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HLM Takaful i-Care Al-Amin

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Introduction

 

Introducing HLM Takaful i-Care Al-Amin – a regular contribution investment-linked plan that is designed smartly with the sole intention of helping you plan for your child’s education. It offers complete protection, even before birth, and at the same time builds an education fund that will meet key educational milestones. Why not start now?



 

Abu Hurairah (May Allah be pleased with him) reported:
Prophet (p.b.u.h) said, "Whoever takes a path upon which to obtain knowledge, Allah makes the path to Paradise easy for him."(hadith Sahih, riwayah Muslim)

 

  • 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 you die / 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 under i-Care Al-Amin?
  • In the event of death or total and permanent disability (TPD) of the Person Covered during the term
    of the certificate, basic sum covered plus account value will be payable.
 
Is there any optional riders attachable to this plan?

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

 

  • Baby Care Rider* - Start saving for your child’s education as early as 18 weeks of your pregnancy with Baby Care rider and enjoy protection! *This rider is compulsary for certificates for unborn babies.
  • Payor Care or Top-up Care Rider - Secure your child’s education even if you die or suffer TPD. This would ensure that the future contributions of your certificate would be paid until expiry of this rider.
  • Junior Critical Illness Rider - Provides coverage against juvenile critical illness3 and it evolves to 36 critical illness once your child attains age 16 years.
  • Hospital Income Benefit 2 Rider - In the event that your child is hospitalised, the rider will provide daily income during hospitalisation.
 
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.
 
For unborn child application, you are required to pay additional RM 500 of single contribution for Baby Care Rider. The contribution after deducting Wakalah Fee will be channelled into PRF.
 
What are the fees that I have to pay?
  • The tabarru' charges are deducted monthly from the value of your units. The tabarru' charges will increase as you grow older. Details of tabarru' charges and other charges for the ILT are given in the benefit illustration.
  • The tabarru' charges are not guaranteed. The Operator reserves the right to vary the tabarru' charges by giving 3 months prior notice. Please note that past trends of increases in tabarru' charge 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
Administration Fee* RM 60 per year
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?
  • Importance of disclosure - you must disclose all material facts such as medical conditions, and state your age correctly.
  • 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' charge 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.
  • 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?
  • Suicide - if death was due to suicide or arising from suicide or attempted suicide and/or other causes prohibited by civil and criminal laws and/or by Shariah. Under such circumstances, only the value of your PIA at the time of death will be payable.
  • 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 Al-Amin, 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