1. What is Takaful?
The term ‘Takaful’ refers to a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose. Each participant agrees to contribute on the basis of Tabarru’ (donation) which is pooled together to provide benefits in the event of misfortune suffered by any of its participants.
2. Is there an option to get covered via hassle-free submission?
Yes, we are offering a similar product known as HLM Takaful Isaver20 Plus via hassle-free submission on a campaign basis which will be announced at our discretion. No health questions will be asked and you need to declare that the
• is mentally alert and capable of answering questions during the interview (only applicable for age 5 and above); and
• is currently not admitted to Intensive Care Unit (ICU), Critical Care Unit (CCU), High Dependency Unit( HDU), or bedridden; and
• is not currently suffering from Total and Permanent Disability.
The features of HLM Takaful Isaver20 Plus are mostly similar to HLM Takaful Isaver20. One of the differences of the HLM Takaful Isaver20 Plus is that in he event of death or TPD due to non-accidental causes in the 1st and 2nd certificate year, the benefit payable shall be limited to the total contributions paid. Please refer to the Product Disclosure Sheet (PDS) for the product details or the bank’s personnel for more information.
3. What are the riders available to enhance my protection?
There is no rider attachable to HLM Takaful Isaver20.
4. What are the contribution payment mode and method?
You can pay your contributions on an annual, semi-annual, quarterly or monthly basis via credit card or auto debit.
5. What are the exclusions for HLM Takaful Isaver20?
• The Death Benefit is not payable for death resulting directly or indirectly from suicide within twelve (12) months from the commencement date of the certificate.
• The Total & Permanent Disability (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.
6. 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 cash surrender value from the PRF (if any) less surrender charge plus account value of the PIA (if you opted for Option 2 of the Living Rewards) 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.
7. Are the contributions paid for HLM Takaful Isaver20 eligible for income tax relief?
Yes. You may qualify for a personal tax relief for the contributions paid under “Life Insurance and EPF”, subject to the final decision of the Inland Revenue Board of Malaysia.