Customers who have purchased our takaful product through this website may apply for a refund or cancel of the takaful product purchased, subject to the terms and condition as listed in this policy. Please read through this policy carefully to understand our cancellation and refund policy.
1.Travel Cancellation Of Takaful Product
The premium contribution for Travel Takaful product cannot be refunded and/or cancelled. All request for the refund of premium of cancellation of this Takaful product will not be entertained.
2. Motor Takaful Product
Customer’s motor takaful may be cancelled at any time by giving a written notice to us. Upon cancellation, the customer is entitled to a refund of the premium based on short-period rates provided that the customer has not made a claim. The rates as follows:
| Period of Takaful | Refund of Premium |
|---|---|
| Not exceeding 1 week | 87.50% of the total premium |
| Not exceeding 1 month | 75.00% of the total premium |
| Not exceeding 2 months | 62.50% of the total premium |
| Not exceeding 3 months | 50.00% of the total premium |
| Not exceeding 4 months | 37.50% of the total premium |
| Not exceeding 6 months | 25.00% of the total premium |
| Not exceeding 8 months | 12.50% of the total premium |
| Exceeding 8 months | No refund of premium allowed |
The Takaful Operator may also cancel this Policy by giving the customer fourteen (14) days notice in writing by registered post to the customer’s last address known to ASWA Advisory. The customer will be entitled to a refund of premium if no claim was incurred prior to cancellation. Your refund will be the difference between the total premium and the customary short period rates provided above as calculated for the time the Takaful Operator were on risk until the date of cancellation.This clause may only apply to certain Takaful Operators, subject to the terms and conditions of the takaful product offered by the Takaful Operators.