Houseowner/Householder Takaful

A secured home...enriches life

Benefits of our Houseowner/Householder Takaful plan

Our Houseowner/Householder Takaful plan consists of two main sections:

1. HOUSEOWNER, covers the structural value of the house.
   
2. HOUSEHOLDER, covers the household contents i.e. furniture, electrical appliances, personal effects, etc.

Participants may opt to effect cover on any one of the sections or both.

Participants will be paid Takaful benefit from the Risk Fund in the event of fire and/or named perils within the coverage period. The named perils include explosion, impact damage by road vehicles or animals, flood, windstorm, aircraft damage, bursting or overflowing of domestic tanks, apparatus or pipes and theft by forcible and violent breaking into or out of your house.

This takaful plan also provides benefits for rental costs incurred or loss of rent should your house become uninhabitable. If a third party suffers injury whilst on your property due to your own negligence or defects on your property, this plan offers benefits up to RM50,000 on any one accident or a series of accidents.

With payment of additional contribution, the plan may also be extended to cover loss or damage caused by riot, strike and malicious damage, subsidence and landslip, and theft without forcible and violent breaking into or out of your house.

How will your contribution be allocated?

An upfront wakalah fee of 35% will be deducted from your annual contribution. The wakalah fee goes into the Operator's fund to cover operating costs. The balance of your annual contribution will go into a Participant's Fund from which monthly donations (tabarru') will be made into the Risk Fund. This Risk Fund will be used to pay out all benefits to its members or participants in the event of losses.

How will your contribution in the Risk Fund be invested?

Contributions received will be invested in conformity with the principles of Shariah. Any investment profit shall be kept in the Risk Fund.

How are surpluses, if any, from the Risk Fund treated?

Any surpluses exceeding reserves may be donated by HLTM Takaful to selected charities as advised by our Shariah Advisory Committee.

What happens if the Risk Fund is insufficient to pay for the benefits?

HLTM Takaful will provide a benevolent loan (Qardhul Hasan) to ensure continued solvency of the Risk Fund to pay the benefits. This loan will be repaid in time from emerging surpluses that may arise in the Risk Fund in subsequent periods.

Exclusions to the coverage

No benefit shall be paid if the loss or damage is caused by war, mutiny, riot, acts of terrorism and other specified events.

Notes:

• You should satisfy yourself that the plan best serves your needs and the contribution payable under the contract is an amount you can afford.
• This leaflet is merely for brief information and is not intended to be the basis of a Takaful contract. The information contained in this leaflet may change without prior notice. The precise benefits, terms and conditions and other details of coverage are set out in the Takaful Certificate.
• In the event of any dispute or ambiguity arising out of the Bahasa Malaysia translation, the English version shall prevail.