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Kuala Lumpur: Zurich Takaful Malaysia Bhd Friday launched its latest family takaful plan, Executive20, that offers takaful coverage and annual cash payment benefits. The plan provides coverage to participants up to the age of 90 years, with anyone between the ages of 30 days old and 65 years old eligible to participate provided that the applicant is at least 16 years old.

"Some 50 per cent of urban households in Malaysia do not have any form of financial savings, hence we have developed Executive20 as an ideal plan to help those who seek to grow their savings whilst securing adequate protection against unfortunate events," said Chief Executive Officer Salim Majid Zain in a statement Friday.

"With the annual cash payout benefit, with a coverage term of 20 or 30 years, customers can decide to use it for what truly matters to them," he added.

The key benefits of Executive20 takaful plan include guaranteed death benefit up to 90 years old and guaranteed total permanent disability benefit up to age 75 years.

The participants also could earn annual cash payouts from the Participant Risk Investment Account from the end of second certificate year and annually thereafter until certificate maturity with the options to choose from 2.0 per cent, 4.0 per cent or 6.0 per cent of the basic sum covered. – Bernama