Insurer Pru Life UK has granted a longer 90-day grace period for premium payments of its policyholders in areas badly hit by typhoon “Odette” such as Palawan, Visayas and Mindanao.
The extended grace period will cover premiums due between Nov. 15 of this year and January 15 next year. The standard grace period for Pru Life UK clients was only 31 days.
“Our priority is to help our customers affected by typhoon ‘Odette.’ Through this extension of the premium grace period, we hope to offer some financial relief following the effects of the typhoon.
We are also making it easier and faster for affected customers to claim,” Pru Life UK senior vice president and chief customer marketing officer Allan Tumbaga said in a statement on Wednesday.
“Claims from policyowners from the affected areas will be expedited with shorter processing times. Documentation requirements for death or accident claims directly caused by the typhoon will be relaxed,” Tumbaga said.
Last Monday, the regulator Insurance Commission (IC) issued Circular Letter No. 2021-71 wherein Commissioner Dennis Funa enjoined life and non-life insurers, reinsurers, mutual benefit associations (MBAs), pre-need firms, as well as health maintenance organizations (HMOs) to fast-track the release of claims related to the lives lost and damage wrought by the onslaught of “Odette” last week.
In particular, Funa ordered all IC-regulated companies to relax and streamline existing mechanisms and procedures to immediately process and pay claims; relax the notice of claim period as well as the allowed time to complete claim requirements; plus enhance services to better assist those impacted by the typhoon.
“It is our hope that the [IC’s directive] will aid our fellowmen to ease the burden of recovering from the devastating typhoon and that, in the truly Filipino spirit of ‘bayanihan,’ our regulated entities will follow the direction provided by [the IC],” Funa said in a statement also on Wednesday.
Funa earlier said “Odette” victims can file claims, if they have existing policies, for life insurance, microinsurance, property damage, and personal accident coverage.