Hong Leong MSIG TakafulHong Leong MSIG TakafulHong Leong MSIG Takaful

Takaful Rental Excess

HLMT Takaful All Risks

Introduction


This plan covers the excess or deductible that is imposed on you following loss or damage to your vehicle due to an automobile accident, fire or vandalized during the rental period.  This Takaful cover will only be valid on the condition that there is an existing valid Vehicle hire insurance or takaful applying to the rental vehicle you have hired.

This product is currently available on the online booking websites of participating airlines and travel services.

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

This plan covers the excess or deductible that is imposed on you following loss or damage to your hired vehicle due to an automobile accident, fire or vandalized during the rental period. This Takaful cover will only be valid on the condition that there is an existing valid Vehicle hire insurance or takaful applying to the vehicle you have hired/rented.

 
What are the Shariah concepts applicable?

Takaful is a concept of mutual guarantee which is in compliance with Shariah principles. Contributions collected from participants are pooled together to provide for the benefits in the event of losses suffered by any of its members or participants. Hong Leong MSIG Takaful (HLM Takaful) as a Takaful operator is entrusted to properly manage this mutual fund
 

Iltizam Bi Al Tabarru’
This product applies the Iltizam bi Al-Tabarru’ concept, whereby any Contribution paid by the Participant shall constitute his commitment to make Tabarru’ (donation).

Tabarru’
A proportion of the Contribution paid by the Participant that is deemed as Tabarru’ (donation), upon the happening of activities or events endorsed by the management and approved by Shariah Committee of the Operator, to the General Takaful Fund for the purpose of mutual financial assistance among Participants as per Certificate contract, where the Participant’s donation is meant to help others and others’ donations are meant to help the Participant.

Wakalah
This product also applies the Wakalah concept, whereby the Participants appoint the Takaful Operator to act on their behalf to invest and manage the takaful fund. As an agent, the Takaful Operator is entitled to receive a Wakalah Fee.

Ju’alah
Jua’lah means an agreement in which the Participant agrees to reward the Operator for its achievement or good performance in managing the General Takaful Fund that leads to surplus arising from the fund.

Qard
Qard means an interest-free financing provided by the Operator in the event of deficit in the general takaful fund.

Note:
Surplus arising from the General Takaful Fund
Surplus arising from the Risk Fund, if any, is calculated annually at the end of each of the Operator's financial year. The said surplus shall be inclusive of the investment profit from the Risk Fund.
 
What are the covers / benefits provided?

Please refer to the Schedule of Benefit below:

Benefit Description Sum Covered
Rental Excess Liability (Actual excess imposed by vehicle hire takaful with reimbursement up to the sum covered. RM4,000
 
How much contribution do I have to contribute?

The total contribution that you have to make may vary depending on the duration of cover. The contribution is inclusive of stamp duty.

 
What are the fees and charges that I have to pay?

(a) Wakalah Fee – 55% of the contribution of which:
      (i)  Commission: 25% (payable to the intermediary); and
      (ii) Management Expenses: 30% (payable to the Takaful Operator).
(b)  Goods and Service Tax will be payable for relevant compulsory government taxes.
(c)  Service tax will be imposed if contribution is made by an organization.

 
What are some of the key terms and conditions that I should be aware of?
  • Importance of disclosure - You must disclose all material facts to enable us to decide whether and on what terms your proposal for coverage is acceptable and to calculate how much contribution is required for your certificate.
  • The period of cover begins when you collect the rental vehicle from the rental vehicle company.
  • Your Coverage ends when you return the rental vehicle to the rental vehicle company or on the end date specified on your Certificate of Takaful, or maximum rental period, whichever comes first.
  • Area of cover is Worldwide (excluding Afghanistan, Belarus, Cuba, the Democratic Republic of Congo, Iran, Iraq, Liberia, Sudan or Syria or any other country sanctioned by United Nations before the date of rental).
  • If you decide that you do not want this certificate, you may cancel this certificate, however any contributions that have been paid are completely non refundable.
  • Mondial Assistance is a worldwide travel assistance service company whose subsidiary company is Mondial Assistance (Asia) Pte. Ltd of Office Suite 19-17-1, Level 17 UOA Center, No 19 Jalan Pinang, 50450 Kuala Lumpur and has been appointed to administer all emergency assistance services of this takaful. You may contact them at +603 2163 4568 in an emergency 24 hours a day, 7 days a week.
  • The Covered Person must be 21 years old and not more than 74 years old on the date the certificate was issued.
  • Cash before cover – The contribution due must be made and received by the Takaful Operator before cover commences. This plan is automatically null and void if this condition is not complied with.
  • Claims – Participant is to provide Takaful Operator with a written report, providing full details of any accident, within 30 days of return to Participant’s Home.
 
What are the major exclusions under this plan?

(a)  Where you have not followed the terms of your rental agreement.
(b)  Arising from the operation of the Rental Vehicle in violation of the terms of the rental or takaful agreement.
(c)  Where the claim with your car hire firm has been declined.
(d)  Where you don’t have a valid driving license to drive the vehicle in the travelling country.
(e)  If you are aged 20 and below, or 75 and above on the date your certificate was issued.
(f)  Relating to losses resulting from damage to: Windscreens, tyres and undercarriage, unless admitted and payable as a valid claim under the Rental Vehicle’s Motor Takaful or Insurance certificate.

Note: The list above is non-exhaustive. Please refer to the certificate contract for full detail of exclusions.

 
Can I cancel my certificate?

You may terminate your certificate by giving written notice to the takaful company. Termination shall become effective on the date the notice is received or on the date specified in such notice whichever is the later. However, refund of contributions that have been paid are non refundable.

 
What do I need to do if there are changes to my contact details?

If you intend to amend your certificate details, you must let us or Mondial Assistance know in writing before the collection of Your Covered vehicle. Such amendment becomes effective after it has been confirmed and recorded by us with issuance of a certificate endorsement and corresponding contribution changes, if applicable.

For more information :
Please contact HLM Takaful directly at:
 

Hong Leong MSIG Takaful Berhad
Level 5, Tower B, PJ City Development
No. 15A, Jalan 219, Seksyen 51A
46100 Petaling Jaya
Tel: 03-7650 1800
Fax: 03-7620 6730

 

Alternatively, you may contact:
 
For any General Enquiries call +603 2163 4568
Mon – Fri, 09:00 – 17:30 (Malaysia Time)
E-mail: fulfilment@mondial-assistance.com.my
 
For Claims Enquiries call +603 2163 4568
Mon – Fri, 09:00 – 17:30 (Malaysia Time)
E-mail: fulfilment@mondial-assistance.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