Wealth Management
Hire Purchase Reducing Term Takaful (HPRTT)
Features
- Exclusively offered to Hire Purchase-i customers of Bank Rakyat.
- Designed to cover the Hire Purchase-i balance in the event of death or total permanent disability (TPD) due to any causes.
- Releasing family members from financial burden in case of unfortunate event.
- If any unfortunate event of untimely death or TPD, the balance of the Hire Purchase-i with Bank Rakyat will be covered by takaful operator.
- Contribution subject to the sum covered and underwriting.
Benefits
- Covering up to RM200,000 of the Hire Purchase-i balance.
- Lump sum payment by takaful operator for the balance of Hire Purchase-i financing in the event of death or TPD on the person covered.
- Total sum covered will be consistent with the reducing balance of Hire Purchase-i payment schedule.
- Lump sum contribution can be paid by the customer or financed by Bank Rakyat (for Al Naqlu 2 only).
- If the Hire Purchase-i account settled earlier, the certificate can be surrendered for cash value.
- Offer surplus sharing (if any) to participant at the end of certificate period.
Eligibility
- Hire Purchase-i with Bank Rakyat.
- Malaysian Citizen.
- Aged between 18 to 65.
- Coverage term from 1 year to 9 years, whichever comes first.
- Automatic acceptance for sum covered from RM10,000 to RM200,000.
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For any enquiries, please visit the nearest branch or call our Contact Centre tele-Rakyat at 1-300-80-5454.
*Terms and conditions apply.
