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@ Halal | november-december . 2020

Innovative Takaful plan , FWD Family First adapts to evolving Malaysian families

Takaful ) has pledged its support to Malaysian Takaful Association ’ s ( MTA ) initiative ,‘ Race for Cover Towards Takaful 2020 ’, a concerted effort by the industry to raise greater awareness on the importance of family Takaful coverage .

As part of its efforts to protect more Malaysian families , FWD Takaful is promoting its innovative Takaful solution , FWD Family First . Launched in 2019 , the FWD Family First plan offers critical illness protection for the entire family so that customers won ’ t need to participate in multiple individual plans .

FWD Takaful ’ s Chief Executive Officer , Salim Majid Zain said : “ At FWD Takaful , we knew from the outset that we wanted to change the way people feel about takaful and together with

MTA and other providers in the industry .

“ We seek to create a more robust Takaful market by making Takaful more accessible through a wider range of solutions to serve the various needs of Malaysians .”

Race for Cover Towards Takaful 2020 is encouraging all Malaysians to consider medical and health coverage , as medical costs continue to rise and the public healthcare system remains challenged by the ongoing Covid-19 pandemic .

Some of the features and benefits of FWD takaful solution , Family First , include adapting to a family ’ s changes , ensuring all are protected and covering up to four children . The flexibility stretches to future new-born children and protecting up to 250 per cent of the sum covered for a whole family .

The local Takaful industry remains positive in facing the Covid-19 pandemic that has hit our country this year , said the Malaysian Takaful Association ( MTA ), Bernama reported on Oct 28 , 2020 .

“ Living under the new norms , the industry came forward to ease the burden of the community ,” said the chairman of MTA , Muhd Fikri Mohd Rawi in his speech during the virtual Takaful StarNite 2020 recently .

“ Among of the industry ’ s initiatives are RM8 Million of Covid-19 Test Fund ( MyCTF ) by MTA , the Life Insurance Association of Malaysia ( LIAM ) and the Persatuan Insurans Am Malaysia ( PIAM ), the introduction of remote Takaful Basic Examination ( TBE ) by MTA and Islamic Banking and Finance Institute Malaysia ( IBFIM ), the 90-day deferment of premium / contribution payment by MTA and LIAM , and additional benefits offered by Takaful operators to those who are affected by the pandemic .

“ We cannot deny the fact that under this unprecedented situation , it has impacted the country ’ s economy , including Takaful industry . However , the industry has embraced technologies in promoting takaful digitally ,” said Fikri .

MTA announced the Takaful industry performance for the period of January 2020 to June 2020 in the virtual Takaful StarNite 2020 event which was streamed via the Association ’ s Facebook page .

The Deputy Chairman of MTA , Elmie Aman Najas , said : “ Takaful industry has achieved RM286.2 billion for the new Takaful protection value which is amounting to RM 3.19 billion in a total new business contribution for all certificates combined in the period from January 2020 to June 2020 . The protection value has increased by 0.97 per cent compared to the same period in 2019 .”

The growth of 19.1 per cent of the Family Takaful Business Inforce Protection Value from January 2020 to June 2020 compared to the previous year in the same period , which only reached RM0.96 trillion back in 2019 . From January 2020 to June 2020 , Family Takaful Business Inforce Protection Value recorded RM1.02 trillion , which something that can be a great catalyst for the industry to move forward and give its best efforts .

“ The performance of the Family Takaful industry in 2020 has reflected its resilience and the increasing of familiarity with the Takaful concept among Malaysians , evidenced by greater acceptance of Takaful coverage as the choice for protection ,” Elmie said .

For General Takaful , the growth of Total Business Gross Contribution in the period of January 2020 to June 2020 was at 0.6 per cent which amounted to RM1.64 billion compared to the same period of 2019 which the amount recorded is RM1.63 billion .

Twenty-six awards were presented for outstanding performance in contributing to the development of the Takaful industry . The awards were segmentised to several categories which are Family Takaful Individual Business , Family Takaful Group Business , General Takaful , Bancatakaful , Institution and Special Awards category .

Malaysia ’ s family takaful service provider , FWD Takaful Berhad ( FWD Takaful ) recently launched # BusinessWithASoul , a campaign to raise awareness and educate Malaysians , with a focus on the B40 community , on the importance of takaful coverage . The launch was on Oct 28 , 2020 , through its largest agency group , Caliph Consultancy Group Sdn Bhd ( Caliph Group ).

FWD Takaful will partner with Caliph Group through the campaign which will see Caliph Group team members visit selected communities to provide free financial advice and guidance and introduce them to FWD Kasih . This micro takaful product is specially designed for those in lower-income communities .

The Chief Agency Officer of FWD Takaful , Wan Mohd Fadhlan Mohd Azmi said : “ We ’ re acutely aware of the financial anxiety that our fellow Malaysians are experiencing right now , especially given the challenging year we ’ re facing as a society .

“ We ’ re delighted to partner with Caliph Group on this meaningful initiative and hope we can do our bit to help alleviate some of the financial challenges in our communities and change the way people feel about Takaful .”

With a capacity of more than 1,500 agents and presence in eight states , Caliph Group is one of the fastestgrowing Family Takaful agencies in

Malaysia . It has been providing Takaful services for many years .

According to the Director and Founder of Caliph Group , Mohd Hamzavi Md Zain , the agency will be mobilising all its agents nationwide to reach out to the B40 community and educate them on how Takaful can help families withstand financial challenges .

“ We ’ re proud to partner with a Takaful provider that empowers various segments of the community with Takaful protection through digital innovations . FWD Kasih is affordable , convenient and can support the lowerincome community in times of need ,” said the Director of Caliph Group .

To maximise the impact of the campaign , Caliph Group will be looking at various activities such as opening free advisory booths , both physically and virtually . They will also collaborate with non-government organisations ( NGOs ) in line with its long-term goals to build resilient communities through financial security .

FWD Kasih provides coverage for those with a monthly household income of up to RM5,000 per month , paying the full sum covered upon death and Total and Permanent Disability ( TPD ), and 200 per cent of the sum covered on death due to accidental causes . In addition to this , it also provides a Badal Hajj benefit or charity donation of RM2,500 and funeral expenses of RM3,000 .