ASNB COVR: Investment and Takaful Protection
ASNB COVR offers an ideal solution for unit holders seeking to build savings while enjoying financial protection. This initiative represents a strategic collaboration between ASNB and Takaful Ikhlas Family Berhad (TIFB), delivering a comprehensive investment solution complemented by takaful protection.
By integrating investment protection, ASNB COVR enhances financial planning through disciplined savings while supporting long-term financial security.
Key Benefits of ASNB COVR
Takaful Protection Benefits under ASNB COVR
The protection offered under ASNB COVR is based on the Takaful concept, which emphasises mutual assistance among participants. Under this model, a portion of participants’ contributions is allocated to a dedicated fund known as the Risk Fund (Tabarru’).
The Tabarru’ fund is designed to provide shared financial benefits, which are payable to the covered participant or their beneficiaries upon the occurrence of predefined events. This concept reflects the core values of cooperation, shared responsibility, and mutual care among participants.
In addition, Takaful operations adhere strictly to Islamic financial principles and are overseen by a Shariah Advisory Board to ensure full compliance.
This comprehensive Takaful protection includes coverage for:
- Death
- Total and Permanent Disability (TPD)
- Critical Illness
- Immediate Death Expenses
Unit holders may choose from five available plans, with monthly contributions ranging from RM40 to RM200. From the total contribution:
- 75% is allocated for investment, and
- 25% is allocated for takaful protection
ASNB COVR is available to all ASNB unit holders, with entry age starting from as early as 30 days old up to 69 years old, and coverage extending up to 70 years of age.
Death Benefit
ASNB COVR provides financial protection in the event of the covered person’s death. In such circumstances, the agreed sum covered will be paid to the designated beneficiary. This benefit helps the family maintain financial stability by supporting essential needs such as daily living expenses, outstanding financial commitments, and children’s education. It is particularly important for individuals who are the primary breadwinners, as it helps ease the financial burden borne by family members following their passing.
Total and Permanent Disability (TPD) Benefit
In addition to death coverage, the plan provides protection against Total and Permanent Disability (TPD). TPD refers to a condition where the covered person is no longer able to work or carry out normal daily activities due to a permanent disability. In such cases, the TPD benefit will be payable to the covered person or beneficiary to help cover financial needs, including medical expenses, healthcare support, and daily living costs.
Critical Illness Benefit
ASNB COVR also offers protection against 36 critical illnesses. Conditions such as cancer, heart attack, or stroke can have a significant financial impact due to high medical costs and potential loss of income. With this coverage, the covered person will receive financial support to help manage treatment costs and recovery expenses.
Immediate Death Expense Benefit
This plan also provides an Immediate Death Expense Benefit to assist families in covering funeral and related expenses. The coverage may also be extended to a spouse and dependents (up to three individuals), even if they are not ASNB investors, in the event of their prior passing. This benefit is designed to ease the financial burden on families during difficult times.
ASNB COVR Plan Options
ASNB COVR offers flexible plan options with monthly contributions ranging from RM40 to RM200, providing access to comprehensive group takaful protection as outlined below:
With its flexible plan structure, affordability, and comprehensive protection benefits, ASNB COVR stands as a relevant solution for individuals seeking to build long-term savings while ensuring financial protection for themselves and their families.
This plan not only supports unit holders in planning for their financial future but also contributes towards establishing a sustainable and Shariah-compliant financial safety net.
To subscribe to ASNB COVR, unit holders may select from any fixed-price or variable-price unit trust funds and choose a suitable plan via the myASNB platform. For further information, unit holders may contact the ASNB Customer Service Centre to obtain detailed clarification on plan features, protection benefits, and the registration process.