RAYA CELEBRATION! (VOL.3) - CON'T

RAYA CELEBRATION! (VOL.3)

TAKAFUL CONCEPT IN MEDICAL & HEALTH

The takaful concept is to help each other in their respective times of need. The same idea is applied to medical and health takaful.
As a participant in this plan, you make a participative contribution (tabarru’) which will be used to aid the participants who need financial help in managing the cost of private medical care, such as hospitalisation or being diagnosed with an illness.

Medical and health takaful gives you cover for the cost of private medical treatment, like hospitalisation, surgery and treatment, if you are diagnosed with certain illnesses or are involved in an accident. The cover acts as a stand-alone 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 more than a group takaful plan. Therefore, you need to be very careful when choosing a cover that best suits your needs by understanding the product features, conditions, benefits, limitations and exclusions of the takaful plan. Don't be pressured into buying more than you need.

It is important that you understand the terms used in medical and health takaful. If you have any doubts about the meanings of these terms, you should ask your agent or the takaful operator. As the certificate is a legal contract, the meanings used in the certificate will apply when a claim is made.

Child Education Takaful Plan (CETP)

Child Education Takaful Plan (CETP) provides you with protection and long-term savings to finance the higher education expenses of your child. The plan will provide your child with financial benefits if you suffer any set back covered under the plan. The plan also gives your child long-term savings (or education fund),that your child can use to continue his/her studies.

Participating in a CETP also makes you eligible for personal tax relief of up to a maximum of RM3,000 per year for the combination of both medical and education plans. A family takaful rider or an extension of basic coverage for both you and your child is also available. The rider provides coverage against personal accident and disability, hospitalisation benefits, funeral expenses and critical illnesses.

Salient Features

i) Open to all individuals aged 18 to 55 years and children aged between 15 days to 17 years

ii) Limited choice of maturity periods

iii) No forfeiture in the event of cancellation

iv) Facility for part-withdrawal.

v) Surplus sharing with takaful operator.

vi) Provide long-term savings and investment

HARI RAYA CELEBRATION!!

Cottage Product : Chips Vol.1

Takaful Concept in Family Takaful

Family takaful works on the basis of mutual help, where all the participants fulfil their obligation in the form of participative contribution (tabarru’). Simply put, part of your contributions in family takaful are used to help other participants who suffer a misfortune, such as death or permanent disability. This fund is known as the Participant’s Special Account (or PSA), which is used to mutually help participants in their hour of need.

But there is more to family takaful. The other part of your contribution is placed in another fund for savings and investment. This is the Participant’s Account (or PA). The savings and investment contributions here will be invested by the takaful operator and the profit will be shared between you and the takaful operator according to a pre-agreed ratio.

At the date of maturity for your plan, you are entitled to share in the net surplus from the fund. The calculation below shows you briefly how the takaful concept can work for you.

Example: A takaful operator has a total surplus (S) of RM4 million and total general contribution (GC) of RM10 million. Your contribution (C) for the year is RM500 and the surplus will be shared between you and the takaful operator at a pre-agreed sharing ratio (PSR) of 50:50.

Family takaful provides you with both a protection policy and long-term savings for your peace of mind. You or your beneficiary will be provided with financial benefits if you suffer a tragedy. At the same time, you will enjoy an investment return because part of your contribution will be deposited in an account for the purpose of savings. You have a choice of maturity periods and there is no forfeiture in the event of cancellation. You are also entitled to personal tax relief when you participate in family takaful

* Info from : takafulnasional website

Company Introduction

Welcome surfers!!!!!!. This Blog provides information on Retailing i.e products from Cottage Industry and consultation for Islamic Insurance formally known as Takaful. The company based in Selangor, Malaysia has closed linked with FAMA (Federal Agricultural Marketing Authority) , FELDA (Federal Land Development Authority), and also small scale entrepeneur which manufactures cottage products varying from chips, snacks, traditional foods, herbal remedies etc.
The company provides additional services for Road Tax Renewal, Gift & Souvenir, cyber cafe and e-ticketing