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File name Project Document Version
: Product Spec : Mustika : 1.9
Author Date Saved Status
: TEL :15-12-10 :
Page 1 of 9
0 GENERAL INFORMATION 1.1.0 PRODUCT INFORMATION 2.2 Distribution Channel Agency 2. the profit will be shared based on an 90%:10% basis between Participant and Takaful Operator. The plan comes with Annual Cash Payment for the first 10 Certificate years with the following percentage: Certificate Year 1 2 – 10 years Cash Payment (% of Annual Contribution) 10% 6% 2.4 Basis of Contract This plan applies Tabarru' concept.1 1. Any surplus arising from Tabarru’ Fund (PSA) for this plan at the end of each financial year will be distributed on 20:80 basis between Takaful Operator and the Participant.year Limited pay Endowment plan with 20 years coverage for Life and TPD. File name Project Document Version : Product Spec : Mustika : 1.4 Introduction Target Market Product Proposition Selling Proposition Please refer the Brand Alignment Paper for the above information. respectively.9 Author Date Saved Status : TEL :15-12-10 : Page 2 of 9 .2 1.1 Marketing Name MUSTIKA 2. whereby the Participant agree to donate or contribute a specified portion from the contribution paid to the Participant Special Account (Tabarru' Fund) for the purpose of mutual aid and assistance to the Participant in case of need. The balance of 80% will be accumulated and payable to the Participant upon maturity. 2. PA Mudharabah This plan also applies Mudharabah concept.3 Product Overview This is a 6. Takaful Operator receives 20% of surplus as an incentive for operating and for being responsible for the management of Tabarru’ Fund.3 1. If the Fund is profitable. whereby the Participant (act as capital provider) provides the contribution to the Takaful Operator (acts as entrepreneur) to manage the Takaful PA Fund.
PA fund will be payable to the participant. The contract shall terminate immediately after the Terminal Illness payment.5. The amount payable is equivalent to the amount of SC plus the accumulated value in Participant’s Account (SC + PA Fund).5. Surrender Benefit Upon early surrender.5.7 Maturity Benefit On survival of the Participant at the end of the contract.9 Author Date Saved Status : TEL :15-12-10 : Page 3 of 9 .5..4 Funeral Expense Benefit N/A Interim Cover Accidental death only. There is a surrender charge of RM15 per case for the first 2 contract years. Note: Total TPD coverage subject to a cap of RM2million No TPD benefit shall be payable after age 65 years old.5 Description of Benefit 2.5. The diagnosis must be supported by written confirmation from the appropriate specialist and confirmed by the Company’s appointed doctor.2 • • • • 2. total of Sum Covered (SC) is payable in one lump sum. total of Sum Covered (SC) is payable in one lump sum. 2.3 Terminal Illness Benefits Upon diagnosis of the Terminal Illness during the coverage period. The participant must no longer be receiving active treatment other than that for pain relief. Definition of Terminal Illness The conclusive diagnosis of a condition that is expected to result in death of the Life Participant within 12 months. The contract shall terminate immediately after the TPD payment. 2.1 Death (all causes) Upon Death of the participant during the coverage period due to Natural or Accidental causes.5 2. The amount payable is equivalent to the amount of SC plus accumulated value in Participant’s Account (SC + PA Fund) Total Permanent Disability (TPD) (all causes) In the event of TPD due to Natural or Accidental causes before age 65 years old. File name Project Document Version : Product Spec : Mustika : 1. The amount payable is equivalent to the amount of SC plus the accumulated value in Participant’s Account (SC + PA Fund). For Sum Covered more than RM1 million.5. the Sum Covered (benefit) will be payable in one lump sum.2.6 2. the accumulated value in Participant’s Account plus Participant Accumulated Surplus (if any) will be payable. the remaining sum covered will be payable ONE year later (after the first payment) in one lump sum. (between contribution payment date and certificate date). subject to RM 1 million per life limit.5. 2.
1. For other Contribution Payment Mode The annual cash payment commences at the end of each certificate year.0 UNDERWRITING RULES 3.1 3. with 10% for the first year and 6% for the next 9 years (percentage of the Annual Contribution).2 Period of Takaful Fixed period of 20 years.4 Contribution Term Regular contribution is payable for the first 6 years only.2. subject to full contribution received for the respective certificate year.1.1.4 3 Party Person Covered Certificate Owner Certificate Term Maturity Age rd : Yes – Spouse & Child : Minimum entry age: : 20 years : Maximum 80 years 19 3.9 Author Date Saved Status : TEL :15-12-10 : Page 4 of 9 .2 Age Definition Person Covered : Age Next Birthday (ANB) : Minimum entry age: Maximum entry age: 14 days 60 years 3. within 6 weeks after the cooling off period (for first year) or after the contribution date (subsequent years). 3.1.3 Sum Covered Min Sum Covered = Subject to min annual contribution of RM6. 3.5 3.3 18.104.22.168 Attachable Rider (optional) Waiver of Contribution Rider Term of Rider = 6 years Maximum entry age for Waiver of Contribution Rider = 55 years old Maximum expiry age = (55 + 6 years) = 61 years old File name Project Document Version : Product Spec : Mustika : 1.1 Eligibility Rules 3. 3.5.6 3.8 Annual Cash Payment The annual Cash Payment is payable for the first 10 years only. For Annual Contribution Payment Mode The annual Cash Payment is payable at the beginning of each certificate year.000 Maximum Sum Covered = subject to underwriting Refer Appendix A for the Medical Underwriting Table 3.
9.3 22.214.171.124 File name Project Document Version : Product Spec : Mustika : 1.9 Author Date Saved Status : TEL :15-12-10 : Page 5 of 9 . Exclusions • Similar to existing terms of other individual Takaful plans and in accordance to Shariah Guidelines.2 Bank • • Auto Debit Debit Card 126.96.36.199 Cancellation within Cooling off Period • Cooling Off Period commences for 15 days after the delivery date. commits suicide.9.3 3. the Amount Payable to participant at termination of Certificate = Total Contributions already paid under the Certificate – Medical report (if any). Large Sum Covered Discount • N/A 3. while sane. Exclusions Exclusions on Death If the Participant.6 Contribution Split Cert Year 1 2 3 4 thereafter PA 30% 45% 50% 60% 65% PSA 70% 55% 50% 40% 35% 3.2 3.1 3. If the Participant wishes to terminate the Certificate within the Cooling Off Period.2 Female Rates • Female will use the same contribution rate table as Male Non-Smoker Discount • There is no non-smoker discount. our liability shall be limited to the following Current Best Practice: 188.8.131.52.1 Direct • • Cash Cheque 3.7. Occupational/Health Loading • Yes.7 Difference in Contribution Rating 3.8 Type of Collection allowed 3.9 Other Rules 3. subject to underwriting.
profession or hobby or as crew member therein or whilst engaged in parachuting or skydiving or in any other aerial activities other than from a military or police aircraft except as a pilot or crew member or passenger on a military or police aircraft on its official and authorized flights or a pilot or crew member or a fare paying passenger on a regularly scheduled flight of a commercial airline. Acquired immune deficiency syndrome (AIDS) and any AIDS related conditions. 3. operating or servicing any aerial device or aircraft for the purpose of any trade. nuclear weapons material or radioactive contamination.9. whichever is the later. Suicide or attempted suicide (whether feloniously or not) or self-inflicted injury (while sane or insane) or indulgence in alcohol narcotics or drugs or whilst insane or by any sexually transmitted disease. 5. • payment of sixty percent (60%) of the Sum Covered if suicide is committed after one (1) year from the Issue Date or any Reinstatement Date of the Certificate. If the Disability existed on the date of issue of the Contract or at the date of reinstatement.9 Author Date Saved Status : TEL :15-12-10 : Page 6 of 9 . Whilst engaged in criminal or illegal activities or arising from any provoked assault. 7. • Exclusions on TPD The Benefit under this Endorsement shall not be payable if the Disability occurred or was caused directly or indirectly from any of the following causes: 1. 3. or 8. Nuclear fission. 6. 2.refund of the Contribution made if suicide is committed within one (1) year from the Issue Date or any Reinstatement Date of the Certificate. Water skiing or any underwater activity necessitating the use of artificial breathing apparatus. or. War invasion act of foreign enemies hostilities (war be declared or not) or civil war mutiny civil commotions assuming the proportions of or amounting to a popular uprising insurrection rebellion military or usurped power or any act of any person acting on behalf or in connection with any organization actively directed toward the overthrow of any Government or ruling body by force terrorism or violence. Whilst engaged in flying.5 Lien A lien will apply should Death/TPD occur before age 5 years old of the person covered as follow: File name Project Document Version : Product Spec : Mustika : 1. 4.
0 AGENT COMMISSION As per the OCC Guidelines File name Project Document Version : Product Spec : Mustika : 1.000) on a per life basis.6 Amendments/ Changes Description Change Frequency of Contribution Rules Yes Effective from next due for new frequency of contribution payment Yes Effective from next due date.9 Author Date Saved Status : TEL :15-12-10 : Page 7 of 9 .000) Sum Covered on a per life basis. Meanwhile. as long as the balance in the PA is sufficient to make such payments 4.9. for increase Basic Sum covered (subject to underwriting). There will not be any Juvenile Lien applicable for the first Ringgit Malaysia Two Hundred Thousand (RM200. it is allowed within 6 months and effective from the Certificate Commencement Date Change of Sum Covered 3.7 Non-Forfeiture options Description Cash Surrender Value Reduced Paid-Up Value Yes CSV plus Participant Account (PA) No Yes Automatic Contribution Loan The amount in PA is used to pay for the PSA charges in order to keep the contract in-force.Age At Death/TPD 1 2 3 4 5 Percentage of Sum Covered Payable 20 40 60 80 100 Notwithstanding the Percentage of Benefits Payable as shown in the above proportion.9. this Juvenile Lien shall only be applicable to the certificates with the total Sum Covered of above Ringgit Malaysia Two Hundred Thousand (RM200. 3.
001 to 1.9 A ut or h e D at S aved s :T E L : 5-12-10 1 Statu : 9 Page 8 of .500.000 400.001 to 500.000 250.0001 t0 200.000 100.000.35 A A A A A B+C+E+F B+C+E+F 36 .45 A A A A B+C+D B+C+D+E+F 46-50 A A A B+C+D B+C+D B+C+D+E+F 51-60 A B B B+C+D B+C+D B+C+D+E+F >60 B B B B+C+D B+C+D B+C+E+F+G+H+I B+C+E+F+G+H+I B+C+E+F+G+H+I A : Non-medical B: Medical Examination C: FEME (Fluid and microscopic examination) F i e nam e l P roj ct e Document Version :P roduct S pec : M ust k a i : 1.001 to 250.15 A A B+I+J B+I+J NA NA NA NA 16 .001 to 400.Appendix A MEDICAL UNDERWRITING TABLE TOTAL SUM ASSURED (RM) Up to 100.40 A A A A A B+C+D+E+F AGE NEXT BIRTHDAY 41 .000.000 200.500.001 to 1.000 500.000 1.000 Above 1.000 0 .
HbA1c is required). full blood count. Hepatitis B screening (Hb(e) Antigen is needed if Hb(s)Ag Positive). creatinine and urea.9 Author Date Saved Status : TEL :15-12-10 : Page 9 of 9 . fasting blood sugar (if >normal limit. SGPT and Gamma GT. SGOT. F : HIV Test G : Chest X-ray with report H : Treadmill Electrocardiogram I : Attending Physician's Statement J : Child Health Book File name Project Document Version : Product Spec : Mustika : 1.D: Electrocardiogram (Resting) with report E : Blood profile that includes Fasting blood lipids profile.
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