Launch of ‘StudentCare Takaful’ insurance

Ben Ng Aug 21st, 2009 .

Takaful IBB Berhad yesterday introduced the ‘StudentCare Takaful’ to provide insurance coverage for local students abroad. The product’s launch is part of Takaful IBB’s mission to create more awareness on and encourage insurance culture (“beduaya bertakaful”) to prepare the future generation for when luxuries may not be so available, the insurance company said in a press statement.

Officiating the launching ceremony was Pehin Dato Seri Setia Hj Abu Bakar Hj Apong, the Minister of Communications. “We are focusing on the younger generation, who we believe will find it easier to grasp the concept and appreciate the importance of insurance. These are the students – our young and bright proportion of the population,” read the statement.

By analysing risk exposures starting from the day that a student departs for overseas studies to the day they would return, Takaful IBB Berhad has identified various issues, such as lost baggage. With the product, medical insurance is also provided, as students may need to seek treatment urgently while abroad. “A compassionate passage in the benefits to cover the student’s return passage home to be with their family has been included in the event of emergency situations, such as the loss of close family members back home, who may not have enough money for the airfare,” read the statement.

According to the press release, “StudentCare Takaful will also cover the student against death – accidental or natural in cause. “Accidents can also happen, which may cause permanent total disablement on certain parts of the body for example, the loss of arms, legs, fingers, or worse, becoming totally disabled. These exposures are covered under the Personal Accident and Group Term Life.”

The purpose of the package, according to Takaful IBB, is to make the product more marketable, and it is cheaper than buying three similar but separate products, thus making it more affordable and worthy for students.

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