Deferment of Premium/Contribution Payment

It allows our eligible policy/certificate holders to apply to temporarily defer paying their regular premium/contribution for 3 consecutive months while their insurance/family takaful protection coverage continues.

As this is not a waiver of premium/contribution programme, the policy/certificate holder will have to pay back the outstanding premium(s)/contribution(s) once the deferment/repayment period has ended to make sure that the policy/certificate remains active and its sustainability is not impacted. The repayment period is 6 months from the end date of the deferment of premium/contribution payment period.

Applications for deferment of premium/contribution payment are open until 31 December 2021.

This deferment option is only applicable to Individual Life policies and Family Takaful certificates by AIA Bhd. and AIA PUBLIC Takaful Bhd. respectively. It is not applicable for general insurance plans provided by AIA General Berhad.

For AIA General Berhad customers, we continue to provide a 31-day grace period for Personal Accident policy premium payments to aid your financial situation and should you wish to, you may also opt to change the frequency of your premium payments, subject to the policy’s terms and conditions.

The insurance/takaful coverage provided under the policy/certificate will continue. In other words, if the customer makes a claim during this 3-month deferment period, the claim will be processed in accordance with the existing policy/certificate coverage and terms.

If the claim is approved, we reserve the right to deduct the outstanding premium/contribution from the claim payment or collect the outstanding premium/contribution before the claim is paid.

In 2020, the premium/contribution deferment application period was from 1 April 2020 to 31 December 2020 (both dates inclusive). We are pleased to announce that we have extended the application period to 31 December 2021.  

Please note that qualification is not automatic. Eligible policy/certificate holders need to apply for the payment deferment and their application is subject to AIA’s approval.

They must meet the criteria below:

(a) Policy/Certificate holders who have been infected with COVID-19, or subject to mandatory home quarantine due to contact with a COVID-19 patient, or have suffered loss of income as a result of the economic impact due to the pandemic,

(b) Active life insurance policy/takaful certificate with premium/contribution due date that falls between 18 March 2020 and 31 December 2021 (both dates inclusive)

(c) Regular-premium-paying policy/contribution certificate regardless of payment frequency.

Those who have successfully applied for the deferment of premium/contribution payment in 2020 and have fully repaid all deferred premium/contribution(s), may be eligible to re-apply.

Employee Benefit policy/certificate holder is not eligible to apply for the deferment. It is only open to individual life insurance policies/family takaful certificates.

Please email your application to my.customer@aia.com (Life Insurance) or my.customer@aiapublic.com.my (Takaful) or you may visit any AIA Customer Centre.

Your email/letter should have the following subject title and suggested content, together with the relevant supporting documents:

Reason :

DEFERMENT OF PREMIUM/CONTRIBUTION APPLICATION <NAME OF POLICY/CERTIFICATE OWNER>

1.  Infected with COVID-19 and/or
2.  Subject to mandatory home quarantine due to contact with a COVID-19 patient, and/or
3.  Experience loss of income, i.e. retrenchment, shorter working hours or salary and commission cuts (kindly provide nature of employment/business/industry, occupation/self-employment/business owner)

Sample of supporting documents:

1.  Doctor’s Letter confirming Covid-19 infection (if policy/certificate holder is infected), or
2.  Employer’s Letter of Salary Reduction/Termination Letter, or
3.  Letter of Closure of non-essential businesses by Business Owners, or
4.  Other relevant proof or documents, if any (for example: hawker centre closure notice)

You will be notified of your application status via SMS or email.

Yes, your Life Planner/Financial Executive is allowed to submit the application on your behalf as part of their service to you. 

No, the deferment has to be 3 months from the next premium/contribution due date.

No, the deferment period is for 3 months only. Policy/certificate holder who faces any financial challenges may contact their Life Planner/Financial Executive or reach out to us to discuss other alternative(s) that could help allay their financial concerns.

Yes, the option to defer payment is applicable for all life insurance premiums/family takaful contributions due from 18 March 2020 to 31 December 2021. Kindly state the policy/certificate numbers in your application email/letter.

No, the deferment is only for active policy/certificate. But, we encourage you to reinstate your policy/certificate to ensure that you continue to have insurance/takaful protection. You can consult your Life Planner/Financial Executive or contact us for assistance.

Yes, policy already under APL scheme before the deferment application is made is eligible. Interest on the premium deferred will be waived at the end of the deferment period.

The processing will take up to seven (7) working days from the date we receive the complete information and supporting documents. You will be notified of your application status via SMS or email.

The payment deferment will commence from the policy/certificate’s next premium/contribution due date up to 3 months.

Example:

1. Next premium/contribution due date is 15 April 2021
2. Application approved on 10 April 2021
3. Payment deferment will start from 15 April 2021 until 14 July 2021

Once the payment deferment application is approved:

1. The credit card/debit card/GIRO/bank account auto-deduction facility will stop billing premium/contribution until the end of the deferment period.
2. For bank standing instruction, you will need to inform the respective bank to stop payment.
3. For recurring payment via Internet Banking or JomPAY, you will need to change the recurring option to stop the auto deduction through your Online Banking.

Policy/certificate holder whose application for payment deferment has been approved but still receives Automatic Premium Loan (APL) and/or lapse notice from us can ignore the notice.

For enquiries or assistance, please call or reach out to us at https://www.aia.com.my/en/help-support/contact-us.html.

Yes, COI/Tabarru' will be charged for investment linked policy/certificate during this period to ensure that insurance/takaful coverage continues to be provided.

No late payment interest/penalty will be imposed on successful applications during the deferment period.

Yes, you will have to pay back the deferred premium(s)/contribution(s) once the deferment period has ended to make sure that your policy/certificate remains active and its sustainability is not impacted. Please be reminded that this is not a waiver of premium/contribution programme.

You will have a total of 6 months from the time the deferment ends to repay the deferred premium(s)/contribution(s). During this 6-month period, you can choose to make a lump sum payment of 1 Quarterly/ 1 Semi-annual/Annual premium(s)/contribution(s) or 3 monthly instalments.

Additionally, once the deferment period ends, payment for subsequent premiums/contributions will resume as per existing arrangements.

1. For credit card/debit card/GIRO/bank account auto-deduction facility, the billing of premium/contribution will automatically resume after the deferment is over.
2. For bank standing instruction, you must inform the respective bank to resume payment, so that your policy/certificate will not be at risk of lapsing/being terminated.
3. For recurring payment via Internet Banking or JomPAY, you are required to set-up the recurring option through your Online Banking, so that your policy/certificate will not be at risk of lapsing/being terminated.

Yes, you can apply for reinstatement by submitting a health certificate to us as per the existing process and requirement.

Those who have successfully applied for the deferment of premium/contribution payment in 2020 and have fully repaid all deferred premium/contribution(s), may be eligible to re-apply.

No charges will be imposed for premium/contribution payment deferment and alteration(s) made.

There are other options such as reducing current sum assured or removing some benefits or riders from the policy/certificate in order to lower your premium/contribution amount. However, you are encouraged to consult your Life Planner/Financial Executive for advice and a full assessment of all suitable options before making any changes to your policy/certificate.

No application is needed for the 6-month repayment period, which is automatically extended to all customers with approved deferment of Premium/Contribution payment for their policies/certificates.

After the deferment period has ended, the 6-month repayment period will automatically commence to allow customers more time to repay the deferred premium(s)/contribution(s).