How to apply? ~ Insurance Academy
Postponement of Premium Payment Due to Covid-19 : How to apply?
Exactly on March 30, 2020, the Financial Services Authority (OJK) issued a letter numbered S-11/D.05/2020. This letter contains the Countercyclical Policy on the Impact of the Spread of Coronavirus Disease 2019 (COVID-19) for Insurance Companies. AAUI responded to the OJK letter with a circular letter SE-No.42/AAUI/2020, April 1, 2020. In short, OJK and AAUI have provided some concessions to insurance companies regarding several things in response to Covid-19.
One of the important things for insurance companies is the relaxation of restrictions on Allowed Assets in the form of non-investment on premium claims, from 2 (two) months to 4 (four) months. This limitation of 2 (two) months or 60 days makes the time limit for the insured, agent, or broker to make premium payments not more than 60 days.
Now, with this relaxation, there is actually no reason for insurance companies to refuse the application for delaying premium payments as well. If you are lucky, then you can get a relaxation of premium payments up to 90 or even 100 days from the policy period.
How to apply? The Insurance Academy provides several ways for you to get these benefits
Make sure you are affected
Before applying for a payment delay, make sure you are sure that you or your business has been affected by this coronavirus pandemic. If you have trouble getting raw materials; if your turnover goes down; If you have difficulty paying employees, it means you are affected by COVID-19. If not, pay the premium immediately. Delaying payments means postponing debt. You should know that when a claim occurs, you are required to make a premium payment if you want the claim to be processed immediately.
Make a list of outstanding policies
Make sure you know which insurance policies have outstanding premiums. From there it will be seen which policies are due soon and require relaxation of premium payments. You can also apply for policies that are still in the grace period of payment along with other policies, although it is not really necessary. You also need to see which policy must be paid first without asking for a payment extension
Make a letter of application
Make a letter of application to the insurance company, stating your policy number. You need to enter the reason for the application. Don’t forget to write down your commitment when you will pay off premium arrears. Make sure you get approval from the insurance regarding the delay in paying the premium, yes.
With the approval of the insurance, claims made during this period are still considered valid claims.
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