Download - Insurans Islam Taib, Brunei
INSURANS ISLAM TAIBBRUNEI DARUSSALAM
PREPARED BY:NUR FATINAH BT IBRAHIM 2011850046HUZAIMAH BT JAIMIN 2011256756SITI NAJWA BT ABDUL RAHIM 2011454486NURUL ATIQAH BT BORONCE 2011487256NURUL ‘ATIRAH BT AHMAD 2011289216
INSURANS ISLAM TAIB-company profile-
Establishment and Set Up
Wholly owned subsidiary company of Perbadanan Tabung Amanah Islam Brunei (TAIB).Incorporated on 3 March 1993, under Brunei’s Companies Act (Cap.39), under the name Takaful TAIB Sdn. Bhd.
11 June 1997, changed its corporate entity to Insurans Islam TAIB Sdn. Bhd.
Composite Takaful Company (General & Family Takaful)
INSURANS ISLAM TAIB-company profile-
About Parent Company
Perbadanan Tabung Amanah Islam Brunei (loosely translated in English as the Brunei Islamic Trust Fund) or more commonly known as TAIB, was established on 29th September 1991.The establishment of TAIB came by virtue of the Constitution of Brunei Darussalam (Order under section 83(3)) Emergency (Perbadanan Tabung Amanah Islam Brunei) Order 1991.
INSURANS ISLAM TAIB-company profile-
About Parent Company
TAIB is principally engaged in the provision of services related to the Islamic banking business and carrying out several economic development projects in Brunei Darussalam.
The launching of TAIB marked a new beginning for Brunei Darussalam as TAIB was the first Financial Institution that conducted all its activities in accordance with Islamic faith
INSURANS ISLAM TAIB
-company vision, mission and goal-
Mission
To provide competitive Takaful / Islamic insurance products and Services that
comply to the Syariah principles as well as to give
sound and Professional consultation services to customers through well
trained, highly courteous and efficient personnel supported by the use of
advanced and latest information technologies
(IT).
INSURANS ISLAM TAIB
-company vision, mission and goal-
VISIONTo develop Insurans Islam TAIB Sdn Bhd (IIT) as one of the five leading companies in the insurance industry by the year 2007 and to position IIT as the top three leading companies by year 2010.
Goal• To increase shareholders wealth
in the long term.To achieve excellence in customer care.
• To strive for continuous increase in market share.
• To maximize profits.• To increase efficiency.
INSURANS ISLAM TAIB
-board of directors-
1) FAMILY TAKAFUL
Eligibility - Participant/child must be below 18 years old. Parent or guardian must be less than 55 years old during participation and not exceeding 65 year of age
when the certificate matures. Maturity Period - When Participant/child turns 18 years old
Scope of cover – 1) Participant/child Death , Total Permanent Disablement, Personal Accident
2) Beneficiaries / Parents or Guardian Death, Total Permanent Disablement, Additional Cover
3) Additional Cover for Beneficiaries / Parents or Guardian (Optional) Personal Accident, Hospital Benefit, Family Rider
Siswa Takaful Planfacilitates parents or guardians who have plans to accumulate special future scholarship fun for their children
FAMILY TAKAFUL PLAN - EDUCATIONOffers Takaful coverage and saving if you plan to accumulate fun systematically for future needs, for instance as retirement fund or as a will to next of kin, should untimely death or permanent total disability occurs
Eligibility - Participation must be made by an individual on his/her own name. 18 years old and above and not exceeding 65 years old when policy matures. Healthy and not working or not involve in any dangerous activities.
Takaful Participation Period -
Takaful Instalments - Minimum takaful instalments at B$15.00 per month, Participant may choose to pay the takaful instalment either monthly ($15), Quarterly ($45), Half-Yearly($90), or Annually ($180)
Years
10
15 20 25 30 35 40
MORTGAGE TAKAFUL PLAN Takaful protection for any financial loan taken by individual(s) from Banks, financial institution or employer such as the Government in acquiring or purchasing fixed assets such as land, house, vehicle and other Eligibility - 18 years old and above and not
exceeding Scope of Cover - Basic coverage : Death and Permanent
Total Disability due to accident and illness.
Takaful Period - The participation or coverage period is according to the loan/ financing repayment period asset by the financier.
Mortgage Takaful Plan Products (PTG)1) MTP Personal Financing 5)MTP Electrical Goods
Financing2) MTP Home Renovation Financing 6)MTP Computer
Financing3) MTP Educational Financing 7)MTP Housing, Land
Financing4) MTP Car Ownership Financing
Domestic Servant Takaful
Participants under this Scheme shall receive AL-Mudharabah (profit return) from the fund’s profit on condition that the Participant has not incurred any claims and / or not received any benefit under the certificate whilst it is in force.
Purpose - Provides a comprehensive Takaful coverage if death or permanent total disablement occurs to the domestic servant due to any accident or illness. To reduce employer's financial burden due to death of the domestic servant in relation to administration and repatriation costs. To fulfil the Labour Act requirement
Scope of Cover - Death and Permanent Total Disablement (PTD), Repatriation, Medical Expenses, Due to accident or illness
Profit Returns
Credit Card Holder
Scope of Cover
Eligibility
Objectives
• Death and Permanent Total Disability due to accident and illness
• Participation must be made by an individual on his/ her own name.
• Provides financial guarantee to credit card issuer and to reduce financial burden that may befall to the participant’s beneficiaries as the card credit outstanding balance will be settled
2) General Takaful
• Fire Takaful Plan• Motor Takaful• Householder Takaful Plan• Takaful Kembara• Motorcycle Takaful Plan• Fire Takaful• Personal Accident Takaful Scheme• Personal Accident
Fire Takaful PlanS
cop
e o
f cover
To cover your house against damage or loss by :1) Fire or Lightning2) Domestic Explosion3) Aircraft and other aerial devices and/or articles dropped there from4) Rainstorm, Cyclone, Typhoon, Windstorm, Earthquake, Volcanic Eruption,5) Housemaid personal property except money, bank notes and stamps (as listed)
Pro
fit
Retu
rns
Participants under this scheme shall receive Al-Mudharabah (Profit Returns) from the surplus fund on condition that the participant have not incurred any claims and/or not received any benefit under their certificates whilst it is in force.
Ad
dit
ion
al C
overa
ge
1) House contents such as furniture & fittings, electrical goods.2) Theft by forcible and violent entry.
Motor Takaful
• Comprehensive• Third party
Scope of Cover
• Comprehensive coverage for vehicles and the owner
Objectives
• Windscreen cover.• Legal liability to passengers.• Flood
Additional Coverage
Householder Takaful Plan/ House owner
Purpose
Scope of Coverag
e
Additional Coverage
Purpose1) To provide coverage in the event
of damage or loss (House)
2) To minimize the burden faced as a result of disaster or calamity
Scope of coverageFire, lightning, explosions Bursting or overflowing of
domestic water tank Theft (forcible & violent
breaking, threat) Earthquake, flood, Typhoon,
Windstorm
Additional coverageLandslideBush fire and riot
Takaful Kembara
Coverage
Objective
Eligibility
Objective
Conditions to participants are that the
travel must not be against the advice
of any medical practitioners and the
travel must not be for the purpose of
obtaining medical treatment abroad
Coverage1) Scope of coverage
Personal AccidentAccidental injury to another personFuneral CompensationThird Party LiabilitiesMedical ExpensesEmergency And Repatriation CostsTravel Inconvenience Coverage
2) Coverage period-1 day (min) to 60 days (max)
3) Commencement of coverage- All trips must start and end in Negara Brunei Darussalam.-Cover must be incepted before
commencement of trip from Negara Brunei Darussalam.4) Geographical coverage
- Worldwide, subject to area coverage
Eligibility
Adult
Must be 18 to 65 years of age Family Members & Infant
minimum age of 6 weeks up to maximum age of 65 years. Children under 18 years of age must be accompanied by a parent or a guardian.
Motorcycle Takaful plan
Objective
Scope of coverage
Additional benefit
Profit returns
Objectives
Comprehensive coverage for the
Motorcycle and participant.
To fulfill the requirement of the Land
Transport Act.
Scope of coverageLegal liability to the passenger
of the MotorcyclePersonal Accident Coverage
Additional benefitCompensation of B$5,000 in the event of death due to accident for the participant
Profit returnThis scheme is based on the principles
of Al-Tabarru (Donation) and Al-Mudarabah (Profit Sharing).
Particpants under this scheme shall receive Al-Mudarabah from the surplus fund on condition that the participants have not incurred any claims and/or received any benefits under the certificate whilst it is in force.
FIRE TAKAFUL
Eg:- 'Rancangan Perumahan Negara and Skim Tanah Kurnia Rakyat Jati' Fire Takaful Scheme.
Purpose:-
To provide takaful coverage in the event of damage or loss and, will reinstate or repair the home as it was before.
To minimize the burden faced by participants as result of disaster or calamity.
Scope of Cover:-• Fire or Lightning• Domestic Explosion• Aircraft and other aerial devices and/or articles dropped there
from• Rainstorm, Cyclone, Typhoon, Windstorm, Earthquake,
Volcanic Eruption• Third party liability• Housemaid personal property
House contents such as furniture & fittings, electrical goods
Theft by forcible and violent entry
Bursting or overflowing of domestic water tank, apparatus or pipes
Additional Coverage:-
PERSONAL ACCIDENT TAKAFUL SCHEME FOR STUDENT
Purpose:-To insure all day coverage to students. Benefits to students or parents as a result of accident.
Scope of Cover:- Any school activities. In any form of transportation whether as driver or
passenger. Drowning, lethal gas, food poisoning and
poisonous stings. Civil unrest and riots .
Period:-• 24 hours a day. One year coverage. • For students being transferred to
another school, the coverage would still be valid provided it is being informed.
• Coverage will be ceased once the student is expelled.
PERSONAL ACCIDENT
Purpose:-• Provide takaful coverage for individuals. • Provide financial assistance to individual and
family if any misfortune or accident happened.
Eligibility:-• 18 years old and above and not exceeding 65
years old.• Citizens and Permanent Residents of Negara
Brunei Darussalam.
Scope of cover:-Provide 24 hours coverage for
individuals due to accident involve:• In any form of transportation whether
as a driver or passenger.• Drowning, lethal gas, food poisoning
and poisonous stings.
Takaful Contract Model Used
Al-Mudharabah and Al-Tabarru’
• Motorcycle Takaful PlanThis scheme is based on the principles of Al-Tabarru (Donation) and Al-Mudharabah (Profit Sharing).
• Personal Accident Takaful Scheme For StudentParticipants receive it from the fund’s profit on condition that the participants has not incurred any claims or not received any benefit under the certificate whilst it is in force.