Sun Life develops new Malaysian bancassurance tool

KUALA LUMPUR – CIMB Islamic Bank has rolled out the latest addition to its stable of financial solutions, Takaful Suria. Developed exclusively by its bancatakaful partner, Sun Life Malaysia Takaful Berhad, Takaful Suria provides protection, savings and financial flexibility to assist Muslims in fulfilling their religious aspirations and obligations. Being an individual family takaful surplus sharing universal takaful plan, it is also the first universal takaful hajj product available in the market. In terms of savings and financial flexibility, this innovative product provides the person covered a lump sum of RM1,500 special payout after the third contract year to set up a Tabung Haji account or to top up existing savings. It also comes with a final benefit where the value of the universal account will be paid at the end of the contract term to further ensure financial preparedness to perform Hajj or to be used to fulfill other future financial needs. As for protection, Takaful Suria doubles the basic benefit which is payable in the event of death, total and permanent disability while performing Hajj/Umrah. This benefit also means in the unfortunate possibility of the person covered encountering the unexpected during Hajj/Umrah, his/her loved ones will be protected financially. On top of it, funeral expenses of RM3,000 are provided in the event of death for funeral arrangement.