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| CIMB Islamic Bank rolls out Takaful health plan |
| Written by The Edge Financial Daily | |||
| Monday, 12 October 2009 20:23 | |||
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Called the EasyLife Takaful Health Plan, the health plan managed by CIMB Aviva Takaful Bhd provides health and hospital benefits encompassing surgical benefits, daily hospital income, lump sum payment for critical illnesses, outpatient treatment for kidney dialysis, anti-cancer treatments and death benefit. It offers customers a fixed cash benefit, regardless of the actual cost incurred in addition to benefits received under any existing hospitalisation and surgical plan. It also provides customers the option to renew their coverage up to the age of 70 years to cover post retirement medical needs. CIMB Islamic Bank chief executive officer Badlisyah Abdul Ghani said, "We are expanding our range of products as the demand for Takaful products has been growing at a steady pace, with Malaysians increasingly seeking the transparency and security of such syariah-compliant products." Badlisyah added that as indicated by Bank Negara Malaysia, Takaful is one of the fastest-growing segments in insurance, with an average growth of 20% per annum and an average double-digit growth for the past few years — reflecting the potential in the industry, particularly in bancatakaful. "The Bank has a large customer base and extensive distribution network, hence we are able to distribute CIMB Islamic bancatakaful products in a cost effective manner, translating the cost savings to our customers." The contribution starts from RM1.13 a day. CIMB Aviva Takaful Bhd CEO Muhammad Fikri Rawi said, "The roll out of Takaful-related products is in line with CIMB Aviva Malaysia's (comprising CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd) efforts to offer a balance of conventional and Islamic unit-linked savings, protection and investment products to the public. EasyLife Takaful Health is the first to come off the shelf and we are targeting to launch a full series of bancatakaful products by end of the year," added Muhammad Fikri.
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