The Marriage Takaful Policy from Al Rajhi Takaful complies with the Islamic Shari’ah provisions. It encompasses Takaful benefits and investment features, providing you with financial security and enabling you to fulfill the dream of your children getting married, whilst offering insurance coverage to protect your family against any adversity.
Additionally, you may choose an insurance coverage that best fits your financial situation on periodic instalments, as well as the anticipated wedding expenses
Features and Benefits
- The expense coverage of your children's future education, and in the case of death, the Takaful fund shall pay the remaining instalments, regularly under the valid policy.
- Coverage of Total Permanent Disabiltiy (TPD) - Accident/Sickness.
- Upon expiry of the policy’s duration, excluding any insured risks, the balance of the investment funds shall be dispensed, including the effective return on investment (ROI) to the participant.
- We are keen on investing your money via Shari’ah compliant investment channels, offered and managed by Al Rajhi Capital (kindly refer to the information outlined in the Investment Guide available upon request).
- This policy is supervised by a Shari’ah committee that includes a group of leading specialists in Islamic jurisprudence and contemporary financial transactions.
How does the Policy Work?
Each paid instalment is divided into two parts:
First:Upon Takaful participation, an amount is deducted as a Contribution of the participant in the Takaful coverage provided by this fund to all participants.
Second:Upon Investment participation an amount is deposited into your investment account with your choice of investment Channels that are Shari’ah compliant. The participation is allocated to buy investment units from the available investment Funds of your choice, for the period you specify.
The administrative expenses and policy issuance expenses shall be deducted before purchasing the investment units.
What is the Duration of the Policy?
Minimum policy term is 5 years.
Maximum policy term is 25 years.
Age Limits for Participation and Accrual
The value of the Takaful participation shall be based on the age of the policy’s owner, while the number of investment units shall meet the value of this participation.
- Minimum age upon participation is 18 years.
- Maximum age upon participation is 59 years.
- Maximum age for maturity 65 years