Group Personal Accident Takaful Plan
Accidents happen when least expected; and feelings of insecurity can affect the productivity and morale of your employees.
SABB Takaful understands your concern. That’s why it developed the Group Personal Takaful Plan - a Shariah-compliant Plan designed to provide your employees with comprehensive coverage against the financial burden of an accident, giving them greater peace of mind to concentrate on their job and to work efficently.
Takaful concept
Takaful means 'guaranteeing each other' in Arabic. It is an Islamic system of mutual insurance built around the concept of 'tabarru' (donation/gift). 'Tabarru' contributions are made with the intention of helping other participants faced with difficulties and eliminating the resemblance of Takaful to gambling and exploitation. Each participant contributes to a fund to cover expected claims, while also benefiting from a share of investment returns.
SABB Takaful’s role is to manage the Takaful operations and invest the Takaful contributions in line with Shariah principles. Planholders share in the surplus of the fund on the understanding that this may be forfeited to cover losses. When there is surplus, it is jointly shared.
Key features and benefits
Peace of mind
This Plan provides a lump sum benefit in the unfortunate event of death or disability (God forbid) of an employee, which can help provide financial security for their family.
Shariah compliant
The Planholder can rest assured that this Plan is fully Shariah compliant and is approved by SABB Takaful’s Shariah Committee. The Shariah Committee members are:
- Sheikh Abdullah Bin Sulaiman Al
- Sheikh Dr. Abdullah Bin Mohammed Al Mutlaq
- Sheikh Dr. Mohammed A. Elgari Bin Eid
Takaful surplus sharing
The Planholder may receive a share of any declared surplus* from the Takaful Fund. This is a key feature of a Takaful plan.
Choice of protection coverage
You have the option to choose different levels of sum covered within the same Plan, to meet your employees’protection needs.
Option of additional benefits
For more comprehensive coverage, you may choose to add additional benefits, such as Loss of Income, Medical and Repatriation coverage to the Plan.
Ease of administration
This Plan is easy to administer, as the Terms and Conditions are pre-agreed at the inception of the Plan. Additional employees can also be added during the term of the Plan.
Renewal
The Planholder can apply for renewal of the Plan before its expiry date. However, renewal may be subject to additional conditions or an increase/decrease in the contribution rate imposed by SABB Takaful, based on the Planholder’s loss record or any material changes.
Standard exclusions
This Plan does not cover the following:
- War, invasion, act of foreign enemy hostility (whether war be declared or not), civil war, rebellion, revolution,
- insurrection, military or usurped power, terrorism, radioactive contamination
- Engaging in duty with the Military or Security Services or Operations (Navy, Army, Air Force and Civil Defence personnel)
- Dangerous sports activities such as hang-gliding or para-sailing, parachuting, rock climbing, or mountaineering, bungee or
- base jumping, scuba-diving, wrestling, boxing, or similar kinds of body-contact sports, hunting, horse/camel-riding or
- participating in any kind of motor racing
- Suicide or attempted suicide, wilfully self-inflicted injury or insanity
- Childbirth or pregnancy that may have been accelerated or induced by an accident
- Alcohol consumption or usage of Drugs
- AIDS or Sexually Transmitted Diseases
- Violation or attempted violation of the Law
- Pre-existing disabilities/conditions
Apply today for the Group Personal Accident Takaful Plan to protect your employees.
Important notes
Group Personal Accident Takaful Plan is underwritten by SABB Takaful Company, P. O. Box 9086, Riyadh 11413, Kingdom of Saudi Arabia. Tel: 800 124 5666. Fax: + 966 1 276 4463. Website: www.sabbtakaful.com
The marketing material contains only general information. It does not constitute an offer to buy or sell a Takaful Plan or service nor is it intended to provide any Takaful or financial advice. Any person or organisation interested in this Plan should read and consider the Terms and Conditions of the Plan before making any decision. You may request a copy of the Terms and Conditions of the Plan from us.
* Distribution of the declared surplus is in accordance with the Cooperative Insurance Companies Law of the Kingdom of Saudi Arabia and subject to the approval of the Board of Directors of SABB Takaful.
