PERSONAL TAKAFUL

Household Contents Takaful covers the possessions belonging to you and to close family members who live with you and covers most of your personal belongings and household possessions against loss or damage. This includes furniture, domestic equipment, electrical appliances, furnishing, clothing, food and drink, some valuables and cash up to a certain limit.

The Takaful concept in Contents Takaful

When you participate in Contents Takaful, you contribute to the general Takaful Fund in the form of participative contribution (tabarru’). You undertake a contract (aqad) for you to become one of the participants by agreeing to mutually help each other, should any of the participants suffer loss or damage to his property or contents.

How much should you cover?

Make sure that the amount chosen by you to be covered in your Contents Takaful plan reflects the actual replacement cost of your household goods i.e. what it will cost you, at the time of a claim, to replace all your belongings with similar new ones. In the event of a claim, we will calculate the replacement value for which you should have covered your contents and compare that amount to what you actually covered them for. If the amount covered is less than the actual replacement cost, the average conditionwill apply.

The concept of average in Contents Takaful

If the amount covered is less than the actual replacement cost, then you shall be considered as being your own Insurer/Operator for the difference and shall bear a rateable share of the loss accordingly as follows:

• Under covering means the sum covered at the time of loss is less than the actual replacement cost of the total value of your Contents.

Advice

Updating a contents inventory every six months or so will stand you in good stead in terms of your contents cover and related claims.

• Keep track of all the new items you buy, and place the purchase receipts in safe place such as your office, or a friend or family member’s house.
• Photograph every room and the inside of the garage. Place all the most valuable insured items in such a position as to be clearly visible in the photograph.
• Write down an article list for each room, including the articles stored in drawers, cupboards and containers.
• Collect and keep copies of the receipts of large, valuable items such as televisions, DVD players, fridges, cameras, jewellery, etc. in safe place – preferably not in your own house.

Click here to download the Household Inventory Form

Disclaimer:

This brochure does not form a contract. Please refer to your Participation Agreement for full details

All Risk Takaful covers you for items that you might take out of your home or wear while out of your home and for items of high value.

There 2 types of All Risk cover available:

a) Unspecified items, means items not listed individually on your statement of cover which include:

• Clothing
• Personal effects normally worn or designed to be carried by a person
• Normally worn or used by a person whilst participating in sport

b) Specified items, means items individually listed on your statement of cover. Typical items includes:

• Cell phones or other mobile communication devices
• Contact lenses
• Camera equipment
• Navigational devices, including your GPS
• MP3 players, including iPods
• Stamp or coin collection
• Bicycles
• Laptops

Takaful concept in “All Risk Takaful”

When you participate in All Risk Takaful, you contribute to the general Takaful Fund in the form of participative contribution (tabarru’). You undertake a contract (aqad) for you to become one of the participants by agreeing to mutually help each other, should any of the participants suffer loss or damage to his property or contents.

Disclaimer:

This brochure does not form a contract. Please refer to Your Participation Agreement for full details

Personal Liability Takaful is designed to protect you and your family against claims from a third party for compensation as a result of your actions. If you become legally liable to pay compensation for accidental death, bodily injury or property damage we’ll provide the personal liability cover. You have the option of choosing this cover by becoming a member in the Takaful Fund.

Takaful concept in “Personal Liability Takaful”

When you participate in Personal Liability Takaful, you contribute to the general Takaful Fund in the form of participative contribution (tabarru’). You undertake a contract (aqad) for you to become one of the participants by agreeing to mutually help each other, should any of the participants suffer loss or damage to his property or contents.

Although this cover is not common, below is a simple example of the need for such cover:

If a friend visits you and slips on a wet floor resulting in him/her breaking his/her back. Your friend does not have medical aid and the costs run into hundreds of thousands of rands. He/she can now claim damages from you. How do you pay for this? As part of your household cover you can include personal liability cover. Typically this type of liability cover is cheap which can be very valuable in instances where unlikely events occur. This type of cover unusual accidents as described above as well as incidents such as if your dog bites the neighbour or you cut down a tree on your property and consequently it damages your neighbours property

Motor Takaful covers you against loss or damage to your own vehicle due to accidental fire, theft or accident; and/or third party property loss or damage.

The Takaful concept in Motor Takaful

When you participate in Motor Takaful, you contribute a sum of money to a general Takaful Fund in the form of participative contribution (tabarru’). You undertake a contract (aqad) for you to become one of the participants by agreeing to mutually help each other, should any of the participants suffer a loss because of an accident involving his vehicle.

Types of cover

There are 3 types of cover under our Motor Takaful plan:

1. Comprehensive – This gives you the widest cover against accidents and theft, including damage you may cause to another party.
2. Third party fire and Theft – this covers you for damages against another party or if the vehicle is damaged as a direct result of fire, explosion, lightning, an attempted theft, or if it is stolen.
3. Third Party only – this will only cover the other party and their property due to damages caused by you. This will not cover damages or a loss to your vehicle.

How is the value of my vehicle determined?

Make sure that the amount covered in your Motor Takaful schedule reflects the retail value of your vehicle (including any accessories), i.e. the cost of replacing your vehicle with a similar make, model and condition. If the amount covered is less than the retail value, the fund would only pay out the sum covered in the schedule.

What is a No Claims Bonus?

A No Claims Bonus (NCB) is a discount that you get for not claiming for a whole year. At the end of the first year you would have a NCB 1. If you continue not to claim in successive years this rating will climb to a max NCB of 5. Each NCB has an additional discount on the contribution you would have to pay to enjoy the same level of cover; this means you don’t have to pay the full premium if you don’t claim.

At Takafol we would allow a discount to new customers who have a claims-free record with any other Insurance company.

• Please remember that a No Claims Bonus is not a no-fault discount. You could lose the discount if you claim even when an accident is the fault of another driver.

Disclaimer:

This brochure does not form a contract. Please refer to your Participation Agreement for full details