Takaful Mumtaz
Takaful Mumtaz Plan - Annual Cash Back Plan
At Zurich Malaysia, we understand that life can throw us with curve balls that can get in the way. That is why we have designed Takaful Mumtaz – a limited short-term contribution protection and savings plan that offers long-term benefits for over 16 years. This Shariah-compliant plan rewards you with Annual Cash Back while providing you with increased protection to safeguard against life’s uncertainties.
The process to apply for Zurich Takaful Mumtaz is also hassle-free as there is no requirement for medical examination and lengthy health questionnaires. As a result, your application will be accepted when you decide to participate in it. Additionally, Takaful Mumtaz offers financial protection against untimely demise and/or Total and Permanent Disability (TPD) too.
Takaful Mumtaz Product Features and Benefits
Hassle-free Application
With no medical examination and no lengthy health questionnaires, Takaful Mumtaz is hassle-free and you won’t be turned down because of your health.
Protection Made Simple
Takaful Mumtaz offers a simplified way for you to calculate your level of protection based on your contribution. The Annual Contribution goes by the number of selected units, where 1 unit is equivalent to an Annual Contribution of RM1,000.
| ENTRY AGE (LAST BIRTHDAY) | BASIC SUM COVERED PER UNIT (RM) |
|---|---|
| 0 - 50 years | 5,000 |
| 51 - 55 years | 4,000 |
| 56 - 60 years | 3,000 |
Increasing Protection with Additional Sum Covered
We can’t predict the future but we can certainly plan for it. With Takaful Mumtaz, you can put your worries to rest as the plan provides increasing protection against untimely demise or Total and Permanent Disability (TPD).
| CERTIFICATE YEAR | % OF BASIC SUM COVERED |
|---|---|
| NON-ACCIDENTAL DEATH / TPD BENEFIT | |
| 1 to 2 | Refund of Contribution Made less Cash Back Paid |
| 3 to 5 | 100% |
| 6 to 10 | 125% |
| 11 to 15 | 150% |
| 16 | 200% |
| CERTIFICATE YEAR | % OF BASIC SUM COVERED |
|---|---|
| ACCIDENTAL DEATH / TPD BENEFIT | |
| 1 to 5 | 100% |
| 6 to 10 | 150% |
| 11 to 15 | 200% |
| 16 | 300% |
Increasing Annual Cash Back
With Takaful Mumtaz, you will receive a generous Annual Cash Back, which can be used to fund your immediate or future needs. And best of all, the amount of Annual Cash Back increases over the certificate term.
| END OF CERTIFICATE YEAR | % OF ANNUAL CONTRIBUTION |
| 1 to 8 (yearly) | 18% |
| 9 to 15 (yearly) | 38% |
| 16 (yearly) | 48% |
| TOTAL | 458% |
Short Contribution Term
Takaful Mumtaz is a smart plan that offers a relatively short contribution term of 8 years for a long term protection and savings over 16 years.
Zurich Takaful Mumtaz is a short-term contribution saving and protection plan that offers a myriad of benefits and ensures a hassle-free application process. In this plan, a participant can contribute funds (tabarru) for 8 years to enjoy 16 years of protection as well as Annual Cash Back benefits. It even provides protection against death / Total Permanent and Disability (TPD) and it also offers the Participant Investment Account (PIA) value upon maturity.
Note: This example is for illustrative purposes only.
Please speak to our Zurich Takaful Wealth Planner to obtain marketing illustration that is applicable to you.
This plan is available to individuals aged between 30 days old and 60 years old (age last birthday).
What is Takaful Mumtaz?
Takaful Mumtaz from Zurich Malaysia is an 8-year limited contribution protection and savings plan that provides a coverage term of 16 years. This Shariah-compliant plan even offers Annual Cash Back benefit as well as increasing protection against death / Total Permanent and Disability (TPD). Additionally, the participant may also receive Participant Investment Account (PIA) value upon maturity.
Does Takaful Mumtaz provide surplus sharing?
Surplus for the Zurich Takaful Mumtaz plan will be determined and declared, if any, at the end of each financial year. If you are eligible for the Surplus, we will credit the Surplus amount directly into your bank account.
What is not covered by Takaful Mumtaz?
Some of the events that are not covered under the Zurich Takaful Mumtaz plan are listed below. Please note that the list is not exhaustive and reference should be made to comprehensive list in Product Disclosure Sheet and Takaful Certificate.
Death Benefit- This plan does not cover death due to suicide while sane or insane within 1 year from the Commencement date or Reinstatement date of this certificate, whichever is later.
Total Permanent Disability Benefit- This plan does not cover :
- Self-destruction or any attempt threat while sane or insane;
- Travel or flight in or on any type of aircraft except on a regular scheduled passenger flight of a commercial aircraft;
- Any activities of a military nature whilst being engaged in military service in time of declared or undeclared war whilst under orders for warlike operations or restoration of public order;
Accidental Death and Accidental TPD:
- Armed forces or police service in time of declared or undeclared war or while under orders for warlike operations or restoration of public order (except those personnel who are administration staff);
- Racing on horses or wheels;
- Participation in professional sports (including caving, potholing and bungee jumping).
What options do I have if I need a longer coverage term?
Upon maturity of your Zurich Takaful Mumtaz plan, you have the option of continuing your coverage with other selected Zurich plans without producing any health related evidence. This option must be exercised within 60 days from the maturity date of your Takaful Mumtaz certificate, for a Sum Covered no greater than the amount under the certificate; otherwise health evidence will be required.
Zurich Takaful operates under the principle of Wakalah, whereby the Takaful Operator acts as an agent to the Participant for managing the operations of the Takaful business. A Wakalah Fee will be charged up-front from the contributions made. Tabarru’ (donation) will be deducted to the Participant Risk Investment Account (PRIA), where it will be used for mutual aid and assistance, based on the concept of Takaful. The benefits are paid from the PRIA only upon a covered loss, and not upon maturity or surrender of the certificate. Surplus Sharing (if any) at the end of each financial year will be shared between the Participant, and Zurich Takaful at a 50:50 ratio. The investment profit earned on the Participant Investment Account (PIA) is derived from the return on underlying assets and Zurich Takaful charges a Wakalah Bi al-Istithmar Fee (Investment Agency Fee) for managing these assets. The investment risk in PIA is fully borne by the Participant. 100% of investment profit earned, net of tax, less the aforementioned Wakalah Bi al-Istithmar Fee, will remain in the PIA for the benefit of the Participant. There will be no further sharing of the investment profit arising in the PIA with Shareholders.
The benefits payable are protected by PIDM up to limits. Please refer to PIDM TIPS brochure or contact Zurich Takaful Malaysia Berhad or PIDM.