in Takaful + Critical Illness Coverage up to Age 70
CLOSE FOR FUTURE APPLICATION
Revision of Contribution Rate to ensure sustainability of Tabarru’ Fund
| Scheme 119 | Effective 15/12/2023 |
| Scheme 119A | Effective 01/10/2023 |
Revised Contribution Rate based on Age Next Birthday (ANB)
Contribution Rate per month per RM1000 Sum Covered| Age Group | Existing Rate | Revised Rate |
| 35 ANB and below | RM1 | RM0.50 (decrease) |
| 36 – 50 ANB | RM1 | RM1 (remain) |
| 51 ANB and above | RM1 | RM2.50 (increase) |
FINANCIAL PROTECTION FOR RM50 MONTHLY PREMIUM
(for 36-50 ANB)
Benefit |
Sum Covered with monthly contribution of RM 50 |
Death
Benefit
due to accident
up to age 70 |
RM100,000.00
+ TAV |
TPD
Benefit
due to accident
up to 65 age next birthday |
RM100,000.00
+ TAV |
Death
Benefit
due to sickness
or old age
up to age 70 |
RM50,000.00
+ TAV |
TPD
due to sickness
or old age
up to age 65 next birthday |
RM50,000.00
+ TAV |
Critical Illness
up to age 70 |
RM50,000.00
+ TAV |
Accidental
TPD / PPD up to age 70 |
Up
to RM50,000.00 |
Compassionate Benefits |
RM2,000.00 |
** Total Account Value (TAV) = Amount left in Participant’s Unit Account (PUA)
!! ADVANTAGES OF THIS SCHEME !!!
- Level contribution for all ages across the coverage term.
- Entitled to receive shares of Underwriting Surplus (if any) between You and Great Eastern Takaful Berhad with the pre-agreed ratio, and Investment Profit (if any) arising from the Tabarru’ Fund in full.
- All family members can be protected under one takaful scheme.
- Cash Withdrawal facility at the time of emergency. You may sell some of the units allocated to the PUA, provided that the certificate has been inforce for at least twelve (12) months and the remaining units in the account must be at least RM 200 after the withdrawal and the minimum amount for withdrawal is RM 100.
- Enjoy Tax Benefit subject to the Malaysian Income Tax Act, 1967 and Inland Revenue Board.
ELIGIBILITY AND PARTICIPATION
- Members and legal spouses aged between 19 to 65 years age next birthday.
- Children aged between 30 days old to 23 years age next birthday provided that the child must be unmarried, unemployed and/or a full time student.
- Coverage for dependants can be extended only if the member participates in the scheme.
FURTHER DETAILS OF THE BENEFITS
Death (Age 70 next birthday) – Natural Causes
Total Permanent Disability (Age 65 next birthday) – Natural Causes
Death And Total Permanent Disability – Accidental Causes
- Death benefit is double the amount of Death due to natural causes and covered up to age 70.
- TPD benefit is double the amount of TPD due to natural causes and covered up to 65 age next birthday
- Other Permanent Partial Disability Benefits up to 65 age next birthday will be payable according to the Schedule of Compensation in the Master Policy.
Critical Illness (Living Assurance Benefit)
- This benefit will be payable once the doctor has confirmed that the member has contracted one of the 45 Critical Illnesses
- This benefit is not payable for any critical illness which has existed before the effective date or which is first diagnosed in the first 60 days from the date of Letter of Acceptance or date of first premium payment whichever is later
- Participation of member who has claimed this benefit will be automatically terminated.
Total Account Value
- The Total Account Value basing on member s total contribution under this scheme will become payable on reaching age 70 or surrender whichever is earlier.
- Participation ceases on attaining age 70.
- No Surrender Value will become payable for less than 12 monthly premiums made
Compassionate Benefit – RM2,000.00 is payable for Death Claim
ACCIDENT BENEFIT – Schedule Of Compensation for Main benefits
Percentage of Sum Insured |
|
Section
A |
|
(1)
Death |
200% |
(2)
Total and Permanent Disability |
200% |
Section
B (Total and
Permanent
Disablement) |
|
(1)
Loss of use
of both hands. |
200% |
| (2) Loss of use of both feet. | 200% |
| (3) Complete and irrecoverable loss of sight in both eyes | 200% |
| (4) Loss of use of one hand and one foot | 200% |
| (5) Complete and incurable insanity | 200% |
(6)
Injures resulting
in permanently
being bedridden |
200% |
(7)
Any other
injuries causing
permanent
total disablement |
200% |
| (8) Complete and incurable paralysis | 200% |
For accidental injuries that are not being listed in Section B above, compensation will be paid in proportion to the loss sustained as stipulated in the Master Certificate. However, the total amount payable will not exceed 100% of the Sum Covered
Estimation of Total Account Value, for contribution of RM 50/month
Coverage Term |
Total
Contribution |
Estimated Return Value = Gross Projected Investment Return of Fund: |
|
8 % for the first 20 years, and 5.5 % for the subsequent years (RM) |
3 % (RM) |
||
5 |
3,000 |
1,222 |
1,088 |
10 |
6,000 |
2,865 |
2,260 |
15 |
9,000 |
5,076 |
3,524 |
20 |
12,000 |
8,322 |
5,134 |
25 |
15,000 |
11,516 |
6,933 |
30 |
18,000 |
15,367 |
8,872 |
The projection shown based on the selected fund above is purely based on assumptions. The actual return may differ depending on many factors such as Tabarru’ charges, servicing intermediaries’ commission and fund management charge. The assumptions used for the above projection are:
1.) the weighted average age of Person Covered under this scheme is 35 years old; and
2.) no unusual mortality rate
Fund Invested = Dana i-Majmuk
A fund which invests in a mixture of Shariah-compliant equities, Islamic fixed income securities and Islamic deposits. There is flexibility in asset allocation as this fund may invest solely in Islamic fixed income securities or Shariah-compliant equities. This fund seeks to provide medium to long-term capital appreciation, with a moderate level of volatility. Dana i-Majmuk only invests in Shariah-compliant securities.
Contribution Allocation
Coverage Year |
1st – 16 year |
17 year and onwards |
|
Contribution Payable per Year |
RM600 |
RM600 |
|
Allocated Contribution* |
% |
65% |
75% |
RM |
RM390 |
RM450 |
|
*The allocated contribution is the contribution paid less the unallocated contribution paid (Upfront Charge) and Tabarru’ Charge will be allocated into the PUA.
Important Note:
The information in this site is for illustration purposes only. The actual terms and conditions are contained in the Master Policy.
You are strongly advised to read and understand the benefits and exclusions under the master policy held by the Association before signing this proposal form
Do not wait till tomorrow!!!!!!
Anything can happen before tomorrow!!!!!!
For more information please do not hesitate to contact us at:
Tel No: 03-9200 6300
Website: www.gelfaam.com Email Address: gelfaam@gelfaam.com