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COVID-19 Updates

To better support our Clients who needed the additional financial assistance during these challenging times,
we have extended the premium / contribution payment assistance until 31 March 2022.

(until 31 March 2022)
 
For those impacted by COVID-19 and the recent floods, you can apply to defer your premium / contribution payments
for 3 months. Click on "APPLY HERE" above and complete the application.
 

For other information, please refer to the FAQ below.
 
1. What is this extension of grace period for premium / contribution payment?
  • The extension of grace period for premium / contribution payments allows Clients a deferment period of 90 days to pay their premium / contribution for their policy/certificate. This extension is not an automatic deferment, therefore Clients would have to apply for it.
 
2. When is the effective date for this extension of grace period?
  • This extension of grace period is applicable from now until 31 March 2022. The extension, if approved, is effective from the next premium / contribution due date for up to 90 days.
 
3. Who is eligible for this extension of grace period?
  • All Sun Life Malaysia Clients, who are affected by COVID-19, with in-force policy/certificate/contract and have made up-to-date premium payments, are eligible to apply for this extension. This also includes those infected with COVID-19, quarantined at home due to close contact or suspected cases and loss of income due to the Movement Control Order (MCO).
 
4. How do I apply for the extension of grace period?
  • To apply for this extension, you can click on the "APPLY HERE" button above and follow the necessary steps stated.
 
5. Is there any interest/fee/charge that I need to pay if I apply for the extension of grace period?
  • No, you do not have to pay any interest on outstanding premium / contribution or any fee/charge upon approval of the extension of grace period.
 
6. Are there any fees imposed on policy alterations and fund switching until 31 March 2022?
  • No, fees on alterations and fund switches are waived during this period.
 
7. At the end of the extension period, will I need to pay more premium / contribution?
  • You will need to pay the outstanding premium / contribution to continue your coverage according to the interest-free repayment schedule.
 
8. I’m currently enrolled for auto-billing / direct debit / standing instruction. If I apply for this extension of grace period, will the payment be cancelled automatically during this period?
  • If you are enrolled for auto-billing / direct debit method, your premium / contribution deduction via auto-billing/direct debit will be suspended temporarily.
  • If you provided a standing instruction to your Bank for your premium/contribution payment, you need to contact your bank to cancel or temporarily suspend the automatic deduction.
 
9. Is there an option to alter my policy/certificate/contract instead of extending the grace period?
  • You may consider options such as reducing the sum assured/covered or cancelling the riders/benefits to reduce the premium/contribution payment amount. Please consult with our advisor for further details.


10. I applied in the previous premium/contribution program in 2020 and was subsequently approved. Can I apply for this premium/contribution program again?

  • As long as you have re-paid all outstanding premiums/contributions on your policy/contract from the previous premium/contribution deferment program and your premiums/contributions are paid-to-date, you can apply for this program again.
 
11. Once the extension period is over, how will the deferred premiums/contributions be calculated on top of the regular amount each month? When will the repayment start?  
  • Please refer to the illustrations below for the repayment schedule.
 Repayment-schedule.png

12. Can I change my payment frequency from one that is less frequent to one that is more frequent (eg. from yearly to monthly)?
  • Yes, however the premium/contribution amount may be different.
 
 
 
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Sun Life Malaysia Assurance Berhad
Registration No: 199001005930 (197499-U)

Sun Life Malaysia Takaful Berhad
Registration No: 200501012215 (689263-M)

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