The Value Of Takaful Protection – Why It Matters To You

The Value Of Takaful Protection – Why It Matters To You

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Having the right Takaful plan is like getting added protection to safeguard you and your family in case something bad happens and you need income replacement, to pay for debts, or to cover medical costs.

If you are a Muslim, it also serves as a vehicle to fulfil your religious aspirations, in addition to providing Shariah-compliant protection benefits.

If you’ve always wondered what value Takaful protection plans offer you, then read on to find out why it matters and how finding the right Takaful plan doesn’t have to be complicated with Sun Life Malaysia.

Enjoy the best of both worlds with Takaful plans

With all the uncertainties in life, whether it’s losing a job or falling sick, having some form of financial security will go a long way in safeguarding you and your loved ones.

In today’s new normal, financial security will take more than just having emergency funds or savings. You need to have some form of financial planning to be able to take on unexpected situations in life.

This is where a Takaful plan comes in, as it provides protection and can also serve as a financial tool to protect your wealth. For Muslims, it also helps fulfil your religious aspirations.

“A family takaful plan is a versatile and easily accessible financial and risk management tool designed for people from all walks of life.”

“It helps you and your loved ones achieve financial freedom over the long run, at the same time, helping Muslims to achieve their religious aspirations,” said Raymond Lew, CEO and President/Country Head of Sun Life Malaysia.

The Advantages of Takaful Plans

Comparatively, other than normal coverage like life insurance, takaful protection has more distinct advantages:

  • Takaful is based on the Islamic concepts of cooperation (Ta’awun) and donation (Tabarru’) which promotes a caring spirit in the community.
  • Takaful fund is owned by the pool of takaful participants whereby the pooled funds will be used to protect each other in the event of misfortunes.
  • Takaful Operator acts as an agent (Wakeel) to manage the takaful plan.
  • All investments under Takaful are made to the shariah-compliant instruments.
  • Your loved ones will enjoy the takaful benefits immediately through nomination under the conditional hibah that will save them from lengthy inheritance procedures.

Sun Life Malaysia understands Takaful could be an effective financial planning tool to help one achieve both long-term financial security and religious aspirations. Not only it offers wealth and health protection for individuals and families, but also provides Muslims with the support to meet specific religious obligations (fulfilling Zakat, Hajj, Fidyah) as well as an opportunity to contribute to society beyond takaful participants through Waqf.

At Sun Life Malaysia, we want to ensure your loved ones will be taken care of and that is the reason why Sun Life Malaysia’s Takaful plans offer the industry’s first e-nomination feature, to ensure a peaceful transition of your wealth to your chosen beneficiaries upon passing.

Finding the right Takaful plan for you and your loved ones

Understanding the benefits and value of a Takaful plan is one thing but choosing the right plan for you and your loved ones is an entirely different situation. Especially if you want to have a plan that offers both savings and protection at the same time.

However, it does not mean that it must be complicated. If you follow the 5 steps that we’ve laid out below, you can easily narrow down your choices in finding a Takaful plan that suits your need.

Step 1: Figure out how much you can contribute comfortably

Before you can start a Takaful plan, you need to consider the amount that you can comfortably contribute every month. Getting a plan with a higher coverage is pointless if it’s beyond your income limit.

Step 2: Go for comprehensive coverage if you can

Finding the right rider to complement your coverage is recommended to ensure that you are protected from all sorts of risks. Try to go for a comprehensive coverage plan that provides hospitalisation and disability benefits.

Step 3: Find out what the payment structure is like

For Takaful plans, there are two types of payment structures – one that remains the same until the end of the term, and one that increases as you grow older. Depending on your financial situation and what you can afford, one type of contribution structure might suit you more than the other.

Step 4: What are the variables when it comes to contributions

When it comes to contribution variables, it can defer depending on certain factors. For example, if you’re young and healthy, you will pay less in contribution compared to someone older, smokes a lot, and have high-risk jobs.

Step 5: Explore different forms of investments

As Environmental, Social, and Governance (ESG) investments are starting to become more popular, you can explore these kinds of investments that are Shariah-compliant through Sun Life Malaysia with their investment options. Read more about Sun Life Malaysia’s Shariah-compliant investment-linked Takaful ESG Funds here

Secure your financial future with Sun Life Malaysia

A Takaful plan is essential for financial planning and security and Sun Life Malaysia wants to make the process of choosing one as easy as possible for you. Some of the Takaful plans that they offer include:

Sun Prime Link-i

A Takaful plan that maximises protection and investment in one go with flexible coverage amount, top-up feature and more.

Key Features:

  • Comprehensive and customisable Takaful coverage
  • Flexible contribution and coverage amount
  • Choice of investment-linked funds
  • Maturity benefits
  • Extention of Takaful coverage

Sun Legacy-i

Ensures that you leave behind financial security for your loved ones while preserving their current lifestyle. This plan helps you to protect your family members, even in memory.

Key Features:

  • Financial legacy support for your loved ones
  • Wasiat/will writing benefits
  • Zakat fulfilment
  • Flexible contribution and coverage terms
  • High non-medical limit
  • Maturity benefits

Want to learn about Takaful protection plans and Sun Life Malaysia? Head over to their page here for Takaful solutions and more!

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