Sunday, December 16, 2007
The importance of life insurance
Life insurance may sound like something you only have to think about when you get older, but there are a variety of benefits to buying life insurance early on in your working career. Even if you don't have a family that is dependent on you, or if you feel that your employer's life insurance policy is adequate for your needs, there are many reasons why you should consider taking out your own life insurance policy. If your employer provides you with a life insurance policy, you shouldn’t necessarily rely on it. While many companies may offer life insurance as one of the key benefits of a job, the figure often doesn't cover enough to be of adequate benefit to your family - especially in the event of your death. For instance, many firms may offer life insurance that is one or two times the amount of your annual salary; but most financial planners will recommend replacing that with life insurance that covers up to 10 times your annual salary. Furthermore, it is always important for consumers to be aware of types of life insurance they can choose from: essentially, there are two types of life insurance: term insurance or investment type insurance. Term insurance will provide benefits to your family or your dependents if you die during the proposed period covered by your policy. Investment-type life insurance, also known as, "permanent insurance", will include endowment policies and "whole of life" policies. This type of life insurance remains in effect for as long as you continue to pay your premium. Essentially, part of this premium will go to an investment account; so, as well as paying out in the event of your death, it will build up in investment value - which you can actually cash in before you die. This is a great reason to invest in life insurance when you're younger - the earlier you buy, the higher the investment value that will accumulate during your lifetime, and the more you may be able to reclaim when you're older. Perhaps the most crucial piece of information to keep in mind during your search for life insurance, however, is the importance of shopping around. It is vital to ensure that the insurance you eventually invest in is the most suitable for your particular needs; so, as well as thinking about how much you can afford to pay, it is essential to think about what you actually need from life insurance cover. There are many consumer life insurance comparison sites that exist on the web which provide this valuable service. By utilising such services, as well as vital sources of information like the FSA Check Firm Service and the Citizens Advice Bureau, you will be armed with a hefty arsenal of consumer information so you can reach the right decision when it comes to buying life insurance.
MaaxUmaat
MaaxUmaatEnjoy Tranquility in Life
Description
Every individual dreams of having the most and the best of everything.
Every breadwinner of the family will always endeavor tirelessly to provide the best for their families' needs - physical, mental and economic.
This is not always easy, as it has been said "The sky is not always blue." Tomorrow is not something that we can take for granted for while it may bring joy, it may also bring sorrow.
Now your journey of life can be full of brightness and blue skies - you need not worry about those dark clouds on the horizon by choosing MaaxUmaat from MAA Assurance.
MaaxUmaat is a unique plan that provides protection and returns through regular savings in order to ensure the future of you and your family is safeguarded.
Benefits
Basic Protection
You have a choice of how much Life Insurance you want which is called the Basic Sum Assured. The Basic Sum Assured can be increased or decreased subject to current underwriting requirements. Upon death both the Basic Sum Assured and the Investment Account balance are payable.
Upon Total and Permanent Disability before age 65, the Basic Sum Assured is payable and you have the choice of:
Terminating the policy and receiving the Investment Account value; or
Continuing with the Investment Account
Khusus Protection
Funeral Expenses (Khairat Kematian) of RM2,000. This benefit is payable within 24 hours of presentation of claim supported by certified copy of Police Report and Death Certificate.
An additoinal benefit of RM5,000 is payable on death, where the beneficiary has an option to use the benefit for the purpose of:
Repatriation Benefit - Transportation of the body or mortal remains of the insured person back to Malaysia.
Ziarah - Cost incurred in funeral/flight/hotel etc for insured family to arrange for funeral outside Malaysia.
Other purposes.
Ziarah Protection
100% of the Rider Sum Assured is payable in the event of Accidental Death or Total and Permanent Disability (Maximum RM100,000)
200% of the Rider Sum Assured is payable if Accidental Death or Total and Permanent Disability occurs in Saudi Arabia during Haj / Umrah (Maximum RM200,000).
Riyal Benefit
Guaranteed Cash Payment of up to RM3,000 (your choice of a multiple of RM300) at the end of every 3 policy years.
Investment Account
You have a choice of professionally managed, Syariah-compliant MAA investment-linked funds to choose from, depending on your investment objectives, risk profiles and investment horizons. You also have the flexibility to switch your investments between these funds as your risk profile changes.
MaaxUmaat gives you the flexibility to top-up on a regular basis with MaaxSaver, which starts from as low as RM50 a month. In addition, you also have the flexibility to top-up your investment at any time with a minimum lump sum payment of RM2,000. These top-up facilities are available to you to maximise your investment.
Who is Eligible?You can be insured with MaaxUmaat if you are between 30 days and 69 years of age; however, the policyholder must be at least 18 years old.
What about the Premium Rates?MaaxUmaat can be yours for as little as RM50 a month or RM600 a year. You have the flexibility to pay the premiums monthly, quarterly, half-yearly or annually.
Description
Every individual dreams of having the most and the best of everything.
Every breadwinner of the family will always endeavor tirelessly to provide the best for their families' needs - physical, mental and economic.
This is not always easy, as it has been said "The sky is not always blue." Tomorrow is not something that we can take for granted for while it may bring joy, it may also bring sorrow.
Now your journey of life can be full of brightness and blue skies - you need not worry about those dark clouds on the horizon by choosing MaaxUmaat from MAA Assurance.
MaaxUmaat is a unique plan that provides protection and returns through regular savings in order to ensure the future of you and your family is safeguarded.
Benefits
Basic Protection
You have a choice of how much Life Insurance you want which is called the Basic Sum Assured. The Basic Sum Assured can be increased or decreased subject to current underwriting requirements. Upon death both the Basic Sum Assured and the Investment Account balance are payable.
Upon Total and Permanent Disability before age 65, the Basic Sum Assured is payable and you have the choice of:
Terminating the policy and receiving the Investment Account value; or
Continuing with the Investment Account
Khusus Protection
Funeral Expenses (Khairat Kematian) of RM2,000. This benefit is payable within 24 hours of presentation of claim supported by certified copy of Police Report and Death Certificate.
An additoinal benefit of RM5,000 is payable on death, where the beneficiary has an option to use the benefit for the purpose of:
Repatriation Benefit - Transportation of the body or mortal remains of the insured person back to Malaysia.
Ziarah - Cost incurred in funeral/flight/hotel etc for insured family to arrange for funeral outside Malaysia.
Other purposes.
Ziarah Protection
100% of the Rider Sum Assured is payable in the event of Accidental Death or Total and Permanent Disability (Maximum RM100,000)
200% of the Rider Sum Assured is payable if Accidental Death or Total and Permanent Disability occurs in Saudi Arabia during Haj / Umrah (Maximum RM200,000).
Riyal Benefit
Guaranteed Cash Payment of up to RM3,000 (your choice of a multiple of RM300) at the end of every 3 policy years.
Investment Account
You have a choice of professionally managed, Syariah-compliant MAA investment-linked funds to choose from, depending on your investment objectives, risk profiles and investment horizons. You also have the flexibility to switch your investments between these funds as your risk profile changes.
MaaxUmaat gives you the flexibility to top-up on a regular basis with MaaxSaver, which starts from as low as RM50 a month. In addition, you also have the flexibility to top-up your investment at any time with a minimum lump sum payment of RM2,000. These top-up facilities are available to you to maximise your investment.
Who is Eligible?You can be insured with MaaxUmaat if you are between 30 days and 69 years of age; however, the policyholder must be at least 18 years old.
What about the Premium Rates?MaaxUmaat can be yours for as little as RM50 a month or RM600 a year. You have the flexibility to pay the premiums monthly, quarterly, half-yearly or annually.
Public Mutual Won the Most Outstanding Islamic Fund Manager Award
Public Mutual Won the Most Outstanding Islamic Fund Manager Award
Tan Sri Dato’ Sri Dr. Teh Hong Piow, Chairman of Public Mutual, receiving the Most Outstanding Islamic Fund Manager Award from Y.B Tan Sri Nor Mohamed Yakcop, Minister of Finance II.
Public Bank’s wholly-owned subsidiary, Public Mutual won the Most Outstanding Islamic Fund Manager award at the recent KLIFF (Kuala Lumpur Islamic Finance Forum) Islamic Finance Awards 2007 ceremony organised by The Centre for Research and Training (CERT) together with the host, Halal Industry Development Corporation (HDC), and in collaboration with Dow Jones Islamic Market Indexes (DJIM), the International Institute of Islamic Finance (IIIF) and Messrs Hisham, Sobri & Kadir (HSK).
The award was presented by Y.B Tan Sri Nor Mohamed Yakcop, Minister of Finance II to Public Mutual’s Chairman Tan Sri Dato’ Sri Dr. Teh Hong Piow during the award presentation ceremony which was held on 20 November 2007 at the Nikko Hotel Kuala Lumpur. The objective of the awards is to honor and appreciate efforts of the institutions and organizations that have given significant contribution in developing the industry.
Tan Sri Dato’ Sri Dr. Teh Hong Piow said that he is very proud that Public Mutual won the Most Outstanding Islamic Fund Manager at the recent KLIFF. “Winning this award not only reinforces our leadership position in the industry but also affirms our commitment to excellence. This achievement is a testimony of Public Mutual’s collective dedication and commitment to continuously deliver value to our investors,” he said.
Over the years, Islamic fund industry in Malaysia has grown rapidly and remains highly competitive. From 2001 to 31 October 2007, Public Mutual Islamic funds’ total net asset value has grown by 2500% from RM0.3 billion in 2001 to RM7.9 billion as at end October 2007; while the industry’s Islamic funds total net asset value grew by 615% from RM2.0 billion to RM14.3 billion over the same period. Public Mutual is the leader in the private Islamic fund industry with a market share of more than 55% as at end October 2007.
Public Mutual is the largest private unit trust company in Malaysia as well as the most awarded, raking in a total of 100 major awards since 1999. The Most Outstanding Islamic Fund Manager Award represents the 101st award won by Public Mutual Berhad. The company is also the most awarded Islamic unit trust fund manager in Malaysia, winning a total of 27 Islamic Fund Awards. This includes the "Best Fund Manager in Asia 2006" awarded by Failaka Advisors, Dubai, a recognized leader in the field of Islamic fund research.
Public Mutual currently manages 54 funds for more than 1,350,000 accountholders. As at 31 October 2007, the total net asset value of the funds managed by the company was RM26.7 billion.
Tan Sri Dato’ Sri Dr. Teh Hong Piow, Chairman of Public Mutual, receiving the Most Outstanding Islamic Fund Manager Award from Y.B Tan Sri Nor Mohamed Yakcop, Minister of Finance II.
Public Bank’s wholly-owned subsidiary, Public Mutual won the Most Outstanding Islamic Fund Manager award at the recent KLIFF (Kuala Lumpur Islamic Finance Forum) Islamic Finance Awards 2007 ceremony organised by The Centre for Research and Training (CERT) together with the host, Halal Industry Development Corporation (HDC), and in collaboration with Dow Jones Islamic Market Indexes (DJIM), the International Institute of Islamic Finance (IIIF) and Messrs Hisham, Sobri & Kadir (HSK).
The award was presented by Y.B Tan Sri Nor Mohamed Yakcop, Minister of Finance II to Public Mutual’s Chairman Tan Sri Dato’ Sri Dr. Teh Hong Piow during the award presentation ceremony which was held on 20 November 2007 at the Nikko Hotel Kuala Lumpur. The objective of the awards is to honor and appreciate efforts of the institutions and organizations that have given significant contribution in developing the industry.
Tan Sri Dato’ Sri Dr. Teh Hong Piow said that he is very proud that Public Mutual won the Most Outstanding Islamic Fund Manager at the recent KLIFF. “Winning this award not only reinforces our leadership position in the industry but also affirms our commitment to excellence. This achievement is a testimony of Public Mutual’s collective dedication and commitment to continuously deliver value to our investors,” he said.
Over the years, Islamic fund industry in Malaysia has grown rapidly and remains highly competitive. From 2001 to 31 October 2007, Public Mutual Islamic funds’ total net asset value has grown by 2500% from RM0.3 billion in 2001 to RM7.9 billion as at end October 2007; while the industry’s Islamic funds total net asset value grew by 615% from RM2.0 billion to RM14.3 billion over the same period. Public Mutual is the leader in the private Islamic fund industry with a market share of more than 55% as at end October 2007.
Public Mutual is the largest private unit trust company in Malaysia as well as the most awarded, raking in a total of 100 major awards since 1999. The Most Outstanding Islamic Fund Manager Award represents the 101st award won by Public Mutual Berhad. The company is also the most awarded Islamic unit trust fund manager in Malaysia, winning a total of 27 Islamic Fund Awards. This includes the "Best Fund Manager in Asia 2006" awarded by Failaka Advisors, Dubai, a recognized leader in the field of Islamic fund research.
Public Mutual currently manages 54 funds for more than 1,350,000 accountholders. As at 31 October 2007, the total net asset value of the funds managed by the company was RM26.7 billion.
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