Shariah-Compliant Life Coverage

To adhere to Islamic laws and maintain Shariah compliance, it's essential to consider a different approach to covering an individual's life, especially considering the challenges faced by the surviving family members of the deceased.

Group Family Takaful

Group Family Takaful is a product meticulously designed and developed to provide life cover. It offers a benefit to dependents in the unfortunate event of the covered person's passing. This product allows organizations to nominate specific groups of individuals for extended coverage.

Eligibility

To align with Islamic principles and Shariah compliance, a unique approach is required for life coverage. The basic Takaful Plan is suitable for company employees, institution customers, Muezzins, Imams, and community workers in general.

Product Design

Covers employees or members up to the age of 65 under a single agreement.

One agreement (certificate) is issued in the name of the company/organization.

Coverage is available at a flat sum of either R25,000 or R50,000.

Individual coverage does not necessitate medical underwriting, though a simple medical questionnaire may be required based on age or underlying conditions.

Certain standard exclusions apply.

Benefits

The nominated beneficiaries of the deceased receive a financial benefit upon the covered person's demise.

Provides financial security for a specified duration.

The financial benefit is generated in accordance with Shariah law.

The death sum covered is paid out through claims within a specified timeframe and upon receipt of documentation from the employer or institution.