The takaful and insurance benefits protected under the Takaful and Insurance Benefits Protection System (TIPS) and related limits are set out in Tables 1 and 2 below.
Table 1: Protected Benefits for Family Takaful and Life Insurance
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 by 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.
PIDM protects your deposits in the bank as well as your takaful and insurance benefits in the unlikely event of a failure of a member bank or a takaful operator / insurance company.