Kuala Lumpur - 25 November, 2010. Prudential BSN Takaful Berhad (PruBSN) launches its latest product, PruBSN Ummah. Present to launch the product was Mr. Azim Mithani, Chief Executive Officer of PruBSN, and witnessed by AmanahRaya Chief Marketing Officer, Encik Ahmad Saruji bin Abd Aziz.

A first-of-its-kind Family Takaful Plan that offers spiritual fulfilment as well as protection and savings for participants, PruBSN Ummah is designed specifically for Muslims customers. In his speech, Mr Mithani said, "We are extremely proud to introduce this highly innovative Takaful product as it is our enduring commitment to our customers to enable them to meet their needs in new and exciting ways."

Performing the Hajj is becoming increasingly expensive. Based on Lembaga Urusan dan Tabung Haji's latest brochure, it costs almost MYR 10, 000 (USD 3,295) to perform the Hajj with them, and something like double that if the pilgrimage is arranged by any other Hajj Travel Agency. One of the specific objectives for PruBSN Ummah was to enable prospective pilgrims to spread the cost by providing a complementary savings vehicle to their Tabung Haji savings. With PruBSN Ummah, they are able to make additional savings, which should help them reach their goal faster so when the time comes for either Hajj or Umrah, participants can withdraw part of their savings any time after the fifth certificate year.

Among others, PruBSN Ummah provides the following benefits for the customers - all in this one product.

  • Savings for Hajj/Umrah and other benefits;
  • Badal Hajj;
  • Cash reward for being a loyal customer;
  • Financial security against untimely passing or total and permanent disability;
  • Critical Illness coverage; and
  • Will Writing

Further, for loyal customers who make all of their contributions throughout the Takaful period, PruBSN will reward them with a loyalty bonus, which increases with the more contributions that are made. Hajj allowance is also part of the loyalty bonus. Customers may choose to use the allowance to supplement their expenses or to use it to take care of their family financial needs while they are away in Mecca. Furthermore, after the Hajj allowance has been paid out to the customers, the loyalty bonus will continue to accrue as long as they carry on making their contributions.

Another unique feature of PruBSN Ummah is that it enables participants to realise their Hajj obligation in the event of their untimely passing or if they suffered total and permanent disability, whereby PruBSN Ummah will pay MYR 3, 000 (USD 988) to their chosen nominee or to Tabung Haji Travel and Services to perform Badal Hajj on their behalf. To give participants peace of mind, PruBSN Ummah will provide double the takaful coverage should an unfortunate demise or total and permanent disability occur during their pilgrimage. Over and above the Takaful benefit, upon death of the participants, the families will receive an additional compassionate benefit of MYR 2,000 (USD 659).

In addition, participants can further enhance their PruBSN Ummah plan with the Crisis Shield and Contributor riders that will provide them with comprehensive protection from major critical illnesses. With these riders, participants who are stricken with any of the 36 covered critical illnesses will receive the relevant coverage amount as financial assistance for their treatment and their annual contribution is covered to ensure that their savings and valuable protection continue uninterrupted.

During the launch of PruBSN Ummah, Prudential BSN Takaful Berhad also signed a Memorandum of Understanding with Amanah Raya Berhad to provide Islamic will writing services to the participants of the plan, which will further strengthen the value of this product for the targeted Muslims market. AmanahRaya Chief Marketing Officer, Encik Ahmad Saruji was present to sign on behalf of Amanah Raya Berhad. To strengthen the value of this plan in fulfilling the spiritual needs of our Muslims customers, PruBSN Ummah also provides basic Islamic will writing to allow participants to pass on their wealth to their loved ones in a more structured and proper way in line with Islamic law. This optional service will be managed by Amanah Raya Berhad.

In his speech, Mr Ahmad Saruji said, "we are indeed very honoured to work together with Prudential BSN Takaful Berhad to market and sell AmanahRaya's products, especially the wills for Muslim and Non-Muslims".
"Will is an important tool in legacy management. It is part of the financial planning. Of course by having a will is not the ultimate, but it certainly will assist in solving administrating the estate," he added.

PruBSN Ummah provides a truly special proposition to fellow Muslim brethren, which make up about 60.4% of the country's total population. This specially designed product will enable PruBSN to reach out even wider and further to the Muslims in Malaysia who still have no protection. "PruBSN Ummah is indeed an exciting and ground breaking product with features that combine savings and protection, whilst simultaneously helping customers to fulfil their duties as Muslims. This is the first of such product in the market that does this in such a comprehensive way," Mr Mithani remarked.

Source: Prudential BSN Takaful Berhad


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