DOHA: Qatar Islamic Bank (QIB) has announced the launch of its latest Premium Takaful product, ‘Family Shield Platinum’ for its ‘Tamayuz’ customers and underwritten by Damaan Islamic Insurance (Beema), a press statement said.
It is a family Takaful policy available to nationals and expatriates tailored to provide financial security for the family during an unforeseen event, such as a critical illness, permanent total disability, or the misfortune of an early demise.
With the best price in the market, Family Shield Platinum coverage can reach up to QR10m with an affordable premium that can be contributed annually or biannually.
The cost of coverage premiums can vary depending on individual requirements, age, gender, health and lifestyle.
Individuals have the option of choosing coverage for death, critical illnesses (11 terminal diseases are covered under the critical illness rider) and total permanent disability, whereby each individual case will come with various benefits for the family if they should happen.
General Manager of QIB’s Personal Banking Group, D Anand, said: “The Family Shield Platinum is another product joining the suite of premium products and services specially designed for our Tamayuz members and is aimed at giving peace of mind to customers concerned over protecting their family.”
We all want to put our families first. This unique Takaful product reinforces QIB’s commitment to provide the best services for the clients and their families as they always come first, and we want to ensure their financial security and bright future,” Anand said.
Takaful is perceived as cooperative insurance, where members contribute a certain sum of money to a common pool.
The most important principles of Takaful are: policyholders cooperate among themselves for their common good; every policyholder pays their contribution to help those who need assistance; losses are divided and liabilities spread according to the community pooling system; uncertainty is eliminated in respect of contribution and compensation and that it does not derive advantage at the cost of others.
The Peninsula
