The Takaful security plan is based on Shariah principles and offers many unique features to insurance policy owners. A couple of two types of Takaful businesses. You can find family Takaful and standard Takaful.
The product under family Takaful are:
- Family Takaful
- Investment associated Takaful
- Child Education Takaful
- Medical and Health Takaful
Family Takaful
Family Takaful provides us with both a cover policy and long-term personal savings for your peace of mind. Our beneficiary will discover financial benefits if suffer a tragedy. At the same time, we will love an investment go back because part of our own contribution will be deposited in an are the reason for the purpose of savings. We have a selection of maturity intervals and there is no forfeiture in the event of cancellation. Our company is also eligible for personal tax relief when you participate in family Takaful.
Basic types of family product :
Ordinary family
Individual family Takaful
The strategies include education, home loan, health and riders. You and your beneficiary will acquire financial benefits due to death or long term disability, as well as long-term savings (investment), and investment gains that are sent out upon say, maturity or early surrender.
Group family Takaful
This policy is ideal for employers, clubs, organizations and societies. The ideas include group education, group medical, health and riders. A minimum number of members are required to specify under these programs. You will acquire protection by means of financial benefits due to death or long lasting disability.
Retirement Annuity
A plan that provides us regular income upon our retirement.
Investment-linked Takaful
An investment-linked Takaful is a family Takaful plan that combines investment and Takaful cover. Some in our contribution is used to buy investment units, such as models in collateral or resolved income securities. The Takaful security covers fatality and permanent disability. A family group Takaful rider can be an extension of the basic family Takaful. Our contribution gives us a Takaful cover, which include death and impairment benefits, and an investment in a number of Shariah-approved investment cash of your choice
Investment-linked Takaful offers you these unique features:
- Have the flexibility to choose own level of security and investment
- Can vary the quantity of our contribution corresponding to your changing financial circumstances
- Can switch the existing investment account to other types of investment cash.
- Can declare part of your investment-linked products at any point in time
- Can choose from a number of investment-linked cash like equities, bonds and other financial equipment to invest in.
Child Education Takaful Plan
Child Education Takaful Plan (CETP) provides us with security and long-term personal savings to finance the bigger education expenses of your child. The program will provide our child with financial benefits if we are affected any problem covered under the program. The plan also provides our child long-term personal savings or education fund that your son or daughter can use to continue his /her studies.
Participating in a CETP also makes us qualified to receive personal tax pain relief as high as no more than RM3, 000 per yr for the combination of both medical and education ideas. A family Takaful rider or an expansion of basic coverage for both we and our child is also available. The rider provides coverage against personal accident and disability, hospitalization benefits, funeral expenditures and critical conditions.
Basic types of plan:
Ordinary Child Education Takaful
You as well as your child will get financial benefits arising from death or permanent disability, as well as long-term personal savings (education finance), and investment gains that are allocated upon state, maturity or early surrender.
Investment-linked Child Education Takaful
A portion of your contribution is employed to buy investment products, such as items in equity or permanent income securities. As well as the ordinary takaful protection, which covers death and permanent impairment, the investment units will be sold after promise, maturity or early on surrender
Medical and Health Takaful
Medical and health Takaful provides us cover for the expense of private medical treatment, like hospitalization, surgery and treatment, if we are diagnosed with certain diseases or get excited about a major accident. The cover serves as a stand-alone insurance policy or can be added to a basic family Takaful plan, providing better coverage and benefits from both policies.
Medical and health Takaful is offered through individual or group plans. However, an individual plan generally costs greater than a group Takaful plan. Therefore, we have to be careful whenever choosing a cover that best suits our needs by understanding the product features, conditions, benefits, limits and exclusions of the Takaful plan. Avoid being pressured into buying more than you will need.
The products under general Takaful are:
- Home Takaful
- Motor Takaful
- Personal crash Takaful
Home Takaful
There are two types of home Takaful, the home owners takaful and householders Takaful.
Houseowners Takaful covers your home against damage or damage caused by floods, fires and other such perils. It not only protects our house, but also the car port, outbuildings, surfaces, gates and fences around the property as well as permanent fixtures and accessories. Householders Takaful addresses the loss or harm to the items of domestic property. We may take part in a houseowners Takaful or a householders Takaful, or both for complete coverage.
Make sure that the amount protected in your houseowners Takaful plan displays the rebuilding cost of our house and other problems on property. If the amount covered is significantly less than the rebuilding cost, the average condition will be computed, and therefore if you underinsure your property to only 80% of its rebuilding value, you will only be entitled to promise only 80% of the value of damage sustained.
Motor Takaful
Motor Takaful includes us against damage or harm to your vehicle anticipated to accidental hearth, theft or mishap. It also addresses bodily accident or death of a third party as well as loss or damage of the third party's property. A lot like general engine insurance, there are two types of cover for a electric motor Takaful plan. There are namely:
Third Get together Cover
This shields us against the third party's death, physical injury and/or property harm.
Comprehensive Cover
This shields us against third party's fatality, accident and property damage as well as loss and or harm to our vehicle credited to accidental flames, theft or an accident.
If we take on a motor Takaful coverage, we will add a sum of money to an over-all Takaful fund by means of participative contribution (tabarru') and embark on a contract (aqad). You will be eligible for a talk about of the surplus in the fund if you didn't make any claims over takaful.
A motor unit Takaful coverage also provides coverage holders with a no promise discount (NCD). This enables insurance plan holders to renew their cover at a discounted price if no says have been made during the preceding amount of the cover. However, it certainly is advisable to comprehend your policy extensively, specially when it involves exclusions and extensions to your policy.
Personal crash takaful
Personal accident takaful provides us worldwide cover 24 hours per day. So whether it is travelling abroad or seeking long-term safeguard against accidents, ensure that us and our family members are looked after within an emergency
