FACULTY OF BUSINESS AND MANAGEMENT

LIFE AND HEALTH INSURANCE (INS535)

BA241 3A
SEMESTER 3, 2020/2021

INDIVIDUAL ASSIGNMENT 2

LECTURER:

MADAM UNGKU MUNIRAH BINTI UNGKU ABDUL AZIZ

MADE BY:

RIENAH BINTI SANARI

(2019231122)
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Company’s profile ( Conventional or 4

Takaful )
Identify the types of life and health 5-6
insurance products available in the
company.
Describe the product features on one (1) 7-8
type of product only :
1. Health insurance
Describe the challenges and the response 9
taken by the takaful operators sales during
Covid-19
 Conclusion and recommendations.

TABLE OF CONTENT

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 1. COMPANY’S PROFILE ETIQA FAMILY TAKAFUL ( MALAYSIA )

Etiqa Family Takaful Berhad (the Company), formerly known as Etiqa Takaful
Berhad, is a public limited liability company, incorporated and domiciled in Malaysia. The
principal activity of the Company is the management of general takaful, family takaful and
takaful investment-linked business. On 1 January 2018, the MAHB Group has successfully
completed the conversion of composite licenses to single licenses (license split) and
surrendered the composite licenses in exchange for the four single licenses. Consequently, the
Company was renamed to Etiqa Family Takaful Berhad, and will be principally engaged in
the underwriting of family takaful business.

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 2. IDENTIFY THE TYPES OF LIFE AND HEALTH INSURANCE PRODUCTS
AVAILABLE IN THE COMPANY.

Life insurance Health insurance

Mawaddah takaful
 An affordable protection plan
to prepare our hibah.
i-Secure Takaful
 The plan that gives a lump sum
payment to the beneficiary in
the event of death during the
period of cover.
i-DoubleSecure Takaful
 The plan that provides double
the benefits if death or Total
Permanent Disability is caused
by an accident.
AafiahCare Takaful
 An affordable plan to cover 68
Critical Illnesses.
Prisma Takaful
 The plan that provides
coverage for our family from
just RM50/month.
e-Medical Pass Takaful
 A shariah-compliant medical
plan that provides hospital
and surgical benefits, and
cashless admission.
e-CancerCare Takaful
 A shariah-compliant plan that
provides coverage for early
stage and major cancer
treatments.
Medical Plus Takaful
 A hospital and surgical
insurance plan that provides
comprehensive medical
coverage, unlimited lifetime
cover and a high annual limit.
Takafulink Medical Plus
 Comprehensive Medical Care
for better and brighter days
ahead.

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 3. DESCRIBE THE PRODUCT FEATURES ON ONE (1) TYPE OF PRODUCT
ONLY : HEALTH INSURANCE
e-CancerCare Takaful
e-CancerCare Takaful plan is a pure protection plan that covers early stage to
advanced stage cancers, up to 20 years. Cancer can destroy our life ambitions and leave us
with emotional and financial distress. The obligation to pay contributions and receive
benefits, are on the basis of Tabarru’. Etiqa’s e-CancerCare Takaful will help ease our
financial burden of cancer treatments, so we can focus on fighting the disease with their Fast
& Easy offerings.
There are four Fast & Easy offerings of e-CancerCare Takaful which are early cash
payout, lump sum cash payout, instant approval and affordable. Early cash payout which is
cash payout of 30% of the covered amount will be paid directly to us for early stage cancers,
including carcinoma in situ. While a lump sum of 150% of the covered amount will be paid
directly to us upon diagnosis of advanced cancers. For instant approval states that no medical
check-up required. It is imply answer one health question for immediate cover. Lastly,
affordable that get complete cancer coverage from as little as 21 sen a day.
The e-CancerCare Takaful has three benefits provided which are early stage cancer
benefit, major cancer benefit and advanced stage cancer benefit. Early stage cancer benefit
shows that if the person covered is diagnosed with any one of the early stage cancers and
survives at least 30 days from the date of diagnosis, 30% of RM<sum covered> shall be
payable. The list of early stage cancer is like i) Carcinoma-in-situ, ii) Early Bladder Cancer,
iii) Early Chronic Lymphocytic Leukemia, iv) Early Prostate Cancer and v) Early Thyroid
Cancer. The early stage cancer benefit payment will reduce the sum covered by the same
amount and it is payable once only.
Next, major cancer benefit. If the person covered is diagnosed with any one of the
major cancers and survives at least 30 days from the date of diagnosis, RM<sum covered>
shall be payable. In the event the early stage cancer has been claimed prior to it, then the
major cancer benefit shall be reduced by payment made under early stage cancer benefit,
which is 70% of RM<sum covered> shall be payable. The certificate will be terminated on
payment of major cancer benefit, with no other benefits payable thereafter.
Last but not least is advanced stage cancer benefit. If the person covered is diagnosed
with any one of the advanced stage cancers and survives at least 30 days from the date of
diagnosis, 150% of RM<sum covered> shall be payable. In the event the early stage cancer
has been claimed prior to it, then the advance stage cancer benefit shall be reduced by
payment made under early stage cancer benefit, which is 120% of RM<sum covered> shall
be payable.
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The certificate will be terminated on payment of advanced stage cancer benefit, with no other
benefits payable thereafter.

4. DESCRIBE THE CHALLENGES AND THE RESPONSE TAKEN BY THE

TAKAFUL OPERATORS SALES DURING COVID-19

The challenge Takaful Operators sales faced during COVID-19 are caused universal
psychosocial impact by causing mass hysteria, economic burden and financial losses. The
time of COVID-19 pandemic is generating stress throughout the population and thus, lead in
mental
health disorders due to unemployment, financial stress and lack of interactions. The situation
of fear, worry and anxiety regarding COVID-19 can cause strong emotions instability such as
stress investigation for COVID-19 committed suicide in Serdang Hospital, Selangor,
apparently due to depression (Zolkepli, 2020).

In addition, Rothert et al., (2019) stated that mental health disorders are common in
all countries around the globe, causing immense suffering and staggering economic income
countries. Mental disorders issues can be categorized such as prolonged sadness, constantly
feeling irritated, inability worry and anxiety (Ratanasiripong et al. 2018).

Moreover, anxiety disorder is among the most common mental health disorders
among young people, alongside depression. It is approximately that around 10 per cent of
young people with mental health disorders may be somewhat close to these earlier forms of
anxiety issues (Khairi et al. 2021; Khairi et al. 2020a; Sherman 2020; Ratanasiripong et al.
2018).

Based on these statistics, takaful operators take a response with promoting takaful
product in the market that is potentially to cover the mental health treatment in Malaysia. The
increasing necessity of mental illness coverage has spurred takaful and insurance companies
to introduce and promote an attractive scheme for mental health disorders patients. Therefore,
mental health disorders issues represent important public health challenges by responsible
bodies including takaful operators, corporate sectors and government in handling this
pandemic.
Takaful 's key products consist of family takaful, which is an alternative to life
insurance products, and general takaful, which is an alternative to general insurance products
(Kazaure, 2019), and recently takaful suppliers have created a new product which is takaful
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for mental health disorders under the family takaful products (Etiqa Takaful, 2020); Khairi et
al., 2021; Khairi et al., 2020a).

5. CONCLUSION AND RECOMMENDATIONS

In conclusion, takaful is a viable alternative to conventional insurance for the world’s

1.6 billion Muslims, and this market is set to grow substantially in the coming years.
Malaysia and the Middle East are where the much of the current and future business will be
secured. More licenses are being awarded in these regions to both local operators and
traditional insurers. The market faces many challenges, not least of which is the awareness
that takaful is a Shari’ah-compliant form of insurance.

The main element that actually differentiates takaful from conventional commercial
insurance is the tabarru’. For example, on the donation side, if it arrangement really tabarru’,
then can the proceeds or money be given back to the donor as tabarru’ is like hibah ( gift ) or
sadaqah ( charity ).

My recommendations are takaful would develop into an industry and eventually

become the real insurance alternative for the ummah would depend on the commitment and
political willingness of the Muslims at the individual, community, national and international
levels.

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BROCHURE OF THE PRODUCTS

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REFERENCES

1. Emis. com. (n.d.). Etiqa Family Takaful Berhad Company Profile - Malaysia |
Financials & Key Executives | EMIS. Retrieved from
https://www.emis.com/php/company-
profile/MY/Etiqa_Family_Takaful_Berhad_en_9347378.html

2. www.etiqa. com. my. (n.d.). e-CancerCare Takaful | Etiqa Malaysia. Retrieved from
https://www.etiqa.com.my/v2/health-insurance-takaful/e-cancer-care-takaful

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 FACULTY OF BUSINESS AND MANAGEMENT
FINAL ASSESSMENT/ TEST DECLARATION FORM

Student’s Name : RIENAH BINTI SANARI

Student’s ID : 2019231122 Student’s I/C No. : 990817-12-6288

Program Code : BA241 Part : 3 Course Code : INS535

Course :
Name LIFE AND HEALTH INSURANCE

Final Assessment/
Test No. : Date : 12.12.2020 Time :

Lecturer’s Name : MADAM UNGKU MUNIRAH BINTI UNGKU ABDUL AZIZ

I hereby declare that the work in this final assessment/ test was carried out in accordance with the
regulations of Universiti Teknologi MARA.

I acknowledge that I have been supplied with the Academic Rules and Regulations for Universiti
Teknologi MARA’s Diploma/ Bachelor Degree/ Master’s Degree students, regulating the conduct of
my study and exams.

I hereby declare that this assignment/ project is written by me and:

i. is a result of my own work;
ii. has not been used for another assessment at another department/ university/ university college
in Malaysia or another country;
iii. does not refer to/quote works of others or own previous writings without stating it both in the text
and in the reference list;
iv. mentions explicitly all sources of information in the reference list; and
v. will go through similarity check (Turnitin).

I am aware that disciplinary action (which may include the deduction of marks in the final assessment/
test) will be taken against me if I am found to be an offender.

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 12.12.2020

Date Student’s Signature

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