MAA sees RM18m from syariah plan


MALAYSIAN Assurance Alliance Bhd (MAA Assurance), which will launch its latest syariah compliant fund investment-linked plan, Maaster Al-Umaah, next month, is confident of securing RM18mil annualised new business premiums by the year-end. 

Its senior manager (regular premium plan development) Salim Majid Zain said between the soft introduction of the product on May 19 this year and June 11, the company had secured RM2.5mil in annualised premiums. 

Salim Majid Zain

“Judging from this, we expect the product to do well.  

“This is also partly because it gives policyholders the option to invest in the company's syariah-based investment-linked funds, which have proved to be among the industry's best performing funds currently. 

“The investment-linked plan is open to muslim and non-muslim customers and is unique in that it provides protection and investment returns through regular savings. This is to ensure the future of the policyholder and his family are safeguarded,” he said in an interview with StarBiz. 

Maaster Al-Umaah combines the basic life insurance protection and an investment account.  

According to the policyholders' preference, part of the premiums are invested in either MAA Dana Al- Fayyadh or MAA Dana As-Salam, both syariah-compliant investment-linked funds.  

MAA Dana Al-Fayyadh aims to provide medium- to long-term capital growth through investment predominantly in equities; and MAA Dana As-Salam, a more stable income or bond fund, in Islamic debt and other short-term securities, Salim said. 

The basic life insurance protection covers death and total and permanent disablement. 

According to the Life Insurance Association of Malaysia (Liam), among syariah investment-linked funds in Malaysia, the MAA Dana As-Salam is ranked best performing fund for one-year (April 1, 2002-March 31, 2003), two-year (April 1, 2001- March 31, 2003) and three-year (April 1, 2000- March 31, 2003) periods in the income/bonds funds category, recording returns of 13.3%, 19.2% and 29.2% respectively.  

MAA Dana Al-Fayyadh was the top performing equity fund in the three-year period. 

Salim said additional special benefits such as Al-Qhusus protection, Al-A'radha protection and Al-Riyal were included in the investment-linked plan. 

Al-Qhusus protection covers funeral expenses of RM2,000 payable within 24 hours of a claim, and an additional RM5,000 for transportation of the deceased's remains back to Malaysia, specified costs incurred for deceased family outside Malaysia, and etc. 

With Al-A'radha protection, 100% of the sum assured (maximum RM100,000) is payable in the event of accidental death or total and permanent disability. The amount is doubled (maximum RM200,000) if accidental death or total and permanent disability occurs while travelling in Saudi Arabia. 

Al-Riyal provides policyholders with a guaranteed cash payment of up to RM3,000 at the end of every three policy years. 

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