Family Takaful
1. What is the purpose of having this family Takaful insurance plan?
It is to provide financial help to the participating families when unfortunante events (such as accidental death and natural death) befall on the head of a family who has participated in this Takaful plan.
The insurance companies also reimburse the unfortunate participants who have been hospitalized for medical and surgical treatments and those who suffer loss of parts of the body, provided they have also taken up and paid for these additional benefits.
2. What is the Basic Family Takaful Plan?
It is a plan which gives financial protection to the family of the insured/participant upon his death or upon maturity of the plan, whichever comes first. This plan is suitable to Muslims because the money collected from the participants will be invested in businesses and enterprises according to Syariah laws.
3. How is the Family Takaful fund managed?
It is managed based on two Islamic principles.
(a) Tabarru’ : donation which represents a fraction of the participant’s contribution that is pooled together to give financial help to other unfortunate participants who makw the claims to the company.
(b) Al Mudharabah : profit/loss sharing agreement between the participants and the management of takaful company. In Brunei, the sharing of profits is currently at 70% to the participants and 30% to the company.
4. What is the meaning of Al Takaful ?
This refers to an agreement among the participants of takaful plan to provide mutual help to one another.
5. What are the two main important needs of participant that
are served by
(a) To leave behind an amount of cash to his/her beneficiaries should he/she not live long enough to amass assets worth of the specified amount.
(b) To save money for personal use after retirement from his/her working life as most Bruneian civil servants do not have pensions on retirement.
6. What are the additional benefits provided by the Bruniean takaful
company?
Participants can choose to pay additional contributions for additional benefits of
(a) permanent and total disability benefits,
(b) personal accident benefits and
(c) hospitalization benefits.
7. What are the different categories of maturity period?
The participant may join the family takaful plans between the age of 18 years and the age of 55 years. He can choose to participate in any of the following length of time:
10, 15, 20, 25, 30, 35 or 40 years.
All family takaful plans must mature before of when the participant attains the age of 65 years.
8. How do the participants contribute to the family takaful in terms of
modes of payments?
This depends on the participants’ financial strength. The current minimum annual contribution is B$ 180 (or B$ 15 per month). The participant can choose to pay annually, half-yearly, quarterly or monthly.
No comments:
Post a Comment