THE FIRST-OF-ITS-KIND SHARI’AH-COMPLIANT WILL, FAMILY TAKAFUL, LIFE COVER AND ESTATE ADMINISTRATION OFFERING IN SOUTH AFRICA.
COVER THE COSTS RELATED TO DEATH WITH A
SHARI’AH-COMPLIANT SOLUTION
TO LEAVE A LASTING LEGACY.
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A COMPLETE SOLUTION FOR MUSLIM COMMUNITIES FROM WILL TO INDEMNIFICATION OF FEES TO ESTATE ADMINISTRATION BROUGHT TO YOU BY CAPITAL LEGACY - THE TAKAFUL FUND OPERATOR.
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THE TAZKIYA™ WILLS AND ESTATES PRODUCT AND SERVICES OFFERING COMPRISES FOUR ELEMENTS:
“It is prescribed upon you, when death approaches (any) one of you - if he leaves behind wealth - then he should make a will (wasiyyah) for his parents and near relatives in a fair manner (in the one-third). This is a duty upon the pious people.”(2:180)
ISLAMIC LAST WILL & TESTAMENT
THE DRAFTING OF YOUR SHARI’AH-COMPLIANT WILL AND SAFEKEEPING SERVICE, AT NO COST TO YOU, THE TAKAFUL FUND MEMBER. THIS IS PART OF THE LEGACY SERVICES™ THAT ARE AVAILABLE TO YOU
75% of South Africans pass away without a valid Will in Place & 90% don’t plan for the unexpected costs and expenses related to death and winding up an Estate.
Our mission is to have more valid Wills in South Africa that adhere to Islamic principles and lower legal fees at death for our Muslim Clients.
THE DRAFTING OF YOUR SHARI’AH-COMPLIANT WILL AND SAFEKEEPING SERVICE, AT NO COST TO YOU, THE TAKAFUL FUND MEMBER. THIS IS PART OF THE LEGACY SERVICES™ THAT ARE AVAILABLE TO YOU
75% of South Africans pass away without a valid Will in Place & 90% don’t plan for the unexpected costs and expenses related to death and winding up an Estate.
Our mission is to have more valid Wills in South Africa that adhere to Islamic principles and lower legal fees at death for our Muslim Clients.
HOW IT WORKS
The Tazkiya™ Will service provides you with the opportunity to draw up a Will according to your chosen School of Thought that adheres to Islamic principles - providing for your Islamic Heirs, religious liabilities and obligations, and any Wasiyyah you wish to make.
All elements of the Tazkiya™ Legacy Protection Plan™ – the Family Takaful and the Trust – as well as the Takaful Fund Operator, are reviewed regularly by an independent Shari’ah Supervisory Board to ensure compliance with the principles of Shari’ah. The Supervisory Board members and the Trustees are recognised as market leaders and highly experienced Islamic scholars in SA.
COVER FOR LEGAL FEES
THE TAZKIYA™ LEGACY PROTECTION PLAN™
COVER THE COSTS RELATED TO DEATH FROM AS LITTLE AS
R87.31 PER MONTH.
The unique, first-to-market Tazkiya™ Legacy Protection Plan™ is a complete Shari’ah-compliant solution that accompanies your Islamic Will, honouring your faith by providing for your Islamic Heirs and covering you and your loved ones from the inevitable legal fees associated with death.
COVER THE COSTS RELATED TO DEATH FROM AS LITTLE AS R87.31 PER MONTH.
The unique, first-to-market Tazkiya™ Legacy Protection Plan™ is a complete Shari’ah-compliant solution that accompanies your Islamic Will, honouring your faith by providing for your Islamic Heirs and covering you and your loved ones from the inevitable legal fees associated with death.
TOP 6 IMPORTANT COSTS RELATED TO DEATH
These are some of the fees your family will need to cover when you pass away.
SHARI’AH WILL AND ESTATE ADMINISTRATION SERVICES
Ensuring you leave a purified legacy starts with your Islamic Will, is guided by your Succession Plan™ and is transferred to your Islamic Heirs through the Estate Administration process.
EXECUTOR, TESTAMENTARY TRUST AND CONVEYANCE FEES
Your Islamic Estate is required to pay certain religious liabilities and fees during the Estate Administration process, to honour your faith. Often, these fees are not provided for, depleting the Heirs’ inheritance.
IMMEDIATE EXPENSES
Due to the burial rites as provided in the Qur’an, your loved ones may be left financially strained immediately after your death.
MONTHLY LIVING EXPENSES
Estates can take months, if not years, to wind up and families mistakenly assume the Estate will pay the monthly ongoing expenses such as lights, rent, groceries, etc. but the funds are often tied up until the Estate is finalised.
LIFE COVER
The traditional South African financial products do not adhere to the Islamic principles of purification, i.e. keeping your finances untainted by gambling, interest, etc.
TAXES
Most people leave their entire Estate to their Spouse, but if both of you pass away and your Children inherit everything then Capital Gains Tax and other inheritance taxes are triggered.
HOW IT WORKS
Until now, there has been no clear leader in Shari’ah-compliant solutions for the Muslim community in South Africa. According to Islam, conventional insurance products are forbidden as they are tainted with interest and uncertainty. As a result, South African Muslim communities have been unable to protect their families and provide financial security when they pass away in a manner that allows them to observe their faith.
Capital Legacy, the Takaful Fund Operator, has has created a Family Takaful, ensuring that the Tazkiya™ Legacy Protection Plan™ cover is completely Shari’ah-compliant and in accordance with Islamic principles as none of the funds are ‘contaminated’ by interest or any other undesired financial influences.
BENEFITS AND CONTRIBUTIONS
Secure up to 100% cover against the Executor, Trust, Conveyance Attorney and Non-estate Asset Fees.
The Indemnity Plan™ you select determines the value of your Maximum Indemnity Benefit™ (MIB™), as well as your Integrated Benefits - Immediate Liquidity™, Estate Overheads Protector™ and Estate Gap Cover™. These cash benefits provide for specific expenses incurred when you pass away.
Should these benefits not adequately address the cash needs of your family, there are Extender Benefits which can be added to your selected Indemnity Plan™ to adequately meet the future needs of your family.
MAXIMUM INDEMNITY BENEFIT™
UP TO
R3 390 816
MIB™: The Maximum Indemnity Benefit™ refers to the value to which your selected Tazkiya™ Legacy Protection Plan™ covers the Executor, Trustee, Conveyance Attorney and Non-estate Asset Administration fees, which are determined by the value of your assets.
INTEGRATED BENEFITS
(automatically included in your Plan)
PLAN VALUE TO THE BENEFICIARIES
UP TO
R 5 272 718
BURIAL SOCIETY BENEFIT TO THE VALUE OF R 10 000
This Benefit will pay an additional R10 000 directly towards the Burial Society, for the burial of the deceased Plan holder, at no additional cost.
EXTENDER BENEFITS
(optional extra cover)
MYLEGACY COVER™
UP TO
R15 000 000
IN COVER
MyLegacy Cover™:
fully Shari’ah-compliant life cover. MyAbility Cover™: cover for impairment and critical illnesses.
LIFE AND DISABILITY COVER
MYLEGACY COVER™ IS AN OPTIONAL EXTENDER BENEFIT OF THE TAZKIYA™ LEGACY PROTECTION PLAN™
GET UP TO R15 MILLION LIFE COVER AND UP TO R5 MILLION COVER FOR IMPAIRMENT AND CRITICAL ILLNESS.
Optional life and disability cover that is also available via the Family Takaful so that it is Shari’ah-compliant. This may be taken as an addition to the Tazkiya™ Legacy Protection Plan™ and will provide for a variety of financial planning scenarios including the repayment of debts.
GET UP TO R15 MILLION LIFE COVER AND UP TO R5 MILLION COVER FOR IMPAIRMENT AND CRITICAL ILLNESS.
Optional life and disability cover that is also available via the Family Takaful so that it is Shari’ah compliant. This may be taken as an addition to the Tazkiya™ Legacy Protection PlanTM and will provide for a variety of financial planning scenarios including the repayment of debts.
MYLEGACY COVER™
Using MyLegacy Cover™, you can (take action during your lifetime to) provide for a stipulated beneficiary when you pass away (from Tazkiya’s Takāful Waqf Fund).
IT IS COMPARABLY CHEAPER
By doing it with your Islamic Will and Tazkiya™ Legacy Protection Plan™, we can pass the savings on to you.
IT INTEGRATES WITH YOUR ISLAMIC WILL
To ensure you make the correct beneficiary nominations.
IT’S FLEXIBLE
You can choose between having More Cover, Less Contribution or a 5-year Cash Back, as well as switching between these options at any time.
SAVE ON EXECUTOR AND TRUSTEE FEES
Life cover that pays from the family Takaful to your Estate is indemnified against Estate fees.
IT IS CONVENIENT
A quick and easy application process from start to finish.
MYABILITY COVER™
Optionally with the MyLegacy Cover™ extender Benefit, you can also take MyAbility cover™ offering cover for both impairment and critical illness.
UP TO R5 MILLION COVER
ACCELERATOR BENEFIT
The combination of impairment and critical illness means you are covered for either event.
CONVENIENT UNDERWRITING
Automations within the underwriting process result in quicker and more efficient turnaround times.
PROGRESSIVE UNDERWRITING
We will accept the decision made, within the last 3 years, by a previous insurer and provide a better or competitive rate.
BENEFACTOR™
Choose the option that best suits you and your pocket - and change whenever you want.
MORE BENEFIT
Increase your life cover amount at cost price.
LESS CONTRIBUTION
Reduce your monthly contributions without sacrificing cover.
CASH BACK
Receive up to 12 months’ contributions back in cash, every 5 years.
