This plan applies the wakalah (agency) concept, where all Certificate Holders appoint AmMetLife Takaful as a wakeel (agent) to act on their behalf to invest and manage the Participant Investment Fund (“PIF”) and Participants Risk Fund (“PRF”). AmMetLife Takaful is entitled to a wakalah fee for managing and investing the funds.
This plan applies the tabarru’ concept, where all certificate holders agree to donate a specified portion from the PIF into the PRF for the purpose of mutual aid and assistance to all certificate holders in times of misfortune.
This is an interest-free loan from AmMetLife Takaful in the event that the PRF is in deficit. The loan will be paid from the future surplus arising from the PRF.
Visiting Baitullah Al Haram (the Holy Kaabah) in Mecca in the months of Hajj pilgrimage to perform the specific rites according to the terms and conditions.
Visiting Baitullah Al Haram (the Holy Kaabah) in Mecca at any time to perform the specific rites according to the terms and conditions.
Performing Hajj (pilgrimage to Mecca) on behalf of those who is unable to perform Hajj due to certain barriers such as sickness, death, old before fulfilling the Hajj obligation.
A voluntary, permanent, irrevocable dedication of a person’s wealth or a portion of it for religious, educational or charitable cause.
A percentage of the contribution will be charged to cover for management expenses and direct commissions, as follows:
Certificate Year Wakalah Fee (%)
7 and above 10%
If the contribution term is less than 20 years, the above Wakalah Fee will be at lower rates.
Monthly tabarru’ (donations) deducted from the PIF depending on your age, gender and sum covered.
Monthly Service Fee
Monthly Service Fee - A monthly service fee of RM6 will be deducted from your PIF.
Surrender fee of :
The surrender fee that will be charged upon surrender of the certificate is RM100 or 10% of PIF value, whichever is lower.
In the event of the participant’s death/TPD prior to attaining the age of four years, the sum covered payable under the certificate shall be as follows:
Age at death% of Sum Covered Payable
4 and above 100%
Partial withdrawal from the PIF is allowed subject to:
- Minimum amount for Partial Withdrawal is RM1,000; and
- The minimum balance in PIF after withdrawal must be RM2,000.
Pre-existing illness and conditions means any medical conditions, which have been diagnosed or have required medical treatment prior to the commencement date of this takaful coverage, regardless of whether treatment was actually received.