Pri-TI (Takaful / Insurance Trust)

PRI-TI is a trust created from Takaful/Insurance proceeds where the owner appoints as-Salihin Trustee Berhad as an assignee through an Absolute Assignment and to act as trustee (“Trustee”) to receive Takaful/Insurance proceeds (“Trust Fund”). The Settlor shall set up a Trust Deed to determine the terms and conditions for the administration of the Trust Fund.

The purpose of an Absolute Assignment is to ensure the Trustee receives the Trust Fund upon the death, total permanent disability or any other disabilities covered by the policy and distributes the Trust Fund according to the terms and conditions stated in the Trust Deed for the benefit of the policy owner and/or any specific beneficiaries.

The Objectives of PRI-TI

Protect

The right of policy owner and his beneficiary(s) are safeguarded.

Control

The Policy owner may determine the usage and distribution of the Trust Fund according to his wishes.

Manage

The Trust Fund is to be managed professionally by a competent trust corporation.

Benefits of Pri-TI

  • Ensures that the Trust Fund is used for the benefit of the Policy owner upon total permanent disability or any other disabilities.
  • The Trust Fund is to be received and managed by a trust corporation, therefore avoiding any misconduct and breach of trust.
  • The Trust Fund can be used according to the terms and conditions set by the policy owner.
  • The policy proceeds will not be subjected to Faraid and estate administration. It takes effect immediately according to the terms of the Trust Deed.
  • Subject to the Insolvency Act 1967, trust funds are protected against any creditor’s claim.
  • Bypasses the need to obtain a court order to claim the takaful/insurance proceeds.

Why Let Others Determine Distribution of Your Assets When You Depart?

You have the right to choose the administrator of your estate and its plan of distribution upon your demise.

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