Takaful Planning (Benefits of Takaful (It reduces financial burden to…
Benefits of Takaful
Participants are able to be rewarded in the hereafter on the donation made through the tabarru concept.
It is an agreement where the takaful fund will compensate members if they are inflicted by a tragedy such as unyimely death or become disabled due to accidents.
1) It is a long term agreement based on the concept og guaranteeing each other among participants (takaful)
2) Sharing profits (al mudharabah)
3) indiviudals ages 18-55 years and corporations for its employees
4) Provide protection, long term saving & investment plan.
5) For corporates, the takaful operator may offer family takaful & group medical takaful.
Features Takaful Mortgage Plan
1) Proceeds from plan would be used to redeem mortgage in the event of untimely death/ permanent disablement.
2) Covers outstanding house financing /loan facility with financial institutions, employer / cooperative society.
3) share profits of operations upon maturity plan.
4) Operationally: Based on al-Takaful & al-Mudharabah.
5) Scope of cover: death & permanent total disability
6) Eligibility: Individual age between 18-55years
7) Contribution: one lump sum based on amount of financing, repayment period,age,rate of profit.
8) Payment of benefits: upon death /Permanent total diasbility.
It is an agreement to protect participants for material loss, damage or destruction suffered from catastrophe, disaster/misfortune inflicted upon properties/belongings
1) Fire Takaful Schemes
2) Accidents Takaful Schemes
3) Houseowner Schemes
4) Motor Takaful Schemes
5) Takaful for School students
Section 2 of the Takaful Act 1984 -" A scheme based on brotherhood, solidarity and mutual assistance which provide for mutual financial aids and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose"
Takaful in Arabic means joint guarantee
- It is an agreement among members/participants to jointly guarantee among themselves against any loss incurred or damages inflicted upon them.
-The participants contributed a certain sum of money to a common pool called takaful fund with purpose of mutually guaranteeing each other.
- Concept of tabarru - A contract where participants agree to donate or contribute to a fund with the intention of helping each other in case of need.
1) AIA Public Takaful Bhd
2) Etiqa Family Takaful Berhad
3) Takaful Ikhlas Family Berhad
4) Takaful Ikhlas General Berhad
5) Prudential BSN Takaful Berhad.
How to participate Takaful
1) Visit the takaful operators or call any of the representative to have a through an understanding of the products.
2) Select the type of takaful product to participate. Before making the selection, the participants must determine
- The type of protection needed (life/property)
- The affordability ( How much an individual is willing to participate)
- The priority of protection
3) Make the contribution according to scheduled payment.