- Wakalah
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 takaful plans.
- Tabarru’
This is the net of contribution after the deduction of the wakalah fee and will be allocated into the PIF. The tabarru’ amount is deducted monthly from your PIF and allocated into the PRF. The tabarru’ amount increases as you grow older.
- Qardh
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.
This plan is available to individual entry aged from 18 years old up to 65 age next birthday.
You may choose coverage term either 20 years, 30 years or full term (up to age 80 years old).
Your contribution will depend on your entry age, gender and basic sum covered that you choose. Your contribution amount is level throughout the certificate term. However, we reserve the right to revise your contribution at any time by giving ninety (90) days written notice in advance.
Yes, there are three (3) years of waiting period will be imposed for non-Accidental death/TPD. During such event, we will refund the total Contribution paid. However, the coverage for accidental causes will start immediately from the Commencement Date. This conditions also applicable to funeral benefit.
If there is a break in takaful coverage due to lapsation or reinstatement, the waiting period shall not be affected and shall resume from the commencement date.
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.