Life Takaful Insurance Policy
Protect your loved ones with an insurance policy that covers your liabilities with SIB in the unfortunate event of Death or Permanent Total Disability (PTD). The Group Credit Life Takaful is an Islamic insurance scheme that provides those
closest to you with the support and security that they would deserve if you were are unable to do so yourself.
Life Takaful cover is mandatory to avail Personal and Real Estate Finance, customers will be offered a choice of three approved Takaful service providers. Applicable charges are set out in the Table of Charges below. The Takaful fees are charged monthly on month-end, starting from the month of finance dispersal
irrespective of month when the first finance installment is due (charged for the entire month regardless of finance dispersal date). Life insurance remains due even if finance installments are postponed.
Customers can select their preferred Life Takaful coverage from a range of three insurance companies (please visit any SIB branch to know more).
Cover:
*Except for cases referred to in the exclusions.
Eligibility:
Life Takaful is compulsory for all individuals who have applied and been approved for a finance solution with SIB:
Individual* SIB customers:
UAE/GCC nationals, expatriates and UAE residents.
Maximum age cover:
Death: 70 years, or as decided by Takaful company
PTD: 65 years, or as decided by Takaful company
Customer must actively be at work (i.e. not on sick or medical leave) at the inception and must continuously be working for six (6) consecutive months.
*In case of joint applicants (two or more), claim(s) will be partially paid in pro-rata for the deceased applicant(s) only
Key stakeholders* of selected companies, who are:
UAE/GCC nationals, expatriates and UAE residents.
Maximum age cover:
Death: 70 years, or as decided by Takaful company
PTD: 65 years, or as decided by Takaful company
Customer must actively be at work (i.e. not on sick or medical leave) at the inception and must continuously be working for six (6) consecutive months.
*In case of more than one partner (two or more), claim(s) will be paid based on the size of a partner’s share in the company
Effective date and period of cover:
Provided the customer fulfills the eligibility conditions and underwriting requirements, cover shall be effective on the date of the first finance disbursement as advised by SIB, until the expiry of the financing period or upon termination
of the Takaful policy by SIB based on 30 days’ notice.
Pensioner cover:
Pensioner(s) will be covered provided they are receiving a regular monthly pension salary from the UAE government in their account, and provided they did not retire for any medical reasons. Pensioner(s) will be covered for Death and Permanent
Total Disability Any Occupation. However, all non-working borrowers (i.e. not actively pursuing employment), whether they are a Pensioner or not, shall be covered for Permanent Total Disability based on the definition of Activity of
Daily Living (ADL).
Therefore, Permanent Total Disability (PTD) shall mean the total and irreversible inability to perform activities (without someone else’s assistance) in at least four (4) out of the six (6) following categories:
Personal hygiene: Washing or bathing to the extent required to maintain personal cleanliness.
Dressing: Putting on or taking off all necessary clothing.
Mobility: Moving from one room to another or getting in and out of a bed or chair.
Eating and drinking: Consuming food and drink once they have been prepared and made available.
Using the lavatory: Getting on and off the lavatory seat and maintaining personal hygiene.
Continence: Controlling bowel and bladder function.
Rate and mode of payment of Takaful contribution
Takaful providers:
| Contribution Rate: |
|---|
| Takaful Provider | Contribution Rate (monthly) | Cover Amount & Takaful Requirement |
| Abu Dhabi National Takaful (Age: 20 – 64) | 0.0176% | · Free Cover Limit up to AED 4 Mn; for tenure less than 12 months
· Free Cover Limit up to AED 5 Mn; for tenure 12 months and above |
| Abu Dhabi National Takaful (Age: 20 – 45) | 0.0176% | Above AED 5 Mn – AED10.50 Mn
· Medical Questionnaire
· Medical Examination Report
· Blood Test &/or additional test are required subject to Takaful provider |
| Abu Dhabi National Takaful (Age: 46 – 64) | 0.0176% | Above AED 5 Mn – AED10.50 Mn
· Medical Questionnaire
· Medical Examination Report
· Blood Test
· Stress ECG &/or additional test are required subject to Takaful provider |
| · Amount above AED 10.50 Mn shall be reviewed for acceptance on a case-by-case basis |
| Sukoon (Age: 18 - 45) | 0.0093% | · Free Cover Limit up to AED 500 K |
| Sukoon (Age: 46 - 55) | 0.0412% | Above AED 500k
· Medical Questionnaire
· Medical Examination Report
· Blood Test
· RECG / Stress ECG &/or additional test are required subject to Takaful provider |
| Sukoon (Age: 56 - 60) | 0.0893% |
| Sukoon (Age: 61 - 65) | 0.1491% |
| Watania (Age: 20 – 64) | 0.0173% | · Free Cover Limit up to AED 4 Mn; for tenure less than 12 months
· Free Cover Limit up to AED 5 Mn; for tenure 12 months and above |
Watania (Age: 20 – 45)
| 0.0173% | Above AED 5 Mn – AED10.50 Mn
· Medical Questionnaire
· Medical Examination Report
· Blood Test &/or additional test are required subject to Takaful provider |
| Watania (Age: 46 – 64) | 0.0173% | Above AED 5 Mn – AED10.50 Mn
· Medical Questionnaire
· Medical Examination Report
· Blood Test
· Stress ECG &/or additional test are required subject to Takaful provider |
| · Amount above AED 10.50 Mn shall be reviewed for acceptance on a case-by-case basis |
Life Takaful Policy:
1. ADNT Policy: Click here to access the policy details
2. Sukoon Policy: Click here to access the policy details
3. Watania Policy: Click here to access the policy details
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