Group Family Takaful is a risk coverage plan that provides protection to participant’s employees in the event of death or disability, so that a multiple of that employee’s yearly salary can be paid to his/her family or dependents to ease their financial burden. The basic coverage can also be enhanced by adding coverage of risks that are arising out of a natural calamity or by unpredictable accidents.
The Plan is either contributory or sponsored by the employer/company as a yearly renewable agreement. The benefit provides payment of the agreed coverage amount in the event of death, due to any cause, of an employee of the participant.
Along with this plan, employees can be provided with any of the following additional coverage
Accidents are always sudden and sometimes fatal. You can’t lessen the emotional shock, but you can certainly soften the financial one. Group Accidental Death Family Takaful Benefit gives the loved ones something to start with after the permanent loss of income by paying an additional coverage amount.
Accidents are unpredictable and so are the consequences. They may lead to a disability which is partial but permanent. This benefit provides a financial cushion against such events; the participant gets a particular amount in case of an eventuality as per the specified schedule.
An accident can be the cause of a disability which is permanent and total. This benefit provides a financial cushion in such situations to a participant where he/she is unable to earn his living. The permanent disability payouts are a percentage, according to a specified schedule, or the full amount of coverage to the participant according to the nature of loss.
In a situation where the participant is fortunate enough to escape from a major injury of a permanent nature and is temporarily disabled for a short period in an accident, the benefit will cover for the loss of wages in the shape of a weekly payment of an agreed amount during the whole period of disability, till the time he regains health and resumes work.
Health is a gift of Allah, but it’s unpredictable when one will be deprived of this blessing. The benefit provides coverage to a participant if he becomes permanently and totally disabled due to natural causes after which he is unable to perform his duty for which he is trained or experienced. This benefit provides payment of the whole sum covered.
If a participant suffers an injury due to an accident, this benefit will cover the medical expense, up to a specified amount, during the period of hospitalization and or medical treatment.
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This is a Family Takaful product which has two distinct elements i.e., financial protection and investment. The investment component is linked to the performance of underlying assets under unit linked fund(s)
