Group Creditor Takaful Plan (Group Credit Life)

The plan provides Takaful protection to a bank’s financing seeker by paying off a financing seeker’s debt in case of an uncertain event like death or disability. The face value of a credit takaful policy decreases proportionately with the outstanding debt amount i.e. as the debt is paid off over time until both reach zero value.
Note: In case of loans from conventional banks, this Group Credit Takaful plan covers only the principal amount of the loan and not the interest on it.

  • Coverage in the unfortunate case of death or disability of borrower(s)
  • Annually renewable plan for banks Designed to safeguard the bank’s interest
  • Reviewed and approved by the Shari’a Board
  • Competitive amount of Free Cover Limit (without medical) may be extended
  • Paperless processing
  • Seamless policy issuance process
  • Takaful sum cover paid to legal beneficiary