Group Takaful provides protection against the risks of loss of income for the family due to the death of the breadwinner, his disability, or his affliction with incurable diseases by paying the agreed upon insurance amount in the event of the insured event occurring. The insurance period is one year and is renewed annually. It is based on cooperative insurance, which has received Sharia approval from the Sharia Supervision Board and all jurisprudence academies in the Islamic world. The subscriber pays a monthly subscription with the intention of making a donation to anyone who experiences any of the insured events. These subscriptions are placed in a separate fund from which insurance benefits and administrative expenses are paid. Anything in excess is returned to the subscriber annually. Coverage can be a multiple of the salary. For example, the insurance amount can be 36 months’ salary paid to the participant in the event of death or permanent total disability, and half of it in the event of one of the insured diseases. Coverage can also be based on a lump sum and unified sum. For example, the insurance amount can be 10,000 pounds for all participants. The group takaful policy includes the following covers: Advantageous coverage Natural death insurance amount Permanent total disability insurance amount Serious diseases include: (heart attack, shock, stroke, cancer, coronary artery operations, kidney failure) and others. Half of the insurance amount. For temporary total disability, a weekly salary (agreed upon) until recovery Permanent partial disability as a result of an accident, a percentage of the insurance amount according to the percentage of disability This Takaful coverage lasts for one year and is renewed annually for another year. The subscriber pays an annual premium and the surplus (profits) are calculated and returned in full to the subscriber at the end of the year. Group Takaful covers First: basic advantages Natural death: The heirs or legatees are entitled to an amount equivalent to the nominal value, which is (a multiple of the salary. For example, the insurance amount can be a 36-month salary, or a unified value for all participants, or according to categories specified by the participant). Death due to accident: The heirs or legatees are entitled to an amount equivalent to twice the nominal value, which is the (agreed upon option). Permanent total disability resulting from an accident or illness: If the subscriber suffers a visible physical injury beyond his control due to an accident or illness that prevents him from performing any job or any work that generates income for a period of 6 continuous months, after which the subscriber is entitled to an amount equivalent to the nominal value according to the (agreed upon option). Permanent partial disability resulting from an accident: If a visible physical injury occurs to the subscriber due to an accident beyond his control that causes him to lose a limb or member or lose the benefit of the member or members, the subscriber is entitled to a percentage of the nominal value of natural death according to (the table attached to the contract). Temporary total disability resulting from an accident: If the participant suffers a visible physical injury due to an accident beyond his control such that this injury prevents him from performing his job or any work that provides him with income for a specific period and then returns to his normal condition, the participant is entitled to an amount equivalent to 75% of the weekly salary after the end of a waiting period of one week for a period Maximum 52 weeks. Secondly, covering dangerous diseases These diseases are exposed to a person and put him in a state that does not resemble permanent total disability or death, as if some people are afflicted with any of these diseases, they become unable to earn adequately. This disease may require huge amounts of money that he may not be able to save. The diseases are (heart attack - shock, which means stroke - cancer - Coronary artery operations - kidney failure). In this case, the subscriber is given half the nominal value according to the attached statement to meet the treatment expenses. If the subscriber dies later, the heirs are entitled to the full nominal value, noting that the coverage in this case applies one month after the contract enters into force, which means that the covered worker will not suffer from any of them before the contract enters into force during the month period. From the date of his subscription. Third, the annual subscription The cost for any of the mentioned options is calculated according to the attached tables, which show the cost for each option. ** Takaful policies generally cover the following cases: Natural death, accidental death, total or partial disability, critical illness coverage (heart attack, shock, heart disease, atherosclerosis, and kidney failure). Procedures required to issue any Takaful insurance policy
1. Insurance application.
2. Lists of the individuals to be insured containing (their details in terms of gender and age).
3. Issuing an insurance policy.