Pri-TI (Takaful/Insurance Trust)

A Takaful/Insurance Trust is a trust created from Takaful/Insurance proceeds by appointing as-Salihin Trustee Berhad as assignee (through Absolute Assignment) to receive Takaful/Insurance proceeds for the benefit of the policy owner (during critical illness, coma or Total Permanent Disability) or beneficiaries.

Advantages Of Pri-TI Compared To Hibah Nomination

  • Able to nominate substitute beneficiaries;
  • Add conditions to distribute;
  • Give instructions for progressive payment or create trust fund;
  • Can control spending habits of spouse or children;
  • Avoid squabble among family members;
  • Distribution of policy proceeds to children if they are still underage (18 years old) during death of Policy Owner.
  • Policy proceeds will be properly utilised for the benefit of policy owner who suffers from coma or TPD;
  • Avoid possibility of breach of trust and mismanagement of fund.
  • Can avoid any misconduct and breach of trust due to the trust being managed by as-Salihin;
  • Can create a legacy through trust fund;
  • Protecting rights of specific beneficiaries, especially special children;
  • The policy proceeds is not subjected to Faraid and estate administration, takes effect immediately according to the terms of the Trust Deed;
  • Can control beneficiaries spending habits (specify purpose, amount and manner of distribution);
  • Can be used for payment of debts and estate administration fee;
  • Subject to Bankruptcy Act, trust fund protected against any creditor’s claim;
  • Administration of the policy owner’s money if policy owner suffers Total Permanent Disability (TPD) or coma..

Pri-TI (Malay)

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