Rain or shine, your house and personal belongings deserve adequate protection against untoward incidences that could be detrimental to your money and savings!
What is CIMB Houseowners and Householders Takaful about?
CIMB Houseowners and Householders Takaful is a Shariah-compliant home insurance plan based on the Wakalah contract, underwritten by Sun Life Malaysia Takaful Berhad, for your home protection needs.
Divided into 3 Sections: Home, Contents and Other Contingencies, this Islamic home insurance provides complete coverage for your buildings and the contents within.
What are the key covers of CIMB Houseowners and Householders Takaful?
You will be indemnified for loss and damage occurred to your house and its contents due to named perils, ranging from natural disasters to freak accidents and theft. You can find out more on the product disclosure sheet.
The duration for this home Takaful policy is 1 year and it is renewable.
How much premium do I have to pay?
Your total home Takaful contribution will depend on the sum insured, construction class of the property and additional covers.
The total home Takaful contribution is also subject to a Wakalah Fee of 60% of the annual contribution, which is inclusive of the 15% commission paid to the Takaful agent.
In addition, you will also need to pay for a Stamp Duty of RM10 and a 6% GST, where applicable. The premium charged follows the standard minimum rate in accordance with the Malaysia Fire Insurance Tariff.
How much should I insure my home and valuable contents?
The rules of thumb to purchasing the right home Takaful plan is knowing the appropriate amount to insure your house and personal belongings. It is worth noting that you should always cover your house based on the market value of your property at the time of loss and damage.
In other words, your total sum insured should correspond to the cost of rebuilding of your house and replacing its contents. You may also select to insure your property based on the Market Value (equivalent to the depreciated value of lost/damaged items) or Reinstatement Value basis.
Always check with your Takaful agent regarding this matter to avoid being underinsured or paying too much.
Can I cancel my home Takaful policy?
Yes, you may cancel your home Takaful policy. However, prior to cancellation, you should notify Sun Life Malaysia Takaful Berhad by way of a written notice. Upon cancellation, you will receive a partial refund of the premium provided of which you have not made any claim during the coverage period.