KUALA LUMPUR: Zurich Malaysia will absorb the six per cent Goods and Services Tax (GST) incurred for new applications and renewal of insurance policies and takaful certificates in May.
Zurich Malaysia, which comprises Zurich Life Insurance Malaysia Bhd, Zurich General Insurance Malaysia Bhd and Zurich Takaful Malaysia Bhd, made the decision following the government’s announcement that the GST would be zero-rated from June 1.
“As a gesture of goodwill, the GST incurred for all new individual life Insurance policies and family takaful certificates issued between May 1 and 31 will be credited back to the customers by the company.
“For the general insurance and general takaful business, the company will absorb the applicable GST for general insurance policies and general takaful certificates of which the effective date falls between May 20 and 31. The absorption is applicable for both new applications and renewal of policies or certificates,” the group said in a statement. — Bernama