Local families now have access to a new Islamic financial product that promises to make saving for the future both rewarding and spiritually fulfilling. Ranreyru Takaful has launched a comprehensive Shariah-compliant plan that combines the security of insurance with the benefits of long-term savings.
What Makes This Plan Special?
Unlike traditional insurance products, this Takaful plan follows Islamic principles, ensuring that families can protect their loved ones without compromising their religious beliefs. The plan offers something for everyone in the family – from emergency funds for unexpected expenses to long-term savings that grow over time.
“This plan is perfect for parents who want to secure their children’s future while building their own financial stability,” explains the product structure. Families can choose how much coverage they want (starting from MVR 100,000) and how long they want to save (12 to 25 years).
Four Ways to Save, One Great Plan
The plan offers four different saving periods to match different family needs:
Quick Savers (12 Years): Perfect for young parents who want to see results quickly. You’ll receive 20% of your covered amount three times during the 12 years, plus your savings and profits at the end.
Balanced Approach (15 Years): Ideal for growing families, with payouts starting smaller (10%) and increasing over time, giving you the biggest return (30%) when your children might need it most for higher education.
Steady Builders (20 Years): Great for families planning for major life events, with consistent payouts that increase from 10% to 30% over two decades.
Long-term Planners (25 Years): Best for very young families or those thinking about retirement, offering three equal payouts of 25% each over 25 years.
Affordable Monthly Payments
The plan is designed to fit most family budgets. For MVR 100,000 coverage:
- 25-year plan: Just MVR 547 per month
- 20-year plan: MVR 627 per month
- 15-year plan: MVR 779 per month
- 12-year plan: MVR 939 per month
These amounts include protection for critical illness and total permanent disability, giving families complete peace of mind.
More Than Just Savings
What makes this plan truly valuable for families is its comprehensive protection:
- Emergency Cash: Regular payouts help with unexpected expenses
- Health Protection: Full coverage if someone is diagnosed with a critical illness
- Family Security: 100% payout to protect the family if something happens to the breadwinner
- Growing Savings: Money grows through Shariah-compliant investments
Easy to Start
Getting started is simple. Families just need to provide ID cards for both the participant and beneficiary, and medical reports if required. Monthly payments can be made through cash, BML’s BillPay system, or bank transfers – whichever is most convenient.
Perfect Timing for Maldivian Families
With the rising cost of education and healthcare, this plan offers Maldivian families a way to prepare for the future while staying true to their Islamic values. Whether saving for a child’s education, planning for retirement, or simply wanting financial security, the Ranreyru Takaful plan provides a trusted solution.
The plan is open to anyone between 18 and 53 years old, with coverage continuing until age 65. This means even grandparents can start a plan to leave something meaningful for their grandchildren.
For more information about how this Shariah-compliant savings plan can benefit your family, contact Ranreyru Takaful to discuss which term option best fits your family’s goals and budget.
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