Life Insurance

Takaful (The Islamic Alternative To Life Insurance) Products

Approved by the Islamic Fiqh Academy (Mecca), Grand Sharia’ Scholars Panel (Kingdom of Saudi Arabia), Sharia’ Organizations in the Islamic Countries and the Sharia’ Supervisory Board of Alsagr Insurance & Reinsurance.

Securing the Future of Your Family and Protecting its Members from Life’s Perils and Uncertainties Are Your Prime Goals in Life.

You realize, no doubt, that the burdens of life and the cost of living are constantly increasing, especially as basic social services are no longer provided free.

You strive to provide the best higher education and health care to your family. You will do your utmost to contribute towards your children’s marriage expenses. You will certainly need to start planning and saving money as soon as you can to finance the cost of building your family home.

And, as your retirement pension will not grow in line with the fast growing cost of living, you will be more confident if you guarantee an additional source of income to cover any shortfall in your future financial needs.

Being the prime provider of your family, you will always endeavor to secure an alternative source of income for your family, in case your income ceases abruptly due to your untimely death or permanent total disability.

To give you the peace of mind and reassurance that everything will be all right for your family, Alsagr Insurance & Reinsurance launched its Takaful insurance products in March 2000.

Obtaining one of Alsagr Insurance & Reinsurance’s Takaful Insurance products is the best thing you can do for yourself, your family, and/or your business.

Takaful Insurance – based on Islamic principles – is the Islamic equivalent of life insurance and the reliable source of financial planning for individuals and businesses.

The prime objective of Takaful insurance is protecting a family in the event of the untimely death or permanent total disability of its provider through the sum payment assured to the policyholder (in the event of permanent total disability), or to the heirs, or any beneficiary the policyholder named in the policy (in case of death).

The Prophet (peace be upon him) said: “It is better to leave your heirs rich than to leave them poor and needy asking others for help”.

If you own or manage a commercial project, a professional firm or an industrial entity, you could be forced to bear unnecessary financial losses in the event of the death or disability of one of your staff. Issuing a Group Takaful Insurance Policy covering your employees will pass the financial burdens of such eventualities to Alsagr Insurance & Reinsurance.

Our “AALN Life” and “Aman Hemaya” Plans have been carefully designed to make your family’s future more secure.

AALN (Life) PLAN

Benefits

The “AALN Life” plan provides the following benefits:

1. Death benefits, in the event of natural or accidental death of the policyholder, will be given to the heirs or any beneficiary named in the policy.
2. Permanent Total Disability benefits will be given to the policyholder in the event of permanent total disability caused by accident or illness.

 Eligibility

The “AALN” Plan is available to:

• Any person (male or female) under 65 years old.
• Members of one family collectively.
• Group members of companies, industrial organizations and professional associations.

Obligations of the Policyholder

Annual contribution payment (insurance premium) which is determined on the policyholder’s sum insured, age, health condition and period of insurance.

Obligations of Alsagr Insurance & Reinsurance

Immediate settlement of the sum Insured in full, in case of death or permanent total disability of the policyholder.

Period of Insurance

From 1 year to 20 years.

Territorial Coverage

24 hours a day, 365 days a year worldwide coverage

Special Features

• Maximum flexibility to increase or decrease of the sum Insured during the currency of the policy.
• Payment of the sum Insured to either the policyholder (in case of permanent total disability) or his/her heirs/beneficiaries (in case of death).
• Cancellation at any time.

Supplementary Covers

The AALN Policy can be extended to include:

• Partial Permanent Disability
• Temporary Total Disability
• Medical Expenses

Participation in Surplus

As surpluses (profits) generated from insurance operations are due and refundable to all the policyholders, the AALN policyholder will be entitled to receive his/her share of such surpluses each year (20% for the year 2015).

Example: 1

Ahmed and Khalid take out an “AALN” policy each, based on the following information:

Upon the death or permanent total disability of either Ahmed or Khalid, the Sum Insured will be fully paid to the heirs or beneficiary/beneficiaries named in the policy.

Example: 2

XYZ Company wishes to take out a group “AALN Life” policy covering its employees:

Immediately upon the death or permanent total disability of any of the 26 employees, Alsagr Insurance & Reinsurance will pay the Sum Insured (the equivalent of 24 months salary) to the beneficiary.

AALN HEMAYA PLAN

“Aaln Hemaya” : Takaful Cover for Personal Debts This is one of Alsagr Insurance & Reinsurance’s Takaful (Islamic Alternative to Life Insurance) products designed to cover the payment of debts, finances and facilities provided by Islamic and conventional banks, financing companies or investment houses to an individual borrower.

The prime objective of “Hemaya” is the full settlement of the debt by Alsagr Insurance & Reinsurance in the event of the untimely death or total disability due to illness or accident of the policyholder (debtor).

With “Aaln Hemaya” :

• The bank or finance house, providing the loan, will be guaranteed the payment of the debt in circumstances falling within the “Hemaya” cover.
• The bank will relax its loan providing conditions.
• The burden of payment of the loan will not pass to the family of the policyholder (debtor) or to his guarantors.

Alsagr Insurance & Reinsurance’s Responsibility :

• Upon death / total disability, Alsagr Insurance & Reinsurance will pay to the lending bank/ company the outstanding (unpaid) balance of the debt at the time of death/total disability .
• Example:
  Mr. Ahmed is 30 years of age. He has been given a bank loan for AED.105,600 with repayment over 48 months. His “Hemaya” premium for the entire duration of the loan works out at AED.480.
  After the payment of 8 installments by Mr. Ahmed, he passes away. Husn Al Sharjah Insurance Services pays to the bank (AED. 105,600 x 40) / 48 = AED. 88,000 on behalf of  the deceased.

All the Islamic Banks and Islamic financing houses in U.A.E have entered into contractual agreements with Alsagr Insurance & Reinsurance whereby all their personal loans are now fully covered under the “Aaln Hemaya” plan.

AALN HOUSEHOLDER WORKERS PLAN

Benefits

The “AALN HOUSEHOLDERS ” plan provides the following benefits for Household workers like Servants, Drivers, Housemaid…:

Death benefits, in the event of natural or accidental death of the policyholder, will be given to the heirs or any beneficiary named in the policy. Permanent Total Disability benefits will be given to the policyholder in the event of permanent total disability caused by accident or illness.

Eligibility

The “AALN HOUSEHOLDERS” Plan is available to: Any person (male or female) under 50 years old.

Obligations of the Policyholder

Annual contribution payment (insurance premium) which is determined on the policyholders sum insured, age, health condition and period of insurance.

Obligations of Alsagr Insurance & Reinsurance

Immediate settlement of the Sum Insured in full, in case of death or permanent total disability of the policyholder.

Period of Insurance

For Two years.