Takaful - Ask Prudential

What are the factors affecting Medical and Health Takaful?

Increased life expectancy, evolving lifestyles, technological advancements in medicine and better access to quality healthcare are among the factors influencing the rise in healthcare costs.

To get a better understanding of the revision of your contribution and Tabarru` deductions, watch this video.

Medical Revision

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Why are my contribution and / or Tabarru` deduction being revised?

The basic principle of Takaful is for mutual assistance where all participants pool their contributions in the Tabarru` Fund for the payout of claimable events, including the payout of medical claims.

Every year, we review our medical portfolio claims experience as part of our role in managing the Tabarru` Fund. Increase in medical cost and usage of medical plans, have been found to be amongst the top reasons for the increase in claims experience. This annual review is necessary to make sure that the Tabarru` Fund continues to be sustainable to keep paying for your medical needs.

Contribution is the amount that you pay for basic and additional benefits (if any) under your certificate.

Medical Revision

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Why are my contribution and / or Tabarru` deduction being revised?

The contribution and / or Tabarru` deduction for my medical plan were just revised last year. Why is it revised again this year?

What is the difference between contribution and Tabarru` deduction?

Impact to Certificate & Riders

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What are Contributor riders?

Contributor riders are optional riders under which the future contribution of your certificate (in whole or in part) will be paid by Tabarru` Fund when any of the claimable event(s) defined in your certificate document occurs.

When the medical rider’s contribution increases due to Medical Revision, Contributor rider(s) coverage (if applicable) will increase correspondingly. Additional contribution and / or Tabarru` deduction for the Contributor rider(s) will be required.

There will be no change to the certificate contribution. Only the Tabarru` deduction is revised. However, with the increased in Tabarru` deduction, it is possible that your certificate account value may not be sufficient to pay for the Tabarru` deduction in the later years. You are encouraged to make regular contribution top-up based on the amount recommended in the notification letter so that the Tabarru` deduction can be covered in the long run.

Impact to Certificate & Riders

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What are Contributor riders?

Is my Contributor rider(s) affected by this Medical Revision?

Will there be any changes to the contribution for certificates under Contributor status?

Takaful 101

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What is Takaful and how does it work?

“Takaful” means an arrangement based on mutual assistance under which Takaful participants agree to contribute to a common fund providing for mutual financial benefits payable to the Takaful participants or their beneficiaries on the occurrence of pre-agreed events.

The Supplementary Schedule contains details of the revision on your contribution and / or Tabarru` deduction as well as the allocation and Wakalah charges. It forms part of your existing Certificate Schedule 2 upon the respective effective date(s) indicated and supersedes the provisions in the existing schedule(s) where relevant.

SmartSaver is the amount that you must first pay regardless of the total cost of eligible benefits per disability (excluding the cost of daily room & board). In the case of a SmartSaver300, you will have to pay the first RM300 of the total cost of eligible benefits per disability (excluding the cost of daily room & board). The remaining balance of eligible benefits will be covered by the Tabarru` Fund up to the annual and lifetime limits, subject to reasonable and customary charges.

Takaful 101

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What is Takaful and how does it work?

What is the Supplementary Schedule that attached in the Notification Pack about?

What does SmartSaver, Deductible or Co-Takaful mean?

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Contact us at 03-2742 4060 (Monday-Friday, 8.30am – 5.15pm, excluding Public Holidays) or email us at customer@prubsn.com.my