Maybank launches RM120m Takaful Capital Protection plan

Maybank launches RM120m Takaful Capital Protection plan

Malayan Banking Bhd (Maybank) has launched the third series of Takaful Capital Protection (TCP) plan – TCPIII -- which is a RM120 million five-year closed-end Syariah-compliant investment plan.

The bank said on Oct 13 the TCPIII, which also provides family takaful coverage, is underwritten by Mayban Takaful Bhd.

TCPIII provides full guarantee on principal capital investment, minimum investment from RM15,000 to a maximum of RM5 million, tax exemption on profits and double indemnity in the event of accidental death.

It said potential investors aged 18 to 70 years could expect potentially better returns at minimal risk from the investment-linked plan.

Senior executive vice president and head of consumer banking Spencer Lee said the TCPIII was part of its initiative to meet the needs from investors seeking plans that provide guaranteed protection on initial capital outlay as well as the opportunity to earn higher returns.

“The plan appeals to investors seeking to diversify into global equities that are syariah-compliant,” he added.

In conjunction with the Ramadhan and Raya celebrations as well as Maybank's Bankassurans "Now 10" campaign, the plan would give investors free extra units of 0.15% to 0.50% depending on the investment amount during this festive season.

TCPIII also comes with family takaful coverage upon death, providing takaful benefit in the form of gift (or Hibah) from the Family Takaful Fund with double benefit for accidental death.

The first and second series of the TCP plan introduced in June 2005 and March 2006 respectively were fully subscribed soon after launch.

TCPI’s total subscription of RM65 million was sold within a few days, while TCPII’s total fund size of RM106 million was fully subscribed within two weeks of launch.