What is HLM Takaful i-Jauhar?
HLM Takaful i-Jauhar is a 30-year endowment Takaful product that can fulfil both your protection and savings needs. It provides coverage for death and Total & Permanent Disability (TPD) and additional coverage for accidental death. It also pays a Living Assistance Payout at the end of every year throughout the coverage term. The Account Value (value of the Participant’s Account (PA)) will be payable at the end of the certificate term if no claim has been made.
What are the Shariah concepts applicable?
- Tabarru’ means donation from the portion of the contribution that will be allocated to the Participants' Risk Fund (PRF), which will be used for mutual aid and assistance among the fellow participants.
- Iltizam Bi Al-Tabarru’ means the commitment to make Tabarru'.
- Wakalah means essentially an agent-principal relationship, where the Takaful Operator act as an agent on behalf of the participants to manage the PRF and PA and the Takaful Operator earns Wakalah Fee for services rendered.
- Ju’alah means an agreement in which the participant agrees to reward the Takaful Operator for its achievement or good performance in managing the PRF that leads to Surplus of the fund.
- Qardh means an interest-free loan provided by the Takaful Operator in the event of a deficit in the PRF.
- Mudharabah means a contract between Participant and Takaful Operator whereby Participant provides the contribution to be managed by Takaful Operator for investment purpose. Any investment profit from the PA investment is to be shared between Participant and Takaful Operator in the ratio of 90:10. In the event of investment loss, the loss will be borne by the Participant provided that such losses are not due to the Takaful Operator’s misconduct (ta`addi), negligence (taqsir) or breach of specified terms (mukhalafah al-shurut).
What is the minimum and maximum entry age for this product?
The minimum entry age is 30 days old while the maximum entry age is 65 years old, age next birthday (ANB).
What is the coverage term of this product?
The coverage term of this product is 30 years.
What are the minimum and maximum coverage?
The Basic Sum Covered for this product is equivalent to the Total Contribution Paid as at the date of death/TPD of Person Covered. The amount of contribution depends on your chosen Living Assistance Payout (LAP) Sum Covered. The minimum LAP Sum Covered is RM600.
What will be payable in the event of death/TPD due to non-accidental causes?
In the event of death/TPD (TPD coverage until age 69 next birthday) of the Person Covered while the certificate is still in force, the following, whichever is higher will be payable:
- 100% of Basic Sum Covered; OR
- Participant’s Account (PA) Value
What happens if death occurs due to accidental causes?
In the event of accidental death (coverage until age 65 next birthday) of the Person Covered while the certificate is still in force, 100% of Basic Sum Covered will be payable in addition to Death Benefit.
When will I receive the Living Assistance Payout and how much will be payable?
Starting from the end of the first (1
st) certificate year and subsequently every year, a Living Assistance Payout (LAP) as shown in the table below will be payable, provided that the certificate is in force and the contributions are paid up-to-date:
|
End of Certificate Year
|
% of LAP Sum Covered (every year) |
| 1 - 5 |
20% |
| 6 - 10 |
50% |
| 11 - 20 |
100% |
| 21 - 30 |
300% |
| Total |
4,350% |
What are the options available for Living Assistance Payout (LAP)?
You may choose either to receive the LAP when it is due or to reinvest 100% of the LAP into your Participant’s Account (PA) for a potentially higher return.
What will I get upon maturity of the certificate?
If no death/TPD claim is made prior to the maturity of the certificate, the Account Value (if any) will be payable
Can I change my coverage subsequent to the inception of the certificate?
No, change in coverage is not allowed.
How much contribution do I need to pay and what are the contribution payment mode and method?
The amount of contribution that you have to pay depends on your LAP amount, entry age, gender and contribution payment term. The contribution amount is level throughout the coverage term. Please refer to the Benefit Illustration for more details. You can pay your contributions on an annual, semi-annual, quarterly or monthly basis via cash, credit/debit card, auto debit, direct debit, standing instruction or Biro Perkhidmatan Angkasa (BPA).
What is the contribution payment term for HLM Takaful i-Jauhar?
You may choose to pay the contribution for 5, 10 or 20 years.
What happens if I stop paying contribution?
In the event of non-payment of contribution, your certificate will remain in force as long as your Account Value is sufficient to cover the Tabarru’ and other relevant charges. If the PA becomes insufficient to cover all charges and no payment is made by you after a grace period of 30 days, your certificate shall lapse. Please refer to the Takaful certificate for more details.
Are the contributions paid for HLM Takaful i-Jauhar eligible for income tax relief?
Yes. You may qualify for a personal tax relief for the contributions paid under “Life Insurance/Takaful” up to RM3,000, subject to the final decision of the Inland Revenue Board of Malaysia.
What happens if I terminate my certificate early?
You may surrender your certificate by returning the certificate to us with a written notice signed by you. The Account Value (if any) less surrender charge will be payable. You will lose the benefits under your certificate and the amount payable to you may be less than the total contributions that you have paid.
What are the exclusions for HLM Takaful i-Jauhar?
- No Death Benefit except the Account Value (if any) shall be payable if death results directly or indirectly from suicide within twelve (12) months from the commencement date or date of reinstatement of the certificate, whichever is later.
- The TPD Benefit is not payable in respect of any condition/injury/event which is directly or indirectly caused by self-inflicted injury while sane or insane, under the influence of any alcohol, narcotics or drugs, private aviation activities, military service, war, acts of terrorism and criminal, dangerous sports and activities and the like.
- The Accidental Death Benefit is not payable for accidental death caused directly or indirectly by self-inflicted injury while sane or insane, riot and civil commotion, strikes or terrorist activities, war, declared or undeclared, revolution or any warlike operations.
Note: This list is non-exhaustive. Please refer to the Takaful certificate for the full list of exclusions.