This Takaful Certificate provides coverage against liabilities to other parties for injury or death, damage to other parties’ property, and accidental or fire damage to your vehicle or theft of your vehicle.
10 in stock
Purchase Insurance 1) What is this product about? This Takaful Certificate provides coverage against liabilities to other parties for injury or death, damage to other parties’ property, and accidental or fire damage to your vehicle or theft of your vehicle.2) What are the Shariah concepts applicable? Tabarru’ – means donation for the purpose of solidarity and cooperation among the Takaful Participants and to be used to help Takaful Participants in times of misfortune. In the context of Takaful IKHLAS, Tabarru’ will be allocated into the Risk Fund. Wakalah – means agency. In this context, it refers to a contract between Company and the Takaful Participant where the Takaful Participant authorizes the Company to manage the fund on his/her behalf, which allows the Company to charge a Wakalah fee. Note: Please refer to the Takaful Certificate contract for more information.3) What are the covers / benefits provided? Loss or Damage to VehicleThe Company will cover the Takaful Participant’s Vehicle if it is damaged or lost in the following circumstances:-(a) by accidental collision or overturning(b) by collision or overturning caused by mechanical breakdown(c) by collision or overturning caused by wear and tear(d) by impact damage caused by falling objects provided no flood, typhoon, hurricane, storm, tempest, volcanic eruption, earthquake, landslide, landslip, subsidence or sinking of the soil/earth or other convulsion of nature is involved(e) by fire, explosion or lightning(f) by burglary, housebreaking or theft(g) by malicious act(h) when in transit (including its loading and unloading) by: i) road, rail, inland waterway ii) direct sea route across the straits between the island of Penang and the mainland. Liability to Third PartiesThe Company will pay the amount which the Takaful Participant or the Takaful Participant’s Authorised Driver are legally liable to pay (including claimants’ costs and expenses) for:(a) death or bodily injury to any person except those specifically excluded under Exclusions to Section B(b) damage to property as a result of an accident arising out of the use of the Takaful Participant’s Vehicle provided the Takaful Participant’s Authorised Driver also complies with all the terms and conditions of the Takaful Certificate that the Takaful Participant is subject to. Optional BenefitsOptional benefits that you may wish to extend the coverage by paying additional Takaful Contribution:(a) Strike, riot and civil commotion.(b) Windscreen, window or sunroof damage.(c) Damage arising from flood, typhoon, hurricane, storm, tempest, volcanic eruption, earthquake, landslide, landslip, subsidence or sinking of the soil/earth or other convulsion of nature is involved. (d) Passenger liability cover. (e) Vehicle Accessories as per Takaful Certificate Schedule.(f) Current year no-claim-discount relief. Duration of cover is for one year. You need to renew the Takaful Certificate annually. 4) How much Takaful contribution do I have to pay? The total Takaful Contribution that you have to pay may vary depending on the no-claim-discount (NCD) entitlement and the underwriting requirements such as age of vehicle, vehicle type and vehicle condition. For example: Standard cover : 1498cc RM 1,279.00 (Takaful Contributions for sum covered of RM40,000.00) NCD entitlement:25% RM319.75 Additional cover: RM120.00 (rate of 15% for windscreen sum covered of RM800) The estimated total Takaful Contribution that you have to pay is: RM 1,079.25 (exclusive of stamp duty). 5) What are the fees and charges that I have to pay? The following charges are applicable: What you have to pay in addition to the Takaful Contribution amount :-Service tax (if any) : 6% of Takaful Contribution (only applicable for company)-Stamp duty : RM10.00 What is included in the Takaful Contribution amount :-Wakalah Fees-Commissions : up to max. 10% of Takaful Contribution-Management Expenses : 15% of Takaful Contribution What you have to pay if you cancel the Takaful Certificate :-Cancellation Fee : RM10.00 Note: The charges imposed by Takaful IKHLAS may not include any future taxes (including the Goods and Services Tax (GST)). Upon implementation of the GST, Takaful IKHLAS has the right to recover from the Takaful Participant any taxes required by law. 6) What are some of the key terms and conditions that I should be aware of? Importance of Disclosure-You must disclose all material facts such as previous accidents and modification to engines. -It is fundamental and absolute condition of this Takaful Certificate that the full Takaful Contribution payable is received by the Company on or before the effective date of this Takaful Certificate. The Company shall not be liable upon this Takaful Certificate unless the said Takaful Contribution is paid on or before commencement of cover.-You are advised to pay the Takaful Contributions directly to us, either by cash, credit card or cheques (cheques should be made only in the name of the Company). Amount to be Covered-You must ensure that your vehicle is covered at the appropriate amount.-The excess all claims, is the amount of loss you have to bear if your vehicle is loss or damaged: RM (as per Takaful Certificate Schedule). -The compulsory excess is the amount of loss you have to bear if your vehicle is driven by a person not named in your Takaful Certificate: RM400. Surplus -The Company shall charge a Surplus Administration Charge (SAC) of 50% of the gross distributable surplus arising at the end of the financial year. However, the Company may at its discretion and where appropriate charge SAC less than 50% of the gross distributable surplus. Any net distributable surplus arising (after deducting the SAC) from the Risk Fund will be allocated in full (100%) to the Takaful Participant. If the amount due to Takaful Participant is less than RM10 per Certificate, the amount shall be retained in the Risk Fund. 7. What are the major exclusions under the Takaful certificate ?The company will not pay for :-consequential losses of any nature-the loss of use of the Takaful Participants’s vehicle-depreciation, wear and tear, rust and corrosion, mechanical or electrical or electronic breakdowns, equipment or computer malfunction, failures or breakages to the Takaful Participant’s Vehicle except breakage of windscreen, windows or sunroof including lamination/tinting film, if any. -damage to the Takaful Participants vehicle tyres unless the takaful participants vehicle is damage at the same time-any loss or damage caused by or attributed to the act of Cheating/Criminal Breach of Trust by any person within the meaning of the definition of the offence of Cheating/Criminal Breach of Trust set out in the Penal Code.-the excess stated in the Schedule-the failure or inability or any equipment or any computer program to recognize or correctly to interpret or process any date as the true or correct date or to continue to function correctly beyond that date -death or bodily injury to any passenger being carried for hire or reward. -any claims brought against any person in any country in courts outside Geographical Area.
- Store Name: BuyMalaysia
- Vendor: BuyMalaysia
ManagePay Marketing Sdn Bhd (523502-A)
Wisma MPSB, Lot 109-113, Jalan USJ21/10
- No ratings found yet!