AmAssurance would like to assure you that we are here for you during these uncertain times. Due to an overwhelming response, AmAssurance is extending the special Instalment Payment Program for Corporate Non-Motor Premium Warranty Policies to 31 May 2021 in order to ease our customers’ potential concerns about insurance premium payments, especially for SME businesses.
We understand the tough economic times currently, and would want to help our valued customers maintain their cash flow. This Instalment Payment Program was created to assist our customers by ensuring they have adequate protection against the risk of unwanted incidents, especially during the pandemic. We urge you to take advantage of this unique program and to fully benefit from this initiative to protect your businesses.
Payment plans available as below:
|Plan A||Policy Annual GWP greater than RM5,000||4 Months|
|Plan B||Policy Annual GWP greater than RM30,000||5 Months|
|Plan C||Policy Annual GWP greater than RM100,000||6 Months|
How to apply for the program?
- Kindly fill in the Instalment Payment Program (Application Form attached)
- Send the completed form to your agent. Your agent will then email the signed form to their servicing Marketer within 3 working days of receiving the completed application from you.
- AmGeneral Insurance Berhad will review and respond to each application.
This program is open for all corporate non-motor premium warranty policies that fulfil the following criteria:
- The policy is not an open cover type policy.
- Applicable to the portion of the co-share policies issued by AmGeneral Insurance Berhad , and only where AmGeneral Insurance Berhad is the lead insurer.
- Individual policies are not included in this program (only corporate policies).
- Fronting policies are not applicable.
How this program works:
- The eligible policyholder must not have any outstanding GWP, with the exception of low premium outstanding on any previous policy endorsements made.
- Policies issued up to 60 days before the application date (as indicated in the Instalment Payment Program Application Form) are eligible for this program (see Example 1).
- Customers can select which eligible policies that they have purchased with us to be included in this instalment program. The applicable payment instalment period will be assessed by total policies by named insured basis (see Example 1).
- Once the GWP threshold is met, the applicable instalment plan will be applied on a per policy basis according to the policy effective date of each policy (see Example 2).
- Customers with Plan B or Plan C who are eligible for a longer instalment period plan can also opt for a shorter instalment payment period plan.
- AmGeneral Insurance Berhad will review the applications on a case by case basis and provide response on both successful and unsuccessful applications. The management reserves the final right of approval on any of the applications received.
- Each approved policy which is part of the instalment plan shall be endorsed and tracked separately.
- The first instalment payment for each policy will commence immediately after the respective policy premium warranty period has ended (see Example 2).
- Each instalment is payable within 30 calendar days when the instalment falls due (see Example 2).
- If the customer misses any of their instalment payments, this plan will cease and the case will be referred to the Credit Control Committee for review.
Example 1 – Policy eligibility (Application date: 15 Feb 2021)
Note 1: Shorter instalment period can be chosen even though ABC Company qualifies for Plan C.
AmAssurance is committed to standing by you during these difficult times. Please do not hesitate to contact our Customer Service Team at 1 800 88 6333 if you have any further enquiries.
Thank you for your continuous support. We are in this together. Stay strong, stay safe and stay protected!
* Application submissions will be accepted until 31 May 2021.
* Terms & Conditions apply.