AIA Philippine American Life and General Insurance Co. Inc. (Philam Life) gave a 60-day grace period for payments of policies due between March 1 and May 31 as a relief to its customers amid the coronavirus disease 2019 (COVID-19) pandemic.
Philiam Life, a member of the AIA Group Ltd., said in a press release on Monday that processing of claims has also been simplified for faster transactions while its digital channels including its online customer portal, ePlan, remain open for customer support operations.
“We would like to reassure our people and customers that AIA Philam Life is with them throughout this difficult time. As the world continues to battle Covid-19, we will do our share by taking care of matters that are within our capacity to do so. For our customers, we will continue to fulfill our commitments and provide continuous service,” AIA Philam Life Chief Executive Officer Kelvin Ang was quoted as saying.
“For our people, which includes our agency force and our third-party service providers on top of our regular employees, we have various programs in place to help address their needs,” Mr. Ang added.
Philiam Life said it provided a cash advance support program to its financial advisors, advance payout of training allowance for those under the Elite Advisor Development Program (EADP) as well as a one-month extension for agents hitting their targets for the sales incentives.
The insurer added that its employees will continue receiving scheduled benefits and bonuses while its “marginalized” third-party employees will also be included in their programs.
“We heed the call of government through the Insurance Commission (IC), and will do what we can from the private sector to contribute and mitigate the impact of the situation the best way we can,” Mr. Ang said.
The IC had ordered insurance firms and health maintenance organizations (HMOs) to extend for at least 30 days current policies and agreements expiring during the enhanced community quarantine period.
Several life insurance companies have also adopted general relief measures for policyholders, such as grace periods for premium payments and the inclusion of COVID-19 under the critical illnesses covered.
The enhanced community quarantine period in Luzon was extended until April 30 from the initial schedule of April 12. — Beatrice M. Laforga
