What is Sun Cover-i?
Sun Cover-i is a simple and
affordable monthly renewable group family takaful
term plan with surplus sharing. It provides lump sum
death and total and permanent disability (TPD)
benefit due to all causes. This plan is offered on a
pay-as-you-go (PAYG) basis.
Sun Cover-i is managed by Sun Life Malaysia Takaful
Berhad (SLMTB) Registration No. 200501012215
(689263-M), a takaful operator regulated by Bank
Negara Malaysia and registered under the Islamic
Financial Services Act 2013.
What is the coverage period?
Sun Cover-i provides coverage up to age 50.
What is pay-as-you-go (PAYG)?
With PAYG concept, you will
enjoy the flexibility of contribution payment. Once
you have enrolled in this plan, your monthly
contribution will be auto-debited from your savings
account, current account, or credit card account
depending on your selected payment option. The
monthly takaful coverage will be renewed upon
successful deduction. However, if there is
insufficient fund and deduction was unsuccessful,
there will be no takaful coverage provided for that
particular period until we are able to deduct again,
only thereafter your coverage will resume.
As this is a PAYG plan, you are not required to pay
for the previous months’ unpaid contribution.
However, you are encouraged to ensure sufficient
funds are in your account to enjoy continuous
coverage without any interruption.
What will happen if I stop paying contribution?
If you do not pay the
contribution before the next coverage start date, no
takaful coverage will be provided and no claims will
be payable on the following month in the event if
death/TPD occurs.
There will be a maximum of 6 months from the
coverage end date, for reactivation of the takaful
coverage as shown in the latest
certificate/e-certificate (in the form of email).
Immediately after 6 consecutive months of
non-payment of contribution, the
certificate/e-certificate will be lapsed and you
will be required to submit a new application*
*Note: The new application with new
health declaration will be processed as a new
submission with new certificate number and new
coverage period.
How do I know if this plan is
suitable for me?
If you are looking for a basic
family takaful plan with affordable contribution,
this plan is suitable for you.
What are the eligibility criteria
to enrol for Sun Cover-i?
You are eligible to
participate in Sun Cover-i as long as you are a CIMB
customer (i.e., Debit/Credit Card holder), Malaysian
citizen, aged between 18 to 49, in good health, and
you are not under uniform body i.e. police, army, or
military.
Do I need to undergo any medical
check-up before participating Sun Cover-i?
No. You just need to answer a simple health declaration.
How many Sun Cover-i Plan(s) can I
sign up for?
Each eligible individual is
only allowed to participate in one Sun Cover-i plan.
How much contribution do I need to
pay?
The monthly contribution that
you have to pay is RM15.00. The contribution term of
this plan will continue up to the expiry of
certificate/e-certificate following your 50th
birthday.
The contribution rate is not guaranteed and may be
revised from time to time in written notice of no
less than 14 days prior to the expiry of
certificate/e-certificate. The revision shall take
effect on the next certificate/e-certificate after
the notice period.
Is the contribution amounts
fixed?
Yes, this is a level
contribution plan, provided there are no
changes/endorsements to the plan.
How can I pay for the
contribution?
You may pay your contribution
via credit card or debit card.
How do I receive my certificate
documents after participating in Sun
Cover-i?
Once you have successfully
participated in Sun Cover-i, you will receive an
email confirmation and certificate/e-certificate
from SLMTB within 3 business days from the date of
your application of Sun Cover-i.
You may also download the product disclosure sheet
and certificate information statement from
SLMTB’s website at
https://mysunlife.sunlifemalaysia.com/suncover-i/
.
The master contract can be downloaded
here
or can be found on our website at
www.sunlifemalaysia.com/.
Is there any interim coverage for
this plan?
Yes, there is an interim
coverage for death due to accidental causes within 7
days of the receipt of the initial payment and up to
a maximum of RM60,000. Once the
certificate/e-certificate is issued, the coverage
will be as per the certificate/e-certificate. If the
application is declined, the interim coverage will
also cease immediately.
Can I use someone else’s
credit card or debit card to pay my
contribution?
No, you are not allowed to use
a third party’s credit card or debit card to
pay your contribution. The credit or debit
cardholder must be the named certificate owner.
Is there any additional fees and
charges for this plan?
You are subject to the
following fees and charges:
| Type |
Amount |
| 1) Wakalah fee (consists of commission and operator fee) |
50% of contribution |
| 2) Commission |
10% of the contribution paid from Wakalah fee |
| 3) SLMTB share of surplus in participant's tabarru' fund |
50% of the declared surplus, determined each financial year |
What are the exclusions under the
plan?
There are no exclusion for this plan.
Can I cancel the plan after
participating in it?
Yes, you may cancel the plan
after participating in it. You are entitled to a
free-look period of 15 days from the delivery date
of the first certificate/e-certificate. During this
period, you should review your
certificate/e-certificate to ensure it is suitable
for you and your needs. If you subsequently decide
not to take up this plan after the
certificate/e-certificate has been issued, you may
cancel this plan through a written notice to Sun
Life Malaysia within the free-look period. We will
refund any contribution paid.
If you cancel after 15 days from the delivery date
of the first certificate/e-certificate, you will be
covered under this plan until the date when the next
contribution becomes due. There will be no pro-rated
contribution refund or cash value payable.
If I were to terminate my Sun
Cover-i plan, will I be entitled to any cash
surrender value?
Sun Cover-i is a pure
protection plan and does not provide any cash
surrender value.
Will my Sun Cover-i plan continue
if I terminate my CIMB Account?
No. Immediately after 6
consecutive months of non-payment of contribution,
the certificate/e-certificate will be lapsed and you
will be required to resubmit a new application*. You
may update your payment card with SLMTB to continue
your Sun Cover-i plan.
*Note: The application with new health
declaration will be processed as a new submission
with new certificate number and new coverage period.
What do I need to do if there are
changes to my contact details/personal details after
I have participated in Sun Cover-i plan?
Aside from the information you
have provided, Sun Life Malaysia will obtain your
required personal information from CIMB Bank Berhad
and CIMB Islamic Bank Berhad. Kindly ensure that
your personal details are accurate upon receiving
your contract documents. You may update SLMTB if
there are changes to your personal details via Sun
Access client portal or Mobile Application after you
participated in the plan.
Is the plan eligible for Income Tax
Relief?
Yes, the contribution paid for
Sun Cover-i may qualify you for personal income tax
relief subject to final decision by Inland Revenue
Board of Malaysia.
Do I need to make a nomination?
You are encouraged to make a
nomination to speed up the claim payment to your
nominee(s).
You have to ensure that your nominee(s) is aware of
the takaful plan that you have participated in.
Where can I obtain the nomination
form and make a nomination?
The nomination form will be
sent together with the contract documents. You may
also download the nomination form
here
or obtain from our website at
www.sunlifemalaysia.com/.
Kindly complete and return the nomination form to us.