During the first few years of our takaful schemes or plans, all kind of management fees is imposed by takaful providers. This includes commission paid to their agents. However, after these preliminary years (usually 4 – 6 years, depends on each takaful operators guidelines), the management fee is becoming decreasing.
This is because the commission paid to agents has ceased. [Meaning, to continue getting commissions, agents need to find new customers]. Instead, the commission (used to be given to agents) would now be returned to participants’ cash accounts. This will contribute more cash value in participants' saving accounts.
This is because the commission paid to agents has ceased. [Meaning, to continue getting commissions, agents need to find new customers]. Instead, the commission (used to be given to agents) would now be returned to participants’ cash accounts. This will contribute more cash value in participants' saving accounts.
Thus, takaful participants must bear in mind that their participation in a takaful plan should be committed in a long term basis. If not, should they re-enter into a new takaful contract, in a new takaful plan later on, then they will bear a new heavy fee from the beginning again and less saving. aseammm@gmail.com
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