Takaful Retirement Plan

An assurance for your future

Takaful Retirement Plans are a popular choice among retirees as they guarantee a regular income for life. A Takaful Retirement Plan is designed to provide you with a stream of regular income for a certain period, in exchange for a sum of payment, otherwise known as paid contribution.

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The chief benefit of a Takaful Retirement Plan is that it reduces the uncertainty of facing the future and silences the question of what would you do should you outlive your financial resources. It may also provide income payment for your loved ones after your demise, depending on the different types of Takaful Retirement Plans. Unlike high-risk investments, a Takaful Retirement Plan provides peace of mind for you as well as your loved ones.

Start early to save more

In a Takaful Retirement Plan, you may set the age in which you wish to receive the income payments. You can choose to pay a lump sum contribution (premium) or pay in regular instalments up till your desired retirement age. If time is on your side, start your Takaful Retirement Plan as early as possible as your total contribution tends to be cheaper should you buy it at age 35 compared to the contribution you would have to pay at age 54.

“Takaful Retirement Plan provides peace of mind for you as well as your loved ones.”

Key facts you should know

about Takaful Retirement Plans

There are many plans in the market. Do check out what is available so that you can select a Takaful Retirement Plan that will best provide for your retirement needs.

Do ensure that you are able to meet your contribution payments. If you are unable to continue paying for your contribution, you can surrender the policy for its cash surrender value, which may be less than the full contribution that you have paid.

Most plans offer you the choice of monthly or yearly income payments.

Some Takaful Retirement Plans may offer a guaranteed period whereby you will receive a fixed regular income throughout the guaranteed period (eg. 20 years). If you do not survive the guaranteed period, the income payments are made to your nominated beneficiary.