i-Great Nova

Growing coverage to ensure a bright future that spans you and beyond

In all of life, there are important things you would want to protect. Go beyond the here and now, by ensuring your next of kin is left a legacy. i-Great Nova is an affordable high coverage family takaful plan, with a flexible coverage term that will help ensure your loved ones are well cared for, regardless of your phase in life.

What is hibah takaful?

Hibah takaful is a special concept in Islamic finance that aims to provide financial protection to individuals and their families while adhering to Islamic principles. It allows participants to pool their contributions to create a fund that offers protection in times of need. The unique aspect of hibah takaful lies in its basic concept of "hibah," which means a voluntary gift. This means that a portion of the family takaful benefits can be contributed to designated beneficiaries without any expectation of return, ensuring that the financial protection reaches those who need it most.

Importance of hibah takaful for your family

By participating in hibah takaful, you can ensure that your family is financially protected in case of unfortunate events, such as illness or accidents. The concept of hibah allows you to voluntarily give a part of the takaful benefits to your loved ones, ensuring a smooth and immediate transfer of funds to them without any delays or legal complications. This financial support can provide peace of mind, knowing that your family will be taken care of even when you are no longer around to provide for them.

Benefits of hibah takaful

Below are some benefits and importance of hibah takaful that you need to know before subscribing to hibah takaful plan in Malaysia.

Income replacement - In general, takaful participants are the main breadwinners for the family. With the basic concept of hibah, all dependents of the husband and wife will continue to be taken care of after death by receiving the death benefit as a hibah. The death benefit is an amount of ringgit that is paid as a lump-sum to the beneficiaries.
Debt settlement - With the compensation money received, the beneficiary can settle all the debts left behind.
Definitive beneficiary and simple process - Unlike wills and distribution of estates, it is a gift by a person to their beneficiaries indisputably. The recipient is the absolute owner of the 'gift', regardless of whether it is in the form of cash or property.
Children's education fund - With the takaful grant, part of the compensation can be used as your child's education fund for the future.

A hibah takaful plan is the best gift you can give to your family. Show your family how much you care about them. Purchasing this plan can give you peace of mind knowing that your family will have the means to carry on with their lives without struggle.

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Key benefits

An affordable hibah takaful plan with a high coverage from RM250,000 Sum Covered

Get protection with high Sum Covered from RM250,000.

Protect Your Legacy with Coverage Term up to Age 80

Be covered up to age 60, 70 or 80 and have the flexibility of choosing contribution payment term between 10, 20 years or throughout the coverage term based on your affordability.

Optional Automatic Increase of Sum Covered Every 5 Years

Customise your hibah takaful plan i-Great Nova with an optional i-Protection Booster Rider that provides additional rider sum covered upon death or TPD of person covered that auto-increases every 5 years up to 1000% of the rider sum covered.

How i-Great Nova works

Additional benefits

i-Saver Rider

95% of contributions payable under this rider will be allocated to Participant’s Unit Account for savings and investment purposes, where you can opt from the funds available.

Auto-Extension of Coverage

Enjoy continuous protection with auto extension after end of coverage term where the coverage will be automatically extended to age 70, age 80 or age 100 depending on your initial expiry age.

Additional Death Benefit during Hajj/Umrah

Upon non-accidental death of the person covered while performing Hajj or Umrah, an additional amount of 100% of Basic Sum Covered will be payable on top of the Death Benefit.

Badal Hajj, Waqf and Hibah services

These are optional services and you need to fill in the Hajj by Proxy Service Form, Waqf Services Form and Nomination and Assignment Form for the respective services of your choice.

Notes and disclaimers

Please do take note of the below to ensure you fully understand what this product does and does not cover. If in doubt, contact your Great Eastern Takaful Advisor.

Important Notices

i-Great Nova is a regular contribution Term Family Takaful plan that provides coverage upon Death or Total & Permanent Disability (TPD) of the Person Covered. Additional Compassionate Benefit of RM2,000 will also be payable upon death of the Person Covered.
Age refers to age next birthday. Contributions are payable following the contribution payment term – limited-pay or full-pay, or upon death or TPD of the Person Covered, or termination of the certificate, whichever occurs first. Upon activation of Auto-Extension of coverage, new contributions will be required.
You may stop paying contributions and still enjoy protection as long as there are sufficient amount of money in the Participant's Individual Account (PIA), Participant's Unit Account (PUA) of Basic Plan or PUA of i-Saver Rider (if applicable) to pay for the Tabarru', where applicable. However, there is a possibility of certificate lapsing when the required charges, including Tabarru’, exceed the money available in PIA, PUA of Basic Plan and PUA of i-Saver Rider (if applicable).
You should be convinced that this plan will best serve your needs and that the contributions payable under the Certificate are affordable to you.
A “Free-Look Period” of 15 days from the date you acknowledge your e-certificate through i-Get In Touch is given for you to review the suitability of the plan. If the Certificate is returned to the Takaful Operator during this period, the Takaful Operator shall refund the following minus medical expenses (if any): (i) Total Takaful Contribution, if any; (ii) Total Account Value of this Certificate at unit price at the next valuation date, if any, and (iii) Unallocated i-Great Nova Saver Contribution.
You may receive the remaining amount in PIA, PUA of Basic Plan or PUA of i-Saver Rider (if any) upon termination or maturity of this plan, which may be less than the total allocated contribution into the PIA, PUA of Basic Plan or PUA of i-Saver Rider (if any). No benefits will be payable from the Tabarru’ Fund.
The amount of PIA, PUA of Basic Plan or PUA of i-Saver Rider (if any) will be based on actual performance of the fund and is not guaranteed. Depending on the fund's performance, the PIA, PUA of Basic Plan or PUA of i-Saver Rider (if any) amount may decrease and the certificate may potentially lapse. The investment risks under this plan will be borne solely by you and the PIA, PUA of Basic Plan or PUA of i-Saver Rider (if any) may be less than the total contributions contributed to the funds.
Participating in a Family Takaful plan is a long-term financial commitment. If you do not pay your contributions within the grace period of 30 days, your Certificate may lapse. The accumulated cash value from PIA and Total Account Value from PUA of basic plan and PUA of i-Saver rider that you may get when you cancel the Certificate before maturity period will be much less than the total amount of contribution that you have paid.
If you switch your Certificate from one Takaful Operator to another or if you replace your current Certificate with another Certificate within the same Takaful Operator, you may be required to submit an application where the acceptance of your proposal will be subject to the terms and conditions to be imposed at the time of switching or replacement.

Disclaimers

i-Great Nova | High Coverage Hibah Takaful for Family with Flexible Term