What is MAA Takaful Group Term Takaful?
This is basically an annual renewable family takaful product which is designed to provide protection for a group of people under one Master Certificate. Group Term Takaful responds upon death or total and permanent disablement
from any cause, including illnesses, diseases and accidental causes.
Why purchase Group Term Takaful?
There are numerous reasons why you should purchase Group Term Takaful:
- The cost is lower compared to having to cover the group of people individually as it lessens the administration work associated with Group Term Takaful.
- It helps to attract and retain employees or members.
- It provides high protection covers to key personnel in the organisation or ‘privilege’ members at relatively low cost.
- Contribution paid may be treated as an expense for tax deduction purpose.
What does MAA Takaful – Group Term Takaful offer?
If offers the following coverages:
- Death Benefit – A total of sum covered will be payable in one lump sum to Grantee in the event of death of the participant within the term of the certificate.
- Total Permanent Disablement (TPD) Benefit – A total of sum covered will be payable in one lump sum to Grantee in the event of a death of the participant within the term of the certificate.
- Group Critical Illness Coverage is also extended with an additional contribution.
How to participate in this Plan?
- Minimum Applicants: 20
- Age Requirements
- Minimum Entry Age: 16 years old
- Maximum Age: 69 years old
- Renewal annually, up to age 70
- Types of Group Applicants:
- Employees of an organisation
- Members of an association, club or union
- The group of persons for whom the Takaful arrangement is constructed
should have been formed for reasons other than the purchase of Takaful.
- Information Required:
- Company Name
- Nature of Company / Association / Club Business
- Name of Staff / Members
- ID or I/C No
- Date of Birth
- Sum Covered
Quotations were based on the proposal data submitted to MAA Takaful Berhad. Final contribution rates will be determined on the basis of actual composition of the group persons who become covered under the plan.