Income protection plan takaful
FIN 4030
PRINCIPLES & PRACTICES OF TAKAFUL & RETAKAFUL
Section 04
TAKAFUL INCOME
PROTECTION PLAN
Presented by:
Fairuz Shofi (1129992)
Natasha Yuezvana Mahfoz (1119202)
Presented for:
Sir Riwan Bin Ramli
Table of Contents
Income Protection Plan 3
Condition 4
Participant 6
Operation of Takaful Income Protection 7
Income Protection Plan Offered by Company in Malaysia 8
Conclusion 14
INCOME PROTECTION PLAN
Income protection plan is one of the plans that Takaful offers which the ultimate objection is basically just like the general Takaful, which is to secure the financial position of their participants when some unwanted circumstance happens. This plan is meant to be made to help participants when they are no longer able to work and earn money due to certain circumstances. By subscribing to this plan, the participants will be provided with financial support so they will have not to be worry about not having any money or income when they unable to work. The participants will contribute premium based on the percentage of their income. The financial support will be allocated monthly to the participants with the amount that has been agreed before the participants enter to the contract.
What makes this plan different with other Takaful products? It lies on the allocation of the money that will be made to be given in monthly basis. It is clearly different with other Takaful products as most of them give a lump sum payment in case some unwanted circumstances happen. The monthly income to be given to the participants lasts until the specified period of time. The participants have rights to choose the plan (which normally has been arranged by Takaful operators) along with the schedule of the payment. However, when the contract ends, the participants have options whether to extend the contract or to terminate the contract.
CONDITION Under Takaful income protection plan, the allocation of monthly income will be given to the participants when unfortunate
PRINCIPLES & PRACTICES OF TAKAFUL & RETAKAFUL
Section 04
TAKAFUL INCOME
PROTECTION PLAN
Presented by:
Fairuz Shofi (1129992)
Natasha Yuezvana Mahfoz (1119202)
Presented for:
Sir Riwan Bin Ramli
Table of Contents
Income Protection Plan 3
Condition 4
Participant 6
Operation of Takaful Income Protection 7
Income Protection Plan Offered by Company in Malaysia 8
Conclusion 14
INCOME PROTECTION PLAN
Income protection plan is one of the plans that Takaful offers which the ultimate objection is basically just like the general Takaful, which is to secure the financial position of their participants when some unwanted circumstance happens. This plan is meant to be made to help participants when they are no longer able to work and earn money due to certain circumstances. By subscribing to this plan, the participants will be provided with financial support so they will have not to be worry about not having any money or income when they unable to work. The participants will contribute premium based on the percentage of their income. The financial support will be allocated monthly to the participants with the amount that has been agreed before the participants enter to the contract.
What makes this plan different with other Takaful products? It lies on the allocation of the money that will be made to be given in monthly basis. It is clearly different with other Takaful products as most of them give a lump sum payment in case some unwanted circumstances happen. The monthly income to be given to the participants lasts until the specified period of time. The participants have rights to choose the plan (which normally has been arranged by Takaful operators) along with the schedule of the payment. However, when the contract ends, the participants have options whether to extend the contract or to terminate the contract.
CONDITION Under Takaful income protection plan, the allocation of monthly income will be given to the participants when unfortunate
References: http://www.takaful-ikhlas.com.my/sites/default/files/fi_secure_pds.eng_revised.pdf http://www.maybank2u.com.my/iwov-resources/maybank/document/my/en/insurance/protection/TAKAFUL_INSAN_FA_spread.pdf https://www.prubsn.com.my/accounts/v2/index.php?mm=caring_for_you&sm=familytakaful&pg=protect