Malaysian lender CIMB Islamic Bank has joined forces with Sun Life Malaysia Takaful to launch the first universal takaful hajj product.
Dubbed Takaful Suria, the new product has been designed to offer Muslims savings and financial flexibility to help them reach their religious obligations.
Users of the product can get a lump sum of MYR1,500 special payout ($342.24) following the third contract year to open a Tabung Haji account or top up existing savings.
Further, it offers customers a final benefit, under which the value of the universal account is paid at the end of the contract term.
In addition, the new product doubles the basic benefit payable in the event of death, total and permanent disability during Hajj/Umrah, as well as also offers funeral expenses of MYR3,000 ($684.49) in case of death.
Sun Life Malaysia Takaful CEO Muhammad Fikri Mohamad Rawi said: "It has always been Sun Life Malaysia Takaful’s vision to offer lifetime financial security to Malaysians and with Takaful Suria, we are able to provide that assurance on top of complementing the Bank’s customer’s preparation for one of the most important religious aspirations in their lives.
"We see this as one way for us to deliver more value through products that let customers enjoy peace of mind while financially enabling them to plan for the important milestones in life."