Enhanced Marketing Illustration
Marketing Illustration is a document prepared and shared to potential consumers for the purpose of illustrating contribution payment, benefit structure, investment expectations and etc. This information allows potential consumers to compare takaful products accurately.
Background on Marketing Illustration
An enhanced marketing illustration typically includes details such as the type of takaful product being offered, the premiums payable, the benefits and coverage provided, and any terms and conditions that apply. It may also include various scenarios or examples that illustrate how the takaful product works and how it could benefit the customer in different situations.
The enhanced marketing illustration is an important document for customers to review before making a decision to purchase a takaful product, as it can help them make an informed decision about their coverage needs and the suitability of the product for their financial situation.
Marketing illustration is a pre-participation collateral to consumers. It takes into account the consumers’ details such as age and gender to determine the necessary calculations to be presented to the consumers, which includes:
- product benefits,
- projections and
- important clauses or notices.
As the name implies, a marketing or plan illustration is not a binding agreement and does not guarantee the issuance of a certificate.
The illustration is largely a documented presentation based on the available information at the time the illustration is generated. The actual and legal terms and conditions associated with the certificate are contained in the certificate document.
A Takaful representative and/or a Takaful Operator provides you with a marketing illustration at the time when you are considering to participate in a family takaful plan to show you the plan’s features and benefits.
Bank Negara Malaysia (BNM) regulates the disclosure and structure of marketing illustration that Takaful Operators are required to apply as the basis for their marketing illustration to promote disclosure, consistency and clarity of contents.
A licensed FA/IFA will obtain information and perform comparisons of available family takaful products.
By doing so, you don’t have to spend time researching and can spend more time deliberating.