MASERU- Alliance Group Investment Holding policy holders will enjoy a six-month premium reprieve, thanks to a bold decision by the Group management to try and mitigate the negative impact of Covid-19 lockdown on Lesotho citizens.
business
May 18, 2020
NEO SENOKO
2 min read
Alliance Group announces 6 month debt relief
In a move to curb the spread of the pandemic, the country has been on nationwide lockdown since March 29 until April 21.
During this period, only essential service providers were allowed to operate while the rest of the service providers were forced to close down.
On May 6 Prime Minister Motsoahae Thabane eased the intensity of the lockdown by allowing all non-essential service businesses to reopen. Other service providers like banks also offer similar debt relief benefits to their clients to see them through these trying times.
In a bid to meet its customers halfway, Alliance Group has granted policy holders a premium holiday that shall not lapse during the next six months.
All valid claims incurred during this period shall be honored subject to the provisions of the premium holiday terms and conditions.
In order to accommodate policy holders that are working from home, some of the general insurance policy conditions and warranties will be relaxed for the period of the lockdown.
“Alliance Insurance shall grant premium holidays of up to six calendar months on funeral and individual or retail investment policies to clients who are in financial distress.”
“The clients whose income has declined by more than 30 per cent as a result of this pandemic will qualify for the premium holiday. However, the issuance of the premium holiday is not automatic and clients will need to apply to be considered for the relief. Each application shall be assessed and approved or declined based on its merits,” the insurance group said in a statement.
The insurance body noted further that only policies that are fully paid on the date of application for the premium holiday shall be considered.
“Clients who wish to apply for relief but have outstanding premiums on their policies will be given until 20 May 2020 to bring their policies up to date,” the statement further read.
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But the insurance group went on to emphasise, however that all general insurance policies for motor, housing, house contents, business combined and other policy types falling in this premium condition will still be in effect and clients are implored to ensure the payments are done as per policy conditions and avoid compromising of covers.
Further, all valid claims for general insurance and life policies including the employee benefits will continue to be processed as usual.
Clients will also be allowed to restructure their funeral policies to reduce their monthly premiums where they feel overwhelmed, and also allow them to go back to their original funeral plans without any waiting period being applied once they have recovered financially within a 12-month period.
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