 |
Coverage |
|
| |
 |
The takaful and insurance benefits protected under TIPS and related limits are set out in Tables 1 and 2 below.
Table 1: Protected Benefits for Family Solidarity Takaful and Life Insurance
|
TABLE 1
|
|
FAMILY SOLIDARITY TAKAFUL/LIFE INSURANCE
|
| Benefits Protected |
Maximum Limit (Individual or Group Policies/Plans) |
| Death and related benefits |
RM500,000 |
| Permanent disability |
RM500,000 |
| Critical illness |
RM500,000 |
| Maturity value (excluding unit portion of investment-linked policies) |
RM500,000 |
| Surrender value |
RM500,000 |
| Accumulated cash dividends |
RM500,000 |
| Disability income |
RM10,000 per month |
| Annuity income |
RM10,000 per month |
| Medical expenses |
100% of expenses incurred |
| Refundable prepaid premiums |
100% of amount prepaid |
Table 2: Protected Benefits for General Takaful and General Insurance
|
TABLE 2
|
|
GENERAL TAKAFUL/INSURANCE
|
| Benefits Protected |
Maximum Limit (Policies/Plans) |
Loss of or damage to property in relation to:
- an immovable property located in Malaysia
- a motor vehicle registered in Malaysia or a foreign registered vehicle insured to drive in Malaysia
- a ship, aircraft or other movable property insured by a citizen or qualified person1
|
|
| Death and related benefits |
RM500,000 |
| Permanent disability |
RM500,000 |
| Critical illness |
RM500,000 |
| Disability income |
RM10,000 per month |
| Medical expenses |
100% of expenses incurred |
In relation to indemnification against claims by a third party:
- loss of or damage to eligible third party immovable or movable property
- death and related benefits
- permanent disability
- illness or bodily injury
- disability income
- medical expenses
|
- RM500,000 per property
- RM500,000
- RM500,000
- RM500,000
- RM10,000 per month
- 100% of expenses incurred
|
| Refundable prepaid premiums |
100% of amount prepaid |
To be eligible for protection under TIPS, the takaful certificate or insurance policy must be issued in Malaysia by an insurer member and be denominated in Ringgit Malaysia. Any claims of certificate or policy owners will be subject to the conditions and limits specified in their takaful or policy contracts.
1Qualified person includes resident, corporation, statutory body, local authority, embassy, the Government or any State Government, society, trade union, cooperative society, partnership or any other body, organisation, association or group of persons, whether incorporated or unincorporated, in Malaysia.
|
|
|
| |
|
|
|
|
|