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PAYMENT PROTECTION INSURANCE

عربي
 
 

This is fully Shraiah Compliant Product and licensed by SAMA, for the benefit of all customers of the Leasing Company who purchase NEW Toyota vehicle on lease agreement subject to the following eligibility conditions

Group Term Takaful:

  • Death due to any cause (DAC) - 100% of SAR 50,000 flat sum assured subject to maximum SAR 100,000 per customer.
  • Total and Permanent Disability (TPD) due to Accident and Sickness: 100% of sum assured, 6 months deferment period with ‘any occupation’ definition on an accelerated basis.
  • Cover the loss due to unemployment of the covered borrowers arising out of the (unilateral decision) of the employer to terminate his/her employment contract for any reason other than those mentioned under the exclusions in the policy.
  • Guarantee Buy Back (ILOE for Expats who depart the country) the sum covered shall be the difference between the outstanding loan amount and the residual value of the car at the time of the claim.

Group Term Takaful:

  • SAR 50,000 Fixed Sum Assured for each borrower per loan.
  • In case of two loans, maximum covered Sum Assured will be SAR 100,000

Involuntary Loss Of Employment:

  • Saudi Nationals: Actual monthly instalment of vehicle Loan subject to a maximum of SAR 4,000/-
  • Expatriates: The difference between the Outstanding vehicle loan amount and the residual value of the car subject to a maximum of SAR 50,000/-
  • Minimum Age at Entry : 18 years
  • Maximum Age at Entry: 59 years
  • Benefits Expiry Age: 60 years

In case of claim, the claimant shall provide the below documents as supporting documents/evidence of claim.

For Death claims:

  • Filled Claim Form
  • Copy of the official death certificate
  • Copy of the national Identity card or passport of the eligible, and copy of the residency visa for expatriates.
  • Copy of the Medical report/Forensic report stating the cause of death
  • Police report in case of accidental death

For Total Permanent Disability claims:

  • Filled Claim Form
  • Copy of the national Identity card or passport of the eligible and copy of the residency visa for expatriates
  • Note from the official authority giving agreement on the TPD of the eligible,
  • Medical certificate from the attending physician giving full information on the claimants health status
  • Copy of all medical documents (hospitalization and surgery reports, histology reports, specialist’s report, lab test, etc.) related to the claim
  • Police report in case of accidental disability

For Involuntary Loss of Employments:

(a) Give written notice as soon as practicable to the Company but not later than 90 days from the Date of Event.

(b) The Participant shall complete the standard claim form issued by the Company and produced at no cost to the Company with such evidence to substantiate the claim to the satisfaction of the Company as the Company may reasonably require.

(c) The Participant shall submit the following documents within 90 days from the Date of Event.

  • Letter of termination confirming that employee’s Participant contract was terminated indicating clearly the reason of termination, stamped and signed by the Employer.
  • Copy of employment contract
  • Copy of Passport with valid Visa Page or final exit visa (expatriates) or National identity card (Saudi nationals)
  • Salary slips for the 6 months preceding date of notice of termination
  • Requirements for validation of continuity of ILOE claim.
  • The Company may also request for a copy of the labor Contract from the Employer if it is required to verify the period of employment.
  • Any other document as may be required Monthly submission of passport copy showing visa page

If you have any claim or inquiry , please send to Partnership partnership@alrajhitakaful.com


Al Rajhi Takaful promise to deliver affordable solutions that best fulfill the insurance needs of our customers. We offer Sharia compliant insurance solutions keeping in mind the Islamic laws & traditions. The company provides innovative products and offers exceptional services that cater to the diverse needs of its customers across Saudi Arabia. This includes health insurance , travel insurance , motor insurance & more. Through our customer-centric approach, we look after your concerns to the best of our abilities.
We constantly strive to uphold the principles of ethics and fairness to achieve the best for our customers. We are a team of dedicated professionals, committed to the service of our clients. We offer you a range of plans that are tailored as per your needs. We not only provide value for money options but also ensure that customers’ needs are best met.
Whether it’s about securing your family’s financial expenses or safeguarding the things you care the most about, the answer is on your fingertip. Just browse through the array of policies we offer and choose the one that suits your needs well. In addition, you can also avail visitor visa insurance and medical malpractice insurance .
Compared to its peer insurance companies, Al Rajhi Takaful is descried as the most trustworthy insurance in Saudi Arabia and has a very convenient, simple, and effortless process for buying or renewing insurance policies . We aim to provide protection to our customers through simpler, reliable, and affordable insurance solutions.
To know more, you can reach out to us on our customer care number – +966 9200 4414 or pay a visit to your nearest Al Rajhi Takaful branch.