Care Takaful Plan – Keyman Potection
Have you ever considered what would happen to your business performance should something happen to its Keyman (God forbid)? Would it be able to recover in time? What would be the cost of that?
We value the importance and well-being of your business. Our Care Takaful Plan - Keyman Protection provides effective "financial protection" against unexpected events that could happen to the Keyman. With such care and protection, you can enjoy peace of mind and better focus on your rganisation’s business prosperity.
What's more, we assure you that our Care Takaful Plan- Keyman Protection is fully Shariah compliant.
Whatever uncertainties life might bring, allow us to help you maintain your business success no matter what uncertainties you may face.
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. The SABB Takaful Company’s role is to manage the Takaful operations and invest the Takaful contributions in line with the Shariah principles. Participants share in profits of the fund with the understanding that these may be forfeited to cover losses. When there is surplus, it is jointly shared.
Main Features
Peace of mind
SABB Takaful strives for the highest level of Shariah authentication and has a fatwa for all products signed by the Shariah Committee of SABB Takaful. The Committee consists of the following scholars:
1 - Sheikh Abdullah Bin Sulaiman Al Menea
2 - Sheikh Dr. Abdullah Bin Mohamed Al Mutlaq
3 - Sheikh Dr. Mohamed A. El Gari Bin Eid
Each document, product and all future Takaful products will undergo the Shariah approval process. Our Audit Committee ensures that products have the Shariah approval prior to being offered in the marketplace.
Takaful surplus sharing
The plan may be eligible to receive a share of any declared surplus* from the Takaful Fund.
Coverage amount
Your business Keyman is covered for an agreed amount for a specific period of time should something unexpected happen. At the end of the period, if no claims are made, the plan expires with no cash value.
Fixed contribution
The contribution amount is fixed at the start of the plan and remains unchanged throughout the term.
Convenient contribution
You may opt for a monthly, quarterly, semi-annual or annual contribution payment by authorising us to debit your company’s bank account.
Professional advice
SABB’s Financial Advisors will assist you with a financial protection review and help you determine the level of protection needed for your business’s Keyman, relevant to your current financial situation and objectives.
Subscription
To be eligible for this plan, your business Keyman must be aged between 18 and 65 years of age.
Flexible term
You may choose a plan term starting from a minimum period of three years to a maximum of 30 years, subject to a maximum age of 70 years upon maturity.
Family Takaful benefit
The standard entitlement amount for the Family Takaful benefit in this plan is based on the protection amount you have chosen.
Beneficiary
The appointed beneficiary is normally the business, which is entitled to receive the Family Takaful benefit in the event of your business Keyman’s untimely death (God forbid) during the plan period.
Option for additional benefit
For more comprehensive coverage, you may choose to add a total and permanent disability benefit, in addition to the Family Takaful benefit.
Start planning for your business’s continuous success today
Contact us now for a complimentary personal financial review.
Frequently Asked Questions on Care Takaful Plan - Keyman Protection
Q: Why do I need to cover my business’s Keyman?
A: If the Keyman dies, there will be a high cost associated with finding/acquiring a replacement who will be able to take the place of and function in the same way as the late Keyman.
Q: Who will pay the contributions?
A: If the benefits are to be paid solely to you, then you will settle the contribution payments. Otherwise, both you and the employee will share the contribution payment.
Q: Who will be the beneficiary of such contracts? Is it possible to nominate a beneficiary?
A: Since the purpose of the plan is to protect your establishment from losses, then the beneficiary will be your establishment, unless otherwise agreed between you and the employee.
Q: Your Keyman is already being insured. Could he/she apply for the Care Takaful Plan - Keyman Protection
A: Yes, he/she can have multiple insurance cover from various companies, provided he/she declares and displays the need for insurance.
Q: How can we determine the protection level needed?
A: SABB’s professional Financial Advisors will assist you by conducting a Capital Needs Analysis to determine the amount of cover needed to cover the key person.
Q: Who will be classified as a Keyman?
A: It could be the Managing Director, the business owner or any other person whose presence/intervention is vital to the survival of the business.
Q: Why is a medical check-up required to be eligible for Keyman cover?
A: Medical check-ups serve many purposes in Takaful. As participants will be grouped into a single pool, we may request that applicants undergo medical tests that will help in assessing the risk and the contribution to be charged.
Q: Why do we need to pay the medical fees if we cancel the plan during the cooling-off period?
A: SABB Takaful requests and pays for any medical tests to assess whether we would accept the risk and issue the policy. When clients decide to cancel their policies, they forfeit all benefits afforded by the plan, which include the cost of the medicals completed.
