What is the Prudential BSN Takaful Protect all about?
The Prudential BSN Takaful Protect or PruBSN Protect is a Shariah Compliant, Term-life Takaful insurance product that provides financial continuance for you and your loved ones to carry on even if you’re no longer with them, or your ability to earn an income has stopped due to old age or illness.
Why should I get the PruBSN Protect?
PruBSN Protect offers you financial protection for your family, you and against inflation. If you were to lose your life, PruBSN Protect provides your family with cash so they can continue to live their lives with a bit more comfort. If you were to lose your ability to earn an income due to total and permanent disability, PruBSN Protect provides you with cash to help you cope with life.
If you choose to upgrade to PruBSN ProtectPlus, your sum covered is also protected against inflation by increasing your sum covered by 5% every 3 years throughout the duration of your certificate.
Am I eligible for the PruBSN Protect policy?
Anyone between the age of 14 days to 65 years old can take up the PruBSN Protect plan. You can also choose to protect your children from as young as 2 weeks old.
How long will my coverage last?
There is a 5 years’ minimum term of coverage, and the expiry age is up to 80 years old.
How much do I have to pay for this plan?
For you to receive the benefits of this Takaful plan, your minimum monthly contribution is RM20, but your actual contribution amount will depend on your age, health status, occupation, gender, the amount and duration of coverage, as well as your payment method and frequency. If you can afford it, it is always a good idea to make the contribution on a yearly basis.
Are there any other fees or charges that I should know about?
The PruBSN Protect is based on the Wakalah Bil Ajr” model, where the takaful company places your contribution into your account after deducting a “wakalah charge, which is similar to a fixed commission fee. The fees start from 75% in the 1st year down to 20% for the 6th year. From the 7th year onwards, the wakalah charge is 0%, which means your entire contribution goes straight into your account without any deduction.
Are there any other benefits I’ll receive from this plan?
Based on Mudharabah principles, any investment profits earned by the company will be shared between you and the takaful company. 80% of the investment profit will be placed back into your Individual Special Account, while the remaining 20% will be kept by the takaful company.
You are also entitled to at least 50% of any distributable surplus on a yearly basis. The remaining balance will be shared with the takaful company as incentive for managing the Tabarru’ fund.