Glossary


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CAPITAL INVESTMENT LINKED TAKAFUL PLAN

Provides both capital appreciation and protection at the same time. With just a single contribution, participants can have an opportunity to gain a return on the investment through various selection of fund type approved by the Shariah Advisory Council of the Securities Commission (SAC).

CIVIL ENGINEERING COMPLETED RISKS TAKAFUL PLAN

Designed to provide comprehensive cover for completed civil engineering structures. Coverage is only granted for material damage to the structures insured and only repair costs are indemnifiable.

COMPREHENSIVE GROUP TAKAFUL PLAN

This plan is designed to minimise selection of risk and provide a common base of takaful for the covered group of employees (participant) with saving elements for retirement purposes. The coverage includes:-

  • Upon death of the participant – sum covered will be paid to the beneficiaries.
  • 2 times sum covered is payable to the beneficiaries upon accidental death to the participant.
  • In the event of total permanent disability, the sum covered will be paid in 10 equal annual instalments.

CONSEQUENTIAL LOSS TAKAFUL PLAN

It pays for the residual net profit and fixed charges resulting from interruption of business following loss or damage by fire and the insured perils.

CONTRACTOR ALL RISKS TAKAFUL PLAN

Usually sought by the contractor, in relation to the requirement under a contract which normally specifies the need to have adequate cover or protection for building under construction. Perils covered:-

  • Natural – fire, lightning, water damage, float, storm and tempest subsidence, landslide, cyclone, hurricane, earthquake, volcanic eruption.
  • Social – burglary, theft or malicious damage.
  • Chemical - explosion, spontaneous combustion, heating and fermentation.
  • Miscellaneous – impact and aircraft damage.
  • Others – accidental damage.

CONTRIBUTION

All takaful operators providing cover to a property will share in the damages of the said property. In this way, a person cannot "profit" by having more than one takaful plan on the same item.

CREDIT CARD TAKAFUL PLAN

It protects the Principal Credit Card Balances in the event of death, total permanent disability or 36 critical illnesses occurs to the participant.

CRITICAL ILLNESS TAKAFUL PLAN

Critical illness takaful plan is an individual takaful protection plan against any specified critical illnesses within the term of the plan. The plan provides payment upon participant being diagnosed as suffering from any critical illnesses as defined in the plan.