LOLC Life Assurance, through its dedicated Takaful arm Al-Falaah Takaful Life, has introduced the LOLC Life Family Takaful Deferred Maturity product, a Shariah-compliant long-term financial solution designed to help individuals safeguard their loved ones, strengthen their financial resilience and prepare responsibly for the future.
The solution is based on the principles of mutual cooperation, shared responsibility and ethical investment.
It was officially introduced at a dedicated business launch held in the Eastern region, bringing together the company’s sales force and business partners to mark the commencement of its market rollout.
Developed in response to the growing demand for financial solutions that combine Family Takaful coverage with long-term financial planning, the solution enables the participants to make contributions under a Shariah-compliant Takaful arrangement while receiving financial support in the event of covered contingencies together with the opportunity for potential fund growth through Shariah-compliant investments. Investment returns are subject to actual fund performance and the applicable terms and conditions of the Takaful certificate.
LOLC Life Family Takaful is available to individuals aged 18 to 60 years. It offers flexible contribution payment periods of three, five, seven or 10 years, with Takaful certificate terms ranging from 10 to 40 years, enabling the participants to select an arrangement that aligns with their long-term financial objectives.
The participants may also make additional top-up contributions, subject to the applicable product terms and conditions, providing greater flexibility to support their long-term financial goals and potential fund growth objectives.
LOLC Life Assurance Executive Director and Principal Officer Dr. Chandana L. Aluthgama said, “The introduction of Family Takaful marks another significant milestone in our efforts to expand access to ethical, Shariah-compliant financial solutions, while contributing to greater financial inclusion and long-term financial preparedness for our customers.”
LOLC Life Assurance Chief Operating Officer Jayantha Kalinga added, “The introduction of LOLC Life Family Takaful enables us to offer our customers a wider range of financial planning choices that respond to their diverse needs and aspirations while providing meaningful financial protection to their loved ones.”
