The Life Insurance Cancellation Letter is a crucial document used in the Malaysian insurance market when a policyholder wishes to terminate their life insurance coverage. It is governed by the Financial Services Act 2013 and must comply with Bank Negara Malaysia's guidelines on insurance policy termination. This document is typically used when policyholders need to cancel their coverage due to various circumstances such as finding alternative coverage, financial constraints, or policy consolidation. The letter must include specific information required by Malaysian law, including policy details, policyholder information, and explicit cancellation instructions. It serves as a legal record of the policyholder's request and protects both the policyholder's and insurer's interests in the cancellation process.
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1. Sender's Details: Full name, address, contact information, and identification number of the policyholder
2. Date: Current date of the letter
3. Recipient's Details: Insurance company's name, department, and full address
4. Subject Line: Clear indication that this is a policy cancellation request
5. Policy Information: Policy number, type of policy, and date of policy inception
6. Cancellation Request: Clear statement requesting cancellation and preferred effective date
7. Acknowledgment of Terms: Statement acknowledging understanding of cancellation consequences
8. Signature Block: Policyholder's signature, name, and date
1. Reason for Cancellation: Optional explanation of why the policy is being cancelled, useful for company records but not mandatory
2. Fund Value Instructions: Required only if the policy has an investment component, specifying how to handle any accumulated funds
3. Nominee Notification: Include if there are registered nominees who need to be informed of the cancellation
4. Agent Details: Include if an insurance agent is involved in the cancellation process
5. Premium Payment Status: Include if there are outstanding premiums or refunds to be addressed
1. Identification Documents: Copy of policyholder's NRIC or passport
2. Policy Document: Copy of the original insurance policy or certificate
3. Bank Details: Bank account information for refund purposes if applicable
4. Supporting Documents: Any additional documents required by the specific insurance company for cancellation
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