Zurich: Zurich Takaful Malaysia Bhd today launched Takaful ProAspire, a family takaful plan that offers a combination of protection and savings, allowing participants to receive cash returns annually or every three years.

According to BERNAMA News Agency, Zurich Takaful chief executive officer Nur Fatihah Mustafa stated that the takaful product offers plans that can be fully customised according to each individual’s needs, whether it is planning for children’s education, retirement, or performing religious rituals such as umrah and hajj.

Nur Fatihah explained that the product allows participants to choose to deposit cash returns into a bank account or reinvest into the Takaful ProAspire savings account. Other benefits include coverage for death, total and permanent disability, as well as coverage while performing hajj and umrah to ensure participants and their families have no worries while in the holy land.

She highlighted that with loyalty rewards, participants will also get a lump sum of payment when the certificate reaches maturity. Participants can choose a flexible coverage period of 15, 21, or 30 years, with the option to contribute either for five years or for the entire coverage period chosen.

The takaful plan, which starts with contributions as low as RM150 per month, offers a flexible protection period with contribution options that can be adjusted according to the participant’s ability. Nur Fatihah noted that the low penetration rate of the takaful market in Malaysia is concerning, as only 20 per cent of the people have takaful protection, while the other 80 per cent do not have any protection.

Therefore, she emphasized that insurance and takaful companies, such as Zurich, must continue to play a role in providing education and awareness to the public about the importance of taking out protection such as Takaful ProAspire. For the first year, Zurich is targeting RM6 million in contributions under Takaful ProAspire, with the target to be increased depending on the response received from participants.

Nur Fatihah announced that from today until July 29, customers who register for the Takaful ProAspire plan will receive a 999.9 gold bar upon approval of their application. Also present at the launch were Zurich Takaful Malaysia chief agency officer Mohd Amri Yusop and the National Higher Education Fund Corporation state director Ahmad Shahril Ghazali.