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.
Tax Relief from LHDN
A taxpayer can enjoy a tax relied of up to RM6,000 for his combined contribution to EPF and life insurance, and a total of RM3,000 for medical and child education policy.!
What do you get with RM 125/month? (withOUT Medical card)
| You will get... | These... |
|---|---|
| Death Benefit | RM 85,000.00 |
| Permanent Disabilities Benefit | RM 85,000.00 |
| Accidental Imdemnity Rider (AIR) | RM 10,000.00 |
| Retirement Saving | RM 70,000.00 |
Data above is subjected to the person age (25), working classes(type 3) and mudharabah rate of 5.5%.
What do you get with RM 125/month? (with Medical card)
| You will get... | These... |
|---|---|
| Death Benefit | RM 46,000.00 |
| Permanent Disabilities Benefit | RM 46,000.00 |
| Accidental Imdemnity Rider (AIR) | RM 10,000.00 |
| Retirement Saving | RM 38,000.00 |
| Medical Card Plan 4 (Medic Save Rider) | |
| Overall Lifetime limit | RM 180,000.00 |
| Overall Annual limit | RM 60,000.00 |
| Hospital Room and Board (max 120 days per certificate year): | RM 200/day (Malaysia); RM 400/day (overseas) |
Intensive Care Unit (Max 20 days per certificate year) Surgical Fees, including Anesthetist’s Fees and Operating Theatre Hospital Supplies and Services In-Hospital Physician Visit (1 visit per day) In-Hospital Specialist Visit (1 visit per day) | AS CHARGED (SUBJECT TO OVERALL ANNUAL LIMIT, LIFETIME LIMIT & 10% CO-TAKAFUL, 10% Co-TAKAFUL IS SUBJECT TO A MAXIMUM LIMIT OF RINGGIT MALAYSIA THREE THOUSAND (RM3000) PER DISABILITY.) |
| Outpatient Benefits | |
Pre-Hospital Diagnostic Tests (up to 60 days prior) Pre-Hospital Specialist Consultation (up to 60 days prior) Post Hospitalisation Treatment (up to 60 days post) Ambulance Fees Day Surgery | AS CHARGED (SUBJECT TO OVERALL ANNUAL LIMIT, LIFETIME LIMIT & 10% CO-TAKAFUL, 10% Co-TAKAFUL IS SUBJECT TO A MAXIMUM LIMIT OF RINGGIT MALAYSIA THREE THOUSAND (RM3000) PER DISABILITY.) |
| Malaysia Government Service Tax | 5% on RB |
| Medical Report Fees (per certificate year) | RM 80 |
| Child Participant Daily Guardian Benefit (up to 120 days per certificate year) | RM 80 |
| Second Surgical Opinion (per certificate year) | RM 150 |
| Daily-Cash Allowance at Government Hospital (up to 120 days per certificate year) | RM 80 |
| Emergency Accidental Outpatient Treatment (Limit per accident, within 24 hours) | RM 1,250 |
| Emergency Accidental Dental Treatment (Limit per accident, within 24 hours) | RM 1,250 |
| Emergency Sickness Treatment (limit per visit, 12am to 6am) | RM 50 |
| Outpatient Physiotherapy Treatment (up to 60 days post hospitalisation) | RM 1,000 |
| EXTENDED BENEFITS | |
| Out-patient Kidney Dialysis Treatment (per certificate year) | RM 54,000 |
| Out-patient Cancer Treatment (per certificate year) | RM 54,000 |
| Organ Transplant (Lifetime Limit) | RM 40,000 |
| ADDITIONAL BENEFITS | |
| Funeral Expenses | RM 4,000 |
Data above is subjected to the person age (25), working classes(type 3) and mudharabah rate of 5.5%.
Medic Save Rider Video
Child Education Plan Video
Do's and Don'ts when applying a Takaful plan
DO'S
- Do disclose all material facts on the risks to be covered.
- Do read the 'Important Notice' on the Proposal Form.
- Do answer all questions fully and accurately.
- Do complete and sign the Proposal Form yourself.
DON'TS
- Don't leave any question in the Proposal Form unanswered.
- Don't use ticks & dashes to answer the questions requiring full answers.
- Don't withhold or misrepresent any material fact. Otherwise, the plan issued will be void, meaning that the claim can be repudiated.
- Don't sign a blank application form.
How do I make a claim?
The takaful operator will pay you or your nominees, subject to the terms and conditions of your family takaful.These following procedures will however make the process faster and easier for your takaful operator to process your claim.
In the event of a claim, notify your takaful operator as soon as possible.
For maturity claim
Provide the original copy of the family takaful certificate.
For disability benefits claim
Provide the original copy of the family takaful certificate and the doctor’s report.
For death claim
The nominee is required to provide the following documents:
- A certified copy of the death certificate
- A photocopy of the deceased’s identity card
- Original family takaful certificate
- Proof of claimant's relationship with the deceased
- Other documents as requested by the takaful operator
