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Home Takaful Plan

Home Takaful Plan

Safeguard your assets and valuables


Your home is a private haven for you and your loved ones. As such, everyone dreams of owning a home. However, accidents and natural calamities do happen when you least expect. You might lose all your valuables and possessions that complete your home.


Our Home Takaful Plan is designed to protect your home, the building and its contents against fire, natural disasters and other perils. With such comprehensive coverage, you can now enjoy whatever you do, today and tomorrow, with great piece of mind.  What’s more, we assure you that this plan is Shariah compliant.

Benefits at a glance

 Takaful concept

Takaful means “guaranteeing each other” in Arabic, it is an Islamic system of mutual insurance built around the concept of “cooperation”. Cooperative contributions are made with the intention of helping other participants face difficulties and eliminating the resemblance of Takaful to gambling and exploitation. Each participant pays to a fund to cover expected claims, while also benefiting from a share of investment returns.

 Peace of mind

You can rest assured that this plan is Shariah compliant and is approved by SABB’s Shariah Committee. The Shariah Committee members are:

  • Sheikh Abdullah Bin Sulaiman Al Manea
  • Sheikh Dr. Abdullah Al Mutlaq
  • Sheikh Dr. Muhammed A. Elgari Bin Eid

 Takaful surplus sharing

The surplus for distribution to Participants in the relevant financial year shall be the Takaful Surplus less the Performance Incentive Fee. The distribution of surplus would be subject to approval of the competent authorities, if required, and of the Board of Directors of the Company.

 Building(s) cover

Receive compensation for accidental damage to the building you own caused by fire, storms and other perils including impact by any vehicles and malicious acts.

 Contents cover

  • Compensates for loss or damages to your household contents and personal effects against fire and other perils
  • Indemnifies you from any tenant's liability
  • Protects contents of your home against burglary
  • Covers the cost of accidental loss or damage to your possessions when moving

 Loss of rent and the cost of alternative accommodation

  • Compensate for the loss of rent should the premises become uninhabitable due to acts of peril
  • Reimbursement of the costs of alternative accommodation in the event the property/content is damaged by fire or allied perils

 Domestic helper coverage

Cover your domestic helper against accident for up to SAR 30,000 at the minimal cost of SAR 200 a year. The cover includes:

  1. Death.
  2. Permanent disabilities.
  3. Medical expenses.
  4. Repatriation expenses.

 Family legal liability

Protect yourself and your family members against third party claims caused by accident in and around the premises.

 Automated and guaranteed renewal

Choice to renew your plan automatically every year with further option of increasing the value of the building and contents at a certain percentage every year automatically.

 Choice of contribution payment

Choice to pay your contribution amount annually, using your credit card or by directly debiting your bank account.

 

More Benefits

 Cooling-off period

Cancellation of the plan is allowed within 21 days, from the date of dispatch of the plan, with full refund of your contribution.

 General exclusion

This plan does not cover the following:

 Building and contents

  1. Loss or damage by wear and tear, infestation, corrosion, heat, damp, wet or dry rot, mould or frost or any other gradually operating cause.
  2. Loss or damage arising from faulty design, specification, workmanship or material.
  3. Loss or damage whilst the building is undergoing any structural repairs, alterations or extensions.

 Domestic helper

  1. Hazardous pursuit and occupations.
  2. Effect of intoxicating liquor or drugs.
  3. Self-inflicted injury.
  4. Pre-existing ailment.

 Important Notes:

This Plan is underwritten by SABB Takaful Company
P.O. Box 9086, Riyadh 11413,
Kingdom of Saudi Arabia Tel.: +966 11 299 1666, Fax: +966 11 276 4463,
Website: www.sabbtakaful.com.

Contract issue is subject to plan terms and conditions.

Distribution of the declared surplus is in accordance with the Co-Operative Insurance Companies Control Law of the Kingdom of Saudi Arabia and subject to the approval of the Board of Directors of SABB Takaful Company.