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HLM Takaful i-Care Hasanah

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Introduction

 

i-Care Hasanah is uniquely designed to strengthen your financial resilience throughout your life stages by adopting the concept of donation(Tabarru’) and cooperation (Ta’awun). Living Assistance Care Rider provides yearly fixed pay outs from as early as the end of first certificate year. Short payment options of 8 or 10 years for 20 years coverage to suit your needs.

 
 


“And assist one another in doing of good and righteousness. And assist not one another in sin and transgression, but keep duty to Allah.”
 
(Verse Al-Maidah: 2
)

Product Brochure (English)
 

 
  • Feature & Benefits
  • Enquiry
 
What is this product about?

This investment-linked takaful certificate ("ILT") offers combination of takaful protection and investment. It pays lump sum death benefit (i.e. the Sum Covered) if the Person Covered dies / or totally and permanently disabled during the term of the certificate and the value of the investment units, at the time of claim.
 
The value of the ILT depends on the price of the underlying units, which in turn depends on the performance of your chosen fund.
 
What are the Shariah concepts applicable?
  • Tabarru' - a certain portion of the Contribution that the Participant agrees to donate upon occurrence of events approved by Shariah Committee of the Operator, thus enabling him to fulfil his obligation of mutual help and joint guarantee should any of his fellow Participants suffer a defined loss where his donation is meant to help others and others’ donations are meant to help him.
  • Iltizam bi Al-Tabarru' - commitment to make Tabarru'.
  • Wakalah - essentially an agent-principal relationship, where the Operator acts as an agent on behalf of the Participants to manage the Participant’s Risk Fund (“PRF”) and Partipant’s Investment Accoutt “PIA” on the Participants’ behalf and the Operator earns Wakalah Fee for services rendered.
  • Wakalah Bi Al-Istithmar - agency contract for an investment activity whereby the Operator acts as an agent (wakil) to the Participants to invest their Contributions accordingly. The Operator will not be entitled to any profit or bearing any loss. However, the Operator is entitled to be remunerated based on the fixed percentages of Account Value, as per the rates set out as Fund Management Fee(s) in the Schedule, for managing the fund(s).
  • Ju’alah - an agreement in which the Participant promises to reward the Operator for its achievement or good performance in managing the PRF that leads to surplus to the PRF.
 
What are the covers / benefits provided?

 

  • In the event of death or total and permanent disability (TPD) of the Person Covered during the term of the certificate, the amount payable would be according to the option you choose:
                       Option A: The higher of Sum Covered or Account Value

                       Option B: The total of Sum Covered and Account Value
 
Is there any optional riders attachable to this plan?

Yes, currently there are 4 optional riders available to be attached to i-Care Hasanah as below:

 

  • Living Assistance Care Rider - This rider provides yearly payouts with the minimum amount of RM 600, according to the option that you have chosen.
  • Hospital Income Benefit 2 Rider - In the event that you or your child is hospitalised, the rider will provide daily income during hospitalisation.
  • Payor Care or Top-up Care Rider - Secure your child’s or your spouse’s certificate even if you die or suffer TPD. This would help ensure continuity of their certificates until maturity.
 
How much contribution do I have to pay?

The total contribution that you have to pay may vary depending on the sum covered multiple and underwriting requirements of the Operator.

 
The Operator allocates a portion of the contribution to purchase units in the investment-linked fund that you have chosen. Any unallocated amount will be used to pay wakalah fees, which include commissions to agents and other expenses of the Operator. You are advised to refer to the allocation rates given in the benefit illustration.
 
 
What are the fees that I have to pay?
  • The tabarru' amounts are deducted monthly from the value of your units. The tabarru' amounts will increase as you grow older. Details of tabarru' amounts and other charges for the ILT are given in the benefit illustration.
  • The tabarru' amounts are not guaranteed. The Operator reserves the right to vary the tabarru' amounts by giving 3 months prior notice. Please note that past trends of increases in tabarru' amounts do not necessarily reflect the future trend.
  • The Wakalah Fee is an upfront charge on the contribution paid and is used to meet takaful operator's expenses and direct distribution cost, including commissions payable to the agency.
  • Other charges information are as follows:
Type
Amount
Monthly Service Fee* RM 5 per month
Surrender Charge* RM 50 per surrender
*The charges are still subject to Goods and Services Tax (“GST”)
 
What are some of the key terms and conditions that I should aware of?
  • Pre-contractual Duty of Disclosure:
    Paragraph 5 of Schedule 9 of the Islamic Financial Services Act 2013 (“IFSA”) imposes on you:
    (a)      a duty to take reasonable care not to make a misrepresentation to us when answering any question in this proposal form; and
    (b)      a duty to take reasonable care to disclose to us any other matter that you know may be relevant to our decision on whether to             accept the risk which we are being asked to accept and the rates and terms to be applied.
     
    Paragraph 5 of Schedule 9 of the IFSA also prescribes that your duties set out in (a) and (b) above shall continue until the time the certificate contract is entered into, varied or renewed.
  • Free look period – you may cancel your ILT by returning the certificate within 15 days after the certificate has been delivered to you. The Operator will refund to you the unallocated contributions, the value of units that have been allocated (if any) at unit price at the next valuation date and any tabarru' amount and certificate fee that have been deducted less any medical fee incurred.
  • Grace Period – Thirty (30) days of grace period from the subsequent Contribution Due Date are allowed for the payment of a subsequent Contribution. If Contribution remains unpaid at the end of this grace period, the Takaful Certificate may lapse, subject to the Account Value of the Takaful Certificate.
  • Account value – the account value of the ILT depends on the performance of the investment-linked funds selected. The higher the level of takaful coverage selected, the more units will be absorbed to pay for the tabarru' amounts and the fewer units will remain to accumulate cash values under your certificate.
  • Non Payment of Contribution – if at the expiration of the Grace Period and the payment of any Contribution is in default, or any amount payable under the Certificate is not paid by the relevant due date accordingly, that the Operator is allowed to advance an “equivalent amount from the respective account” to pay for the Tabarru’ and other amount owing by you and the Certificate will continue to be “in-force under PIA or PA (whichever is applicable)”. Also, during this period the Certificate shall remain in–force, but if any Contribution or other amounts remains unpaid after the PIA or PA (whichever is applicable) amount becomes insufficient to be advanced any further, the Certificate shall lapse and have no further value.
  • Non Payment of Contribution (For Living Assistance Care Rider only) – Any non-payment of Contribution for this rider by the expiration of the Grace Period shall result in this Rider being converted to a Reduced Paid Up plan if Rider has acquired a cash surrender value, subject always to the Operator’s prevailing administration rules.  If there is no or insufficient cash surrender value, this rider will lapse.
  • Nomination – you can choose who will receive the benefits upon your death by filling in a Nomination form. Your certificate will state whether you have already nominated a person to receive the benefits. If you have not chosen anyone, please complete the Nomination form which can be obtained from the Operator's representative and send it to the Operator immediately.
  • Any surplus from the PRF shall be distributed between the Operator and the Participant in the ratio of 50:50. The Operator is entitled to the surplus based on the Shariah principle of Ju'alah.
  • It is important for Participant to keep the receipt or Debit Card/Credit Card/Bank Statement or Participant’s pay slip as proof of payment of contribution for any future reference.
  • It may not be advantageous to surrender or replace an existing takaful certificate with another certificate, as you may be subject to new underwriting requirements, e.g. full waiting period etc. under the new takaful certificate.
Note: This list is non-exhaustive. Please refer to the certificate document for the terms and conditions under this certificate.
 
What are the major exclusions under this certificate?
  • AIDS - TPD is due to AIDS or the influence of intoxicants.
  • Alcohol - if death or TPD is due to influence of alcohol, narcotics or misuse of drugs.
  • War - death or TPD due to war, invasion, act of foreign enemies, hostilities or war-like operations, civil war, mutiny.
Note: This list is non-exhaustive. Please refer to the takaful certificate for the terms and conditions under this certificate.
 
Can I cancel my certificate?
Participating in a regular contribution ILT is a long-term financial commitment. It is not advisable to hold this certificate for a short period of time in view of the high initial costs. If you find that the fund that you have chosen is no longer appropriate, you have the flexibility to switch fund. You are allowed to switch fund anytime you want without any imposed charge.
 
What do I need to do if there are changes to my contact details?

It is important that you inform us of any change in your contact details to ensure that all correspondences reach you in a timely manner.
 

For more information :

Should you require additional information about i-Care Hasanah, please refer to the product’s brochure and product disclosure sheet at www.hlmsigtakaful.com.my, or you may get consultation from our agents.


If you have any enquiries, contact us at:

Hong Leong MSIG Takaful Berhad
Level 5, Tower B, PJ City Development
No. 15A, Jalan 219, Seksyen 51A
46100 Petaling Jaya, Selangor.
Telephone: +603-7650 1800
Facsimile: +603-7620 6730
Email: ReachUs@takaful.hongleong.com.my
Level 5, Tower B, PJ City Development,
No.15A, Jalan 219, Seksyen 51A,
46100 Petaling Jaya, Selangor
Tel: (603) 7650 1800
Fax: (603) 7620 6730