I had a conversation with a client who has two kids. He told me he had already set aside RM1 million for each of them. That’s RM2 million in total! While that’s a solid plan, I asked him,
“Why not put aside just a portion of that money and let Takaful do the heavy lifting?”
Instead of locking away RM2 million, I suggested he take a Takaful certificate worth RM1 million for each child. Here’s how it works:
- He remains the person covered and the certificate owner.
- His kids will be the hibah beneficiaries.
This way, if anything happens to him, each child still gets RM1 million. But the best part? He doesn’t have to part with RM2 million upfront—he can use that money for other things, whether it’s investments, emergencies, or even just enjoying life.
Here are two sample of how much is the cost to set up this legacy plan for your children.
John Doe, Man, 44 years old, Executive, Non-Smoker
Plan : A Life Legasi Beyond
Matures at : 80 years old
Contribution : RM 1,229.71 monthly (as of Feb 18, 2025)
Coverage :
John Doe, Man, 44 years old, Executive, Non-Smoker
Plan : A Life Legasi Beyond
Matures at : 70 years old
Contribution : RM 826.69 monthly (as of Feb 18, 2025)
Coverage :
The certificate maturing at age 70 is significantly more affordable than the one maturing at 80. This difference in monthly contributions stems from the varying maturity ages. To be candid, the likelihood of a death claim is higher with a certificate maturing at 80 compared to one maturing at 70.
Is Hibah Under Takaful Safe?
Absolutely! In Malaysia, Hibah under Takaful is protected by the Islamic Financial Services Act (IFSA 2023). While the contract holder can revoke or change the hibah during their lifetime, once it’s in place, it cannot be contested by heirs. This ensures that the money goes exactly where it’s intended—directly to the children, without legal disputes.
Who Can Sign Up for Takaful Certificate?
In Malaysia, you don’t have to be a Muslim to take up a Takaful certificate. Anyone residing in Malaysia at the time of application can participate. While Takaful is based on Shariah principles, it is open to both Muslims and non-Muslims, offering a Shariah-compliant alternative to conventional insurance. It focuses on mutual cooperation and risk-sharing, allowing non-Muslims to benefit from its features just like Muslim participants.
Smart, practical, and makes way more sense financially. What do you think? Would you do the same for your kids?
Curious about optimizing your finances? Let’s connect! Call me at +60 12 223 1623 or message me on WhatsApp. Together, we’ll craft a plan tailored just for you.
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