Tabarru
Tabarru’ represents the amount that the participant willingly relinquishes in order to help contribute to the benefits for all participants who are entitled to the benefits. It is the pooling of funds for the purpose of solidarity and cooperation among the participants, used to help all participants in times of misfortune. The amount is levied monthly based on the participant’s age, gender, smoking status, occupation class (if applicable) and sum covered.
The Tabarru’ from participants is kept in a Tabarru’ Fund where the claims amount is paid from.
Wakalah
Wakalah refers to the contract whereby participants authorises the Takaful operator to manage the funds on their behalf.
Participants’ Unit Account (PUA)
PUA is the account where units are allocated, depending on the amount of linked contribution paid.
Individual Special Account (ISA)
ISA is the account where supplementary benefits contributions are allocated.
Investment Unit Account (IUA)
IUA is the unitized account where Takaful Saver contribution and single contribution top-up is allocated.
Totally and Permanently Disabled (TPD)
If the disability occurred before the attainment of age 15, the Participant at such disability date and at anytime thereafter, needs constant care and attention and is confined by reason of accident or sickness to his home under medical supervision or in a hospital or similar institution. Such disability must be permanent and must last for a minimum period of six consecutive months; OR
If the disability occurred on or after the attainment of age 15, the Participant (as is appropriate where applicable) at such disability date and at anytime thereafter, becomes completely unable to engage in any occupation and to perform any work for remuneration or profit. The total and irrecoverable loss of the sight of both eyes or the loss by severance of two limbs at or above wrist or ankle, or the total and irrecoverable loss of the sight of one eye and the loss by severance of one limb at or above wrist or ankle will also constitute such total and permanent disability.
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