Takaful is a type of Islamic protection where takaful participants contribute money to the bank or takaful manager to be their respective guarantors. Takaful is based on shariah where each individual is responsible for helping and maintaining the well-being of other participants. In takaful, some participants choose takaful hibah as one of the ways they help and protect their families when they are no longer able to give the best to their loved ones. Here, we will explain what is a hibah takaful and what are the benefits of choosing one.
What is Hibah Takaful?
Life has its ups and downs, and we all want to be prepared for it. You may continue your good intentions and do the best for those you love, whether it is for your children, the surau across the street, or the elder care homes that you occasionally donate to. People make many good deeds as part of their choice, and many takaful owners choose to make hibah takaful as their last practice before they leave this world for good.
A hibah takaful is a loving act of giving property to anyone in need without expecting a return in the form of takaful compensation. Hibah takaful was first introduced in the industry after the Islamic Financial Services Act 2013 came into existence. The hibah amount will be given to the hibah receiver upon the passing of the policy owner.
Why Should I Do a Hibah Takaful and the Importance of It?
Hibah takaful has long term benefits that you may oversee especially if it is done out of the lasting goodness even after you passed. Here are some of the advantages of doing so that can certain benefit you and your loved ones.
- Make Debt Settlement
One of the benefits of having a hibah takaful is it helps with debt settlement after your passing. If there are any outstanding debts or bills at the time of your death, the hibah you made can be given to family members for them to pay off any payments and debts you have.
- Income Assistance for Family
This advantage is clear and beneficial for you if you are the main breadwinner of the family. If anything happens to you, the hibah takaful given to the heirs is able to help your family members manage the remains and resolve any of your worldly matters. Your hibah will be their financial assistance as they search for new source of income to sustain their lives without you.
- Can Be Given to Non-Heir Faraid
Hibah takaful is a good faraid alternative because it can be given to heirs or family members who are not included in the faraid, such as adopted children, cousins and others.
- Make an Easy Hibah Takaful With Great Eastern Takaful
With i-Great Jannah, you will have a comprehensive hibah takaful plan that can benefit your loved ones. Get good protection for yourself and your family with us now. Here are the main benefits of being a member of the i-Great Jannah plan:
- Flexible coverage term that you can choose starting from 5 years or until you reach 99 years of age in next birthday
- Your next of kin will receive up to 300% of the Basic Sum Covered in the event of accidental death in addition to Death Benefit
- Be able to select between 5,10 or 20 years or throughout the coverage term
- In the event of your passing, your next kin will receive a lump sum amounting to RM2,000 from your Tabarru’ Fund
- You can provide for your beneficiaries and/or your chosen charitable organisation
- Add the coverage for Critical Illness or medical coverage with i-Critical Care Term Rider