Learn more on how to claim your COVID-19 Test Fund

Claim FAQ