Takaful Protection & Savings

WEQYAYA “GROUP CREDITORS’ Takaful”

This product provides financial protection to client’s requirement due to any unforeseen event of the death or permanent total disability arising out of accidents and / or natural causes. The scope includes all financial institutions including their borrower/ lessee as covered members. The outstanding credit balances are always protected by the Takaful Operator.

This Coverage extended to the full balance of the finance portfolio at start date and adjusts balance monthly. In case of death this Takaful Insurance will pay the remaining balance without finance profit to the creditors and relieves the heirs of the deceased and family of affected total disability from repayment of the remaining finance balance.

We can provide supplemental coverage to the program such as :

  1. Temporary total disability due to accidental or sickness.
  2. Critical illness.
  3. Passive war risk.

Passive war risk.

Weqaya group creditors Takaful policy does not cover

  1. War, invasions and Civil war
  2. Sabotage and Terrorism
  3. Nuclear and radioactive damages.

Who benefit from this Program ?

Each establishment, private or general companies including all financial institutions who provides individual finance or Leases can participate in this program according to the following conditions:

  1. The Covered Member's ages should range between eighteen (18) and sixty five (65) years.
  2. Covered Members are individuals and not corporations, organizations or other entities.
  3. Covered Members are gainfully employed by contract and are actively working at Contract Commencement Date.

What is the benefits to Creditors

  1. Eliminate bad debts .
  2. Avoid expenses and time of realization of assets upon default.
  3. Ensure payment of the remaining installments immediately after the death or permanent total disability of the borrower/ lessee and refinance again to others.
  4. Improve image of Creditors in local community.

Weqaya “Group Risk Protection Takaful”

This product provides employers benefits to be provided to their employees in the event of their death due to any cause of any insured persons and pay benefits to their family dependants to ease their financial burden in the time the loss of breadwinner.

These benefits may be a lump sum agreed upon at the start of Takaful, or number of multiple monthly salary as of the last salary registered with the Takaful operator (WEQAYA). The minimum of Takaful benefit is a 12-month salary with an agreed minimum limit of cover. The maximum of the Takaful benefit can be tailor made to suit customer needs and requirements as declared by the insured client to the company.

We can provide supplemental coverage to the program such as:

  1. Accidental death (double indemnity )
  2. Permanent total disability due to accidents or sickness.
  3. permanent Partial disability due to accidents or sickness.
  4. Temporary total disability due to accidents or sickness.
  5. Critical illness.
  6. Passive war risk.
  7. Repatriation expenses

What are the standard exclusions.

Weqaya group risk insurance policy does not cover

  1. War, invasions and Civil war
  2. Sabotage and Terrorism
  3. Nuclear and radioactive damages.

Who can benefit from this program?

Each establishment, private or general companies with more than 20 employees can participate in this program according to the following conditions:

  1. The Covered Member›s ages should be in the range between eighteen (18) and seventy (70) years.
  2. Covered Members are individuals and not corporations, organizations or other entities.
  3. Covered Members are gainfully employed by Contract Holder and are actively working at Contract Commencement Date.

What are the benefits to Employer /Company.

  1. Shows caring attitude towards employees.
  2. Additional financial security for employees and families.
  3. Increases staff loyalty hence increases retention ratio.
  4. An alternative to lump sum payment by Employer/Company from its own funds to meet with its moral obligation
  5. Improves image of Employer/Company in local community and employees

Note:

The information here above is only indicative and not to be considered as full information. For full details, terms & conditions, please refer to the respective Insurance Policy.