The Asian Banker Wednesday, 24 July 2024

CIMB Islamic Bank launches the first universal takaful Hajj product with Sun Life Malaysia Takaful

5 min read

KUALA LUMPUR - CIMB Islamic Bank today rolled out the latest addition to its stable of financial solutions, Takaful Suria. Developed exclusively by its bancatakaful partner, Sun Life Malaysia Takaful Berhad, Takaful Suria provides protection, savings and financial flexibility to assist Muslims in fulfilling their religious aspirations and obligations. Being an individual family takaful surplus sharing universal takaful plan, it is also the first universal takaful hajj product available in the market.

At the launch of Takaful Suria, Rafe Haneef, Chief Executive Officer of CIMB Islamic Bank said, “We are pleased to partner with Sun Life Malaysia Takaful to further add value to our customers through this exclusive innovative plan. As one of the five pillars of Islam, it is compulsory for every able-bodied Muslim who can afford to perform Hajj, to fulfill that at least once in his or her lifetime. With a journey this important, early and good planning is essential to ensure one is prepared mentally, spiritually and more importantly, financially to achieve the ultimate destination. Hence, taking up Takaful Suria will be one wise decision our customer can make.”

Muhammad Fikri Mohamad Rawi, Sun Life Malaysia Takaful’s Chief Executive Officer added, “It has always been Sun Life Malaysia Takaful’s vision to offer lifetime financial security to Malaysians and with Takaful Suria, we are able to provide that assurance on top of complementing the Bank’s customer’s preparation for one of the most important religious aspirations in their lives. We see this as one way for us to deliver more value through products that let customers enjoy peace of mind while financially enabling them to plan for the important milestones in life.”

In terms of savings and financial flexibility, this innovative product provides the person covered a lump sum of RM1,500 Special Payout after the third contract year to set up a Tabung Haji account or to top up existing savings. It also comes with a Final Benefit where the value of the universal account will be paid at the end of the contract term to further ensure financial preparedness to perform Hajj or to be used to fulfil other future financial needs.

As for protection, Takaful Suria doubles the basic benefit which is payable in the event of death, total and permanent disability while performing Hajj/Umrah. This benefit also means in the unfortunate possibility of the person covered encountering the unexpected during Hajj/Umrah, his/her loved ones will be protected financially. On top of it, funeral expenses of RM3,000 are provided in the event of death for funeral arrangement.

To further assist CIMB Bank customers in realising their Hajj goal, the product included the Badal Hajj service where if the person covered is unable to physically embark on this important journey due to death, total and permanent disability or on diagnosis of any one of the 36 critical illnesses, a registered Hajj service provider appointed by Sun Life Malaysia Takaful will help them fulfil the obligation.

Takaful Suria is now available at all CIMB Bank and CIMB Islamic Bank branches nationwide.

Re-disseminated by The Asian Banker

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