Marine Cargo Takaful - Product Disclosure Sheet

Transcription

1. PRODUCT DISCLOSURE SHEET MARINE CARGO TAKAFUL (Read this Product Disclosure Sheet before you decide to take the Marine Cargo Takaful. Be sure to also read the general terms and conditions.) Date: Consumer Takaful Contract Pursuant to Paragraph 5 of Schedule 9 of the Islamic Financial Services Act 2013, if you are applying for this Takaful wholly for purposes unrelated to your trade, business or profession, you have a duty to take reasonable care not to make a misrepresentation in answering the questions in the Proposal Form (or when you apply for this Takaful). You must answer the questions fully and accurately. Failure to take reasonable care in answering the questions may result in avoidance of your contract of Takaful, refusal or reduction of your claim(s), change of terms or termination of your contract of Takaful. The above duty of disclosure shall continue until the time your contract of Takaful is entered into, varied or renewed with us. In addition to answering the questions in the Proposal Form (or when you apply for this Takaful), you are required to disclose any other matter that you know to be relevant to our decision in accepting the risks and determining the rates and terms to be applied. You also have a duty to tell us immediately if at any time after your contract of Takaful has been entered into, varied or renewed with us any of the information given in the Proposal Form (or when you applied for this Takaful) is inaccurate or has changed. Non-Consumer Takaful Contract Pursuant to Paragraph 4(1) of Schedule 9 of the Islamic Financial Services Act 2013, if you are applying for this Takaful for a purpose related to your trade, business or profession, you have a duty to disclose any matter that you know to be relevant to our decision in accepting the risks and determining the rates and terms to be applied and any matter a reasonable person in the circumstances could be expected to know to be relevant, otherwise it may result in avoidance of your contract of Takaful, refusal or reduction of your claim(s), change of terms or termination of your contract of Takaful. The above duty of disclosure shall continue until the time your contract of Takaful is entered into, varied or renewed with us. You also have a duty to tell us immediately if at any time after your contract of Takaful has been entered into, varied or renewed with us any of the information given in the Proposal Form (or when you applied for this Takaful) is inaccurate or has changed. 1. What is this product about? The Marine Cargo Takaful provides coverage for the loss or damage to goods whilst being sent from one place to another. 2. What are the applicable Shariah concepts?     Takaful: Based on the concept of Takaful, participants will contribute to the PRIA as tabarru’ (donation), where it will be used for mutual aid and assistance. Wakalah: Participants appoint the Takaful Operator to manage Takaful contributions by charging a Wakalah Fee for their services as approved by the regulatory authorities. Tabarru’: It is a donation where participants agree to pay their contribution to a special account known as the General Risk Investment Account. The contribution will be used to help other covered persons in times of misfortune. Hibah: If there is a Surplus Sharing declared at the end of each financial year, it will be shared equally between the Participant and MAA Takaful Berhad at 50:50 ratio based on Hibah principle. 3. What are the covers / benefits provided? This certificate covers loss of or damage to goods incidental to marine adventures e.g fire & explosion, vessel/craft stranded, grounded or capsized, overturning or derailment of land conveyance, collision or contact of vessel, craft, discharge of cargo at port of distress, earthquake, volcanic eruption or lightning, general average sacrifice, jettison/washing overboard, entry of sea, lake or river water into the vessel, craft, conveyance, container, lift van or place of storage, loss of any cargo lost overboard or dropped whilst loading onto or unloading from vessel or craft, general average & salvage charges and piracy, theft & non-delivery. 4. How much contribution do I have to pay? The total contribution that you have to pay may vary depending on the underwriting requirements of the Takaful Operator. Standard cover : RM__________ contributions for sum covered of RM_____________ *Please refer to the Takaful Consultant or the Takaful Operator directly for more information. Rev6 04/16
2. 5 . What are the fees and charges that I have to pay? Types Amount  Wakalah fees   Goods and Services Tax (GST)*  Stamp Duty   (33% of the contribution) of which : o Commission - 15% of the contribution o Management Expenses – 18% of the contribution 6% of the contribution paid RM10.00 * Goods and Services Tax - Upon enforcement of the Goods and Services Tax (GST), MAA Takaful Berhad reserves the right to collect the GST at a prescribed rate on each certificate and payable by all certificate owners. Your obligation to pay GST shall form part of the Terms and Conditions in your Takaful Certificate . 6. What are some of the key terms and conditions that I should be aware of? Importance of disclosure – you must give all the facts in your application form fully and faithfully. You must ensure that the amount of certificate is the value of the goods transported. Note: This list is non-exhaustive. Please refer to the certificate contract for the terms and conditions under this certificate. Contact MAA Takaful Berhad if you have not received the Takaful certificate after one month of participation. 7. What are the major exclusions under this certificate?  Inherent vice or loss of market;  Mechanical derangement;  The first amount of each and every loss or damage described in the certificate as the Deductible;  War & Terrorism;  Loss or damage directly or indirectly caused by nuclear weapons.  Any other events prohibited by Shariah principles. Note: This list is non-exhaustive. Please refer to the sample certificate contract for the full list of exclusions under this certificate. 8. Can I cancel my certificate? There is no provision for cancellation under the terms and conditions of this certificate. 9. What do I need to do if there are changes to my contact details? It is important that you inform us of any changes to your contact details to ensure that all correspondence reach you in a timely manner. 10. Where can I get further information? Should you require additional information about Marine Cargo Takaful, please visit www.maatakaful.com.my or contact us for any enquiries at: MAA Takaful Berhad, 8th Floor, No.566, Jalan Ipoh, 51200 Kuala Lumpur. Tel : 603-6287 6666 Fax : 603 -6259 0088 E-mail: info@maatakaful.com.my 11. Other types of Marine Cargo Takaful cover available Not Available. Rev6 04/16
3. IMPORTANT NOTE : YOU MUST ENSURE THAT YOUR GOODS IS COVERED AT THE APPROPRIATE AMOUNT. YOU SHOULD READ AND UNDERSTAND THE TAKAFUL CERTIFICATE AND DISCUSS WITH THE TAKAFUL CONSULTANT OR CONTACT THE TAKAFUL OPERATOR DIRECTLY FOR MORE INFORMATION. MAA Takaful Berhad is licensed under the Islamic Financial Services Act 2013 and regulated by Bank Negara Malaysia. The information provided in this disclosure sheet is valid from 01 April 2016 until a revision is issued. Rev6 04/16