We’ve all felt the shock of tragic news about a loved one being involved in a terrible road accident or about a friend struck by a serious illness such as a heart attack or cancer – worse, we’ve experienced it ourselves. These unexpected events catch us off guard, leaving us overwhelmed in a sea of uncertainty and reminding us that life can change in an instant.
Aside from the emotional toll, our financial stability also takes a hit. A staggering 7 out of 10 Malaysians save less than RM500 a month, according to a survey by RinggitPlus.
Additionally, Malaysians from all walks of life face financial difficulties, leaving them vulnerable to sudden financial shocks. With 598,635 road accidents reported nationwide last year alone by the Bukit Aman Traffic Investigation and Enforcement Department, the financial implications of such unforeseen circumstances weigh heavily, especially when the family breadwinner is impacted.
As the Muslim community eagerly anticipates the upcoming Hari Raya celebrations, it is important to be reminded that life is unpredictable and safeguarding one’s future is extremely crucial. Getting caught in the festive busyness and joyous gatherings means that ensuring financial stability can be a challenge.
However, it is important to note that in uncertain times, takaful stands as a reliable lifeline, offering essential support when it’s needed most. Here are five ways how takaful protects not just your money but also your peace of mind, ensuring you have a safety net when life throws you a curveball.
Your Guardian against Life’s Harsh Realities
Death, total & permanent disability, and critical illness are topics many of us avoid in daily conversations due to their negative connotations. Contributing to a takaful plan allows you to have an ally to stand hand in hand with you against these life challenges and safeguard yourself from debt that may arise from these circumstances, potentially leading to difficulties in sustaining life moving forward.
Takaful operates on the principle of mutual assistance, meaning that when a takaful contributor faces one of these challenges, the funds from the shared pool are carefully channelled toward them and their loved ones. This ensures those in need have uninterrupted income to cover hefty bills and focus on recovery.
Preserving Your Quality of Life
The loss of a breadwinner not only entails the loss of a beloved family member but also threatens financial stability. Fortunately, takaful offers a ray of hope by providing a means to mitigate these risks and ease financial burdens. Takaful allows for income replacement for the breadwinner’s loved ones, ensuring their financial security even in the face of tragedy.
For example, PruBSN’s Employees Provident Fund (EPF) i-Lindung initiative enables contributors to utilize their EPF funds for takaful certificates such as PruBSN Lindung Famili or PruBSN Cegah Famili to safeguard themselves and their families. Through these certificates, loved ones gain access to comprehensive benefits in the event of passing or suffering from death, total and permanent disability, and critical illness, providing crucial financial support during challenging times.
Tailored Protection Carefully Designed Just for You
“I don’t have enough money!” – This statement echoes the sentiments of 30% of Malaysians aged 25 to 40 who lack personal protection. Contrary to popular belief, takaful funds generally have fixed rates and are not tied to interest rates. What sets it apart is its adaptability to individual needs. Takaful providers don’t believe in a one-size-fits-all approach, empowering contributors to tailor plans according to their specific requirement.
Additionally, opting for a protection plan through EPF offers contributors an affordable solution as the investment does not impact your current monthly salary financial commitment. Instead, it provides a convenient and accessible way to secure your future without straining your budget.
For instance, takaful certificates under PruBSN’s EEPF i-Lindung initiative emphasize the importance of providing every Malaysian financial protection through annual contributions from as low as RM13.80*per covered member. The takaful provider’s PruBSN Lindung Famili and PruBSN Cegah Famili certificates extend coverage to contributors, their spouses aged 19 to 65, and their children aged 14 to 65, ensuring eligibility until the age of 75. These certificates offer a sense of assurance when unforeseen circumstances strike. Takaful offers contributors the flexibility to address their financial goals and priorities, ensuring the chosen takaful certificate aligns perfectly with their individual needs and life situations.
Firmly Rooted in Integrity and Values
Takaful stands firm on its commitment to ethical and Shariah-compliant practices. Operating on the principle of providing mutual assistance (Ta’awun) to one another in case of need, as such the act of participation is Tabarru (charitable) in nature. Unlike conventional insurance, takaful prioritizes transparency and is free from elements from interest (riba).
To ensure all contributors are informed about the impact of their contributions, takaful providers keep them abreast on how the funds are managed. The financial avenue also allows contributors to invest in socially responsible projects to help those in need, including healthcare initiatives, education, and even infrastructure development. Through its ethical framework, takaful serves as a catalyst for financial empowerment and positive social change.
Your Promise of Confidence during Uncertain Times
In today’s fast paced world, the fragility of life is apparent. According to a study by Prudential, close to two-thirds of people worry about providing for their future if something bad happens. This underscores the scary thought of financial security in the future.
This is where takaful comes to play, helping individuals navigate life’s potential pitfalls with resilience and confidence. Takaful gives contributors strength to pursue goals and live their lives to the fullest potential through lump-sum payments when unforeseen circumstances strike.
In conclusion, contributing to takaful is a proactive step toward securing financial stability, offering immediate income replacement when life doesn’t go as planned. Its power to protect against life-changing situations such as death, total & permanent disability, and critical illness only make it a reliable ally to face life with strength. Truly, Malaysians should embark on the journey to contribute to takaful today.
The article was contributed by Prudential BSN Takaful Berhad (PruBSN).
