Takaful News - Malaysia: CIMB launches haj product
Source: Middle East Insurance Review | Mar 2016
CIMB Islamic Bank has launched Takaful Suria, a universal takaful haj product with protection and saving benefits to help Muslims fulfil their haj. The product was developed by CIMB’s bancatakaful partner, Sun Life Malaysia Takaful.
Takaful Suria provides the covered individual a lump sum of MYR1,500 (US$363) special payout after the third contract year to set up a Tabung Haji (pilgrim’s fund board) account or to top up existing savings.
It also comes with a final benefit where the value of the universal account will be paid at the end of the contract term to further ensure financial preparedness to perform haj or to be used to fulfil other future financial needs, a joint statement from CIMB Islamic and Sun Life Malaysia said.
As for protection, Takaful Suria doubles the basic benefit that is payable in the event of death, total and permanent disability while performing the haj. Funeral expenses of MYR3,000 are also provided in the event of death for funeral arrangement, it added.
Sun Life Malaysia Takaful CEO Muhammad Fikri Mohamad Rawi said the product had a stabiliser that would give gradual returns, unlike investment-linked funds that are exposed to market volatility.
He added: “With Takaful Suria, we are able to provide that assurance (of lifetime financial guarantee) on top of complementing the bank customer’s preparation for one of the most religious aspirations of their lives.”
Sun Life Malaysia’s takaful market share currently stands at 8.6%, said Mr Muhammad Fikri.
MYR1 = US$0.24