Loss of life takaful plans

A plan that is renewable yearly that offers coverage in the event of death, death by accidents and total or partial disability.

Yes. The product is approved by our Shariah committee. We adopt the following shariah principles:

• Tabarru’: A donation for the purpose of takaful where participants agree to assist each other financially.
• Wakalah: The contract where the participant appoints the Takaful Operator to manage the participants’ risk fund and agrees to pay the Takaful Operator on a pre-agreed basis for the services provided.
• Ju'alah: It’s the reward to the Takaful Operator for the good performance of the participants’ risk fund it’ll be managing. The Takaful Operator will be rewarded with a 50% share of the surplus from the participants’ risk fund and the remaining 50% will be distributed to participants.
• Qard: An interest-free loan that we grant to the participants’ risk fund if it’s in deficit. The loan is repayable from the future surplus arising in the participants’ risk fund.

The age requirement of this plan are as follows:

• Minimum age: 19 years old 

• Maximum age: 55 years old 

• Maximum age covered: 65 years old

You’ll be covered from the commencement date stated in your takaful plan schedule.