Insurance

Family takaful What is family takaful? Family takaful provides you with both a protection policy and long-term savings for your peace of mind. You or your beneficiary will be provided with financial benefits if you suffer a tragedy. At the same time, you will enjoy an investment return because part of your contribution will be deposited in an account for the purpose of savings. You have a choice of maturity periods and there is no forfeiture in the event of cancellation. You are also entitled to personal tax relief when you participate in family takaful. Salient features of famlily takaful Open to all individuals aged 18 to 55 years A choice of maturity periods No forfeiture in event of cancellation Facility for part-withdrawal Surplus sharing with takaful operator Provide long-term savings and investment Basic type of family takaful Ordinary family 1)Individual family takaful The plans include education, mortgage, health and riders. You and your benefi

child education policy What is child education policy? The child education policy is a life insurance product specially designed as a savings tool to provide an amount of money when your child reaches the age for entry into college (18 years and above). The funds can be used to pay for your child's higher education expenses. Under this policy, the child is the life assured, while the parent/legal guardian is the policy owner. If you opt for a pay or benefit rider, the education policy also provides assurance that, in the event of the policy owner's untimely demise, the child will have access to the funds to help finance his or her studies. Why do you need a child education policy? The cost of higher education is increasing. The need for access to higher education and the cost will put a financial strain on you and your family. That is why it is important to start planning for your child's education as soon as possible, because the earlier you begin, the

Life insurance What is life insurane? Buying life insurance for you and your loved ones helps provide some financial security in times of hardship. The money from your policy will be paid to your loved ones when you pass away or to you should you suffer a total and permanent disability or loss. Can I get income tax relief from life insurance? Yes, You can claim for tax relief of up to a maximum amount of RM6,000 per year for an ordinary life policy. This is inclusive of any contributions you have paid to an approved retirement benefit scheme such as the Employees Provident Fund or other pension scheme. Why I should buy life insurance? To ensure that your immediate family has some financial support after your demise To finance your children’s education To have a savings plan for the future so that you have a constant source of income after retirement To ensure that you have extra income when your earnings are reduced due to serious illness or accident

investment-linked insurance What is investment-linked insurance? An investment-linked insurance plan is a life insurance that combines investment and protection. Your premiums provide not only a life insurance cover, but part of the premiums will also be invested in specific investment funds of your choice. You get to choose how to allocate your insurance premiums towards protection and investment. Why I should buy investment-linked insurance? You want the flexibility to choose your own level of protection and investment You wish to vary the amount of your premium payments or coverage based on your own personal financial situation. You have the flexibility to choose the type of funds based on your risk aptitude You want a savings plan to maintain your standard of living after retirement. The basic type of investment-linked insurance plans 1)Single-premium plan A single premium-plan features a single lump-sum premium payment, so you don’t have to wo

Retirement Annuity What is retirement annuity? A retirement annuity is a contract by which an insurance company agrees to provide you with a stream of income during your retirement years. Generally, a retiree may need about 60% of his/her last drawn salary to maintain his/her existing standard of living during retirement. The Employees Providence Fund (EPF) contribution can be an important source of retirement income, but a study by EPF also showed that majority of contributors spent all their savings within three years of withdrawal upon retirement. Retirement annuities ensure that you are taken care of for the rest of your life saving for an annuity It is advisable to start saving as early as possible during your working years to build enough funds to provide you with a worthwhile income when you retire. However, should you have a savings arrangement that enables you to do so, it is still possible to purchase an immediate annuity upon your retirement. Alternativel