What is MAA Takaful Term 80?
The Takaful Term 80 is a term life protection policy by MAA Takaful that gives you added coverage and financial security for your loved ones upon your death or total and permanent disability.
What's special about this term-life takaful policy is that you're also required to contribute a portion of your takaful payments, known as Wakalah fees, to a Shariah compliant investment account which will add-on to your basic sum assured.
What do I need to know about my Wakalah fees?
As an Islamic Takaful provider, MAA Takaful operates under the Syariah principle of Tabarru. Your monthly donations of Tabarru will be divided into two funds, the Participant Risk Investment Account (PRIA) and your Participant Investment Account (PIA).
Donations in your PRIA account will go towards your personal coverage, while MAA Takaful Berhad will act as an agent to invest the donations in your PIA account. Any surplus from these investments, which is performed in accordance with Shariah law, will be shared between you and MAA Takaful split down the middle at a 50:50 ratio.
How about the main coverage for death and total and permanent disability?
The basic Takaful Term 80 plan provides guaranteed lump-sum payment coverage for death and total and permanent disability to your loved ones. To add to that, you or your family will also be able to claim maturity benefits from your PIA account.
Can I pay for extra coverage?
If you’d like to get additional coverage on your Takaful Term 80 you can choose from a selection of riders specially designed by MAA Takaful for that added peace of mind.
Whether if you're simply looking to increase cash claims in the event of death and permanent disability, additional coverage for critical illness, hospital benefits, or even cash for funeral expenses, MAA Takaful will be ready to provide.
How do I qualify for this takaful policy?
This term life takaful policy by MAA Takaful is offered to anyone from the age of 30 days to 70 years. The minimum coverage term for new applicants is 5 years, while the maximum term limit is until you reach 80 years old.
What happens if I’m late with my payments?
You’ll be given a grace period of 31 days after the due date to make your monthly donations. Otherwise, your Tabarru costs will be automatically deducted from your Participant Investment Account (PIA) to your Participant Risk Investment Account (PRIA).
Your Takaful certificate will become invalid once your PIA funds becomes insufficient to pay for your monthly donations. To reinstate your Takaful plan, you will be required to pay a small fee of RM50.