Effective 1 July 2017, signature will no longer be accepted when you use your credit card or debit card to make premium payments

KUALA LUMPUR, June 22 (Bernama) -- Effective 1st July 2017, all payments for insurance premiums via credit cards and debit cards will be using the 6 Digit PIN verification. Payment of premiums using signature will no longer be accepted. We would like to remind policyholders to use PIN and Pay so that their premiums payments can be transacted successfully.

This is in line with the nationwide Government’s policy to replace cards using signature, to the PIN and PAY system.

Policyholders can also make arrangements with their insurance companies to switch to direct debit arrangements where premiums will automatically be deducted from their accounts on the scheduled deduction date.

The life insurance industry is actively promoting electronic payments (e-payment) among its customers by encouraging them to use e-payment as an alternate payment channel to the conventional cheque or cash payments for bills and premiums.

We urge all our customers to embrace e-payments in all their mode of transactions as they are safe, efficient and reliable. Customers do not have to worry about ensuring that their premiums are paid every due date. They also do not need to make arrangements for third parties to assist with their premium payments and do not need to share their bank details unnecessarily and can keep this personal data secured and protected. E-payment transactions can be used to both make payments for premiums to insurance companies and to receive dividends and claims from insurance companies.

We would also remind all customers with existing payment arrangement using debit card to update your new debit card number with your insurance company when you change your previous debit card to the new card with pin and pay feature.

E-payment provides an excellent opportunity to improve productivity levels, lower the costs of doing business and minimise the inherent risks associated with cash and cheques. For customer, it provides a safe and convenient way to transact, in the comfort of their home or offices.

For details, please contact your respective insurance companies or LIAM at www.liam.org.my.

About LIAM
Formed in 1974, the Life Insurance Association of Malaysia (LIAM) is a trade association registered under the Societies Act 1966. LIAM has a total of 16 members, of which 14 are life insurance companies and 2 life reinsurance companies.

LIAM’s objectives are to promote a progressive life insurance industry; to enhance public understanding and appreciation for life insurance; to upgrade the image and professionalism of the life insurance industry and to support the regulatory authorities in developing a strong industry.

SOURCE :  Life Insurance Association of Malaysia (LIAM) 

FOR MORE INFORMATION, PLEASE CONTACT: 
Name : Ms Nancy Tan
Executive Secretary
Life Insurance Association of Malaysia
Tel: 03 –2691 6628/ 6168
Fax: 03 –2691 7978
Email: liaminfo@liam.org.my
Website: www.liam.org.my
Facebook: Insurans Hayat Cares

--BERNAMA