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Noor Takaful Insurance: Coverage and Benefits Explained

Noor Takaful Insurance: Coverage and Benefits Explained

Overview of Noor Takaful Insurance

Noor Takaful Insurance is a leading company in the UAE that provides ethical and compliant insurance services. The company is committed to providing its clients with innovative and customer-centric insurance solutions.

Table of Contents

Some key points to note about Noor Takaful Insurance are:

  • The company has pioneered unlocking the potential of ethical and compliant insurance in Nigeria.
  • Noor Takaful Insurance is committed to covering medical expenses incurred due to illness or injury through its Health Takaful plan.
  • The company has a strong presence in the UAE, with its head office in Dubai and offices in Abu Dhabi and Sharjah.
  • Noor Takaful Insurance strongly focuses on personal and commercial insurance, offering a range of products adapted to customers’ demands.
  • The company has a strong reputation in the UAE’s Takaful insurance market. Its focus is on providing innovative and customer-centric solutions to its clients.

Noor Takaful Insurance is a leading company committed to providing its clients with innovative, customer-centric insurance solutions. With a strong presence in the UAE, the company is well-positioned to offer a range of insurance plans to suit its clients’ needs.

Takaful Insurance Principles

Takaful insurance is a type of insurance that operates based on the principles of mutual assistance and shared responsibility. It is a cooperative form of insurance that is compliant with Shariah’s principles, practices, and ethical standards.

Compliance and Sharia-Mandated Rules

Takaful insurance complies with Shariah principles and practices. It is based on the concept of “tabarru,” which means donation or contribution. Participants in a takaful contract contribute to a pool of funds used to pay claims. The funds are managed by a takaful operator responsible for investing them in a manner compliant with Shariah law.

In addition, takaful insurance is subject to Sharia-mandated rules, including the prohibition of riba, interest, gharar, or uncertainty. This means takaful insurance contracts must be free from interest and based on a specific subject matter.

Equity and Fairness in Takaful

Takaful insurance is based on the principles of equity and fairness. Participants in a takaful contract share the risk and reward of the pool of funds. If there are no claims, the participants may receive some surplus funds.

Additionally, takaful insurance is based on the concept of “mudaraba,” which means profit-sharing. This means that the takaful operator may receive a share of the profits, but only if the pool of funds generates a profit.

Overall, takaful insurance is a cooperative and equitable form of insurance that complies with Shariah’s principles and practices. It is based on mutual assistance, shared responsibility, and the equitable allocation of risk and profit.

Noor Takaful Products

Noor Takaful Insurance offers a range of insurance products that cater to the different needs of its customers. These items are intended to provide individuals and businesses with full coverage and financial protection. The following subsections highlight some of the products supplied by Noor Takaful Insurance.

Life Takaful Offerings

Noor Takaful Insurance provides life insurance plans that financially protect the policyholder’s dependents in case of their unfortunate demise. These insurance policies depend on natural and accidental deaths. The policyholder can select the coverage amount and policy duration according to their requirements. Additionally, they can opt for riders to increase the policy coverage.

General Ta Products

Noor Takaful Insurance offers various general insurance products that cater to multiple risks. These products include car insurance, home insurance, travel insurance, and more. The policyholder has the freedom to choose the coverage quantity and policy duration based on their specific requirements. Moreover, the policyholder can opt for additional coverage by adding riders.

Health and Medical Insurance Solutions

Noor Takaful Insurance provides health and medical insurance policies covering medical expenses, including hospitalization, doctor’s fees, and other medical costs. The policyholder can select the coverage level and duration based on their needs and add riders to the insurance to improve coverage.

Noor Takaful Insurance provides various insurance solutions that meet the demands of individuals and businesses. These products provide comprehensive coverage and financial protection to the policyholder and their family.

Innovations in Takaful Insurance

Tech-Savvy Solutions

Noor Takaful Insurance has consistently pioneered innovative technologies to provide its customers with safe and reliable insurance solutions. The company has a team of tech-savvy brokers who are well-versed in the latest technologies and use them to provide their clients with the best possible solutions. The company has also invested heavily in online platforms to make it easier for customers to access their services anytime.

One of Noor Takaful Insurance’s most innovative solutions is using blockchain technology. The company has implemented a blockchain-based system that provides its customers with secure and transparent insurance solutions. This system ensures that all transactions are recorded on a tamper-proof ledger, which makes it impossible for anyone to manipulate the data.

Flexible Product Features

Noor Takaful Insurance has always been known for its flexible technology-led product features. The organization offers a variety of insurance products designed to meet the specific needs of its customers. The company’s products are flexible enough to be customized according to the customers’ needs, making Noor Takaful Insurance a popular choice among customers seeking insurance solutions tailored to their specific needs.

The company’s product features are designed to be user-friendly and easy to understand. Noor Takaful Insurance has prioritized providing customers with clear and concise product information. The company’s website provides detailed information about each product, including its features, benefits, and pricing. This makes it easier for customers to decide which product to choose.

In summary, Noor Takaful Insurance is an innovative and customer-focused insurance company committed to providing its customers with safe and reliable insurance solutions. The company’s innovative technologies and flexible product features have made it a popular choice among customers looking for insurance solutions tailored to their specific needs.

Claims and Customer Service

Claims Process

Noor Takaful Insurance has a straightforward and hassle-free claims process. Customers can initiate their claims by visiting the Noor Takaful online claims portal or contacting the claims department via phone or email. The claims department can be reached at 800-Takaful (825 2385) or at [email protected]. Customers can also use WhatsApp at +971 50 651 8475 to initiate their claims.

Once the claim is submitted, customers can track its status on the Noor Takaful website. The company strives to settle claims promptly and efficiently, ensuring customers receive their settlements as soon as possible.

Customer Satisfaction

Noor Takaful Insurance is committed to providing excellent customer service to its clients. The company has a dedicated customer delight team that can be reached at 800-Takaful (825 2385) for any insurance-related queries or concerns. Customers can also contact the Noor Takaful Medical Claims Team at [email protected] for any medical claims-related queries.

Noor Takaful Insurance ensures that its customers receive prompt and efficient service. The company consistently scores high on customer satisfaction surveys. Its customer-centric approach has earned it a reputation as one of the industry’s most reliable and customer-friendly insurance providers.

In summary, Noor Takaful Insurance has a user-friendly claims process and is committed to providing excellent customer service. The company’s focus on customer satisfaction has earned it a loyal customer base and a reputation as a trustworthy insurance provider.

Noor Takaful in the Market

Noor Takaful is a well-respected name in the Takaful insurance market in the UAE. It was founded in 2011 by leading Abu Dhabi institutions, including Abu Dhabi National Insurance Company, Abu Dhabi National Energy Company, and Al Dar Properties. The company has significantly impacted the insurance industry in Nigeria, where it has played a pioneering and leading role in unlocking ethical-compliant insurance potential.

Awards and Recognition

Noor Takaful has received several awards and recognitions for its outstanding service and performance. 2019, the company won the Best Takaful Provider Award at the Global Banking and Finance Awards. It was also named the Best Takaful Company in the UAE in 2019. In 2021, Noor Takaful was recognized as the Insurance Brand of the Year at the Global Business Outlook Awards.

Market Presence and Expansion

Noor Takaful’s insurance business is split between 20% general and 80% life and medical insurance. Within the latter, the life insurance segment accounted for about 30% and medical insurance for 50%. The company is continuously expanding its market presence in the UAE and Nigeria, where it has indigenous Nigerian shareholding. Noor Takaful’s innovative takaful products have made it a popular choice among customers. The company’s online claims portal is available 24/7 for new claims, and customers can check the status of their claims at any time through the company’s website.

Noor Takaful’s parent company, Watania, is publicly listed on the Abu Dhabi Securities Exchange. The company’s strong financial position and commitment to ethical practices have helped it establish itself as a leading player in the insurance industry in the UAE and Nigeria.

Corporate Responsibility and Sustainability

Noor Takaful Insurance is committed to corporate responsibility and sustainability. The company’s management has prioritized bringing sustainability, including reducing its carbon footprint, into the heart of the business.

Dubai Declaration on Sustainable Finance

In February 2017, Noor Takaful became a signatory of the Dubai Declaration of Financial Institutions on Sustainable Finance. This declaration obliges the company’s management to bring sustainability into the heart of the business, including reducing its carbon footprint. Financial institutions are committed to promoting sustainable finance and achieving a more sustainable future.

Community Engagement and Development

Noor Takaful Insurance is also committed to community engagement and development. The company has been involved in various community projects, including a week-long activation campaign in the ancient City of Ibadan, the Oyo State capital. The campaign aimed to change the insurance narrative and make people see it as an investment that offers a win-win situation to all involved.

Noor Takaful Insurance’s commitment to corporate responsibility and sustainability aligns with the vision of H.H. Sheikh Ahmed bin Saeed Al Maktoum, who has been a driving force behind Dubai’s transformation into a sustainable city. The company’s sustainability and community engagement efforts demonstrate its commitment to being a responsible corporate citizen.

In summary, Noor Takaful Insurance’s commitment to corporate responsibility and sustainability is evident in its signing of the Dubai Declaration of Financial Institutions on Sustainable Finance and its involvement in community engagement and development. The company’s sustainability and community engagement efforts demonstrate its commitment to being a responsible corporate citizen.

Regulatory Compliance and Reporting

NAICOM and Regulatory Bodies

Noor Takaful Insurance operates in Nigeria and is regulated by the National Insurance Commission (NAICOM), which regulates and supervises the insurance industry in Nigeria. The company must comply with the guidelines and regulations set by NAICOM to ensure that it operates safely and soundly.

Noor Takaful Insurance is also a member of the Nigerian Insurers Association (NIA), which is an umbrella body for all insurance companies in Nigeria. The NIA is responsible for promoting the interests of its members and ensuring that they comply with the relevant laws and regulations.

Central Bank of UAE and Financial Reporting

Noor Takaful Insurance is headquartered in the United Arab Emirates (UAE) and is regulated by the UAE Central Bank. The Central Bank regulates and supervises the UAE’s financial sector, including the insurance industry.

Noor Takaful Insurance must comply with the financial reporting requirements set by the Central Bank of the UAE and submit its financial statements to the Central Bank of the UAE annually. The financial statements must be prepared according to International Financial Reporting Standards (IFRS) and provide an accurate and fair view of the company’s financial position and performance.

In addition to the financial reporting requirements, Noor Takaful Insurance must comply with the regulatory requirements set by the Central Bank of the UAE. The company must maintain adequate capital levels, manage its risks effectively, and operate safely and soundly.

Strategic Vision and Mission

Noor Takaful Insurance is a leading provider of Takaful insurance in the region. The company’s strategic vision is to become the region’s most trusted and innovative Takaful provider, offering customers a range of ethical and Shariah-compliant insurance products that provide peace of mind and exceed their expectations.

The company’s mission is to provide customers with comprehensive and affordable insurance solutions that meet their needs while adhering to Takaful’s principles. Noor Takaful Insurance is committed to providing customers with the highest service, transparency, and accountability and building long-term relationships based on trust and mutual respect.

To achieve its strategic vision and mission, Noor Takaful Insurance has developed various innovative products and services to meet its customers’ evolving needs. These include Takaful products that offer comprehensive coverage for health, life, and general insurance needs, as well as investment-linked products that allow customers to invest in a range of Shariah-compliant investment funds.

The company’s commitment to innovation and excellence is reflected in its ongoing investment in technology and infrastructure, as well as its focus on developing the skills and expertise of its employees. Noor Takaful Insurance is dedicated to providing its customers with the highest levels of service and support and ensuring they have access to the information and resources they need to make informed decisions about their insurance needs.

In summary, Noor Takaful Insurance’s strategic vision and mission are focused on providing customers with comprehensive and innovative Takaful insurance solutions that offer peace of mind and exceed their expectations. The company’s commitment to excellence, innovation, and customer service is reflected in its ongoing investment in technology and infrastructure, as well as its focus on developing the skills and expertise of its employees.

Insurance Policy Features

Noor Takaful Insurance offers a range of insurance policies to meet the needs of its customers. Here are some of the critical features of their policies:

Car Insurance Details

Noor Takaful offers car insurance policies to protect customers from unexpected expenses and damages caused by accidents or natural calamities. The policies cover a range of risks, including third-party liability, fire and theft, and windscreen damage. They also offer valet parking cover, personal accident benefits, and off-road cover.

Customers can choose from various coverage options, including comprehensive, third-party liability, and third-party fire and theft. The policies also offer a no-claims discount, which rewards customers for safe driving.

Comprehensive Policies and Coverage

Noor Takaful’s comprehensive policies offer the most extensive coverage, including protection against natural calamities, emergency medical expenses, and personal belongings. The policies also cover repairs and replacement costs for damaged or stolen vehicles.

The policies also offer a range of additional benefits, such as personal accident cover and windscreen damage protection. Customers can customize their policies to meet their specific needs and budget.

In summary, Noor Takaful Insurance provides a range of insurance policies that offer comprehensive coverage and protection for customers. Their policies are designed to meet the needs of individuals and corporate customers, and they provide a range of benefits and coverage options to suit different budgets and requirements.

Distribution and Partnerships

Noor Takaful Insurance has prioritized technology adoption to drive its agenda of financial inclusion in non-interest financial services. The company has doubled its efforts to explore technology’s transformative potential in Takaful and insurance services. In addition, Noor Takaful has formed partnerships with other entities to expand its distribution network and reach a wider audience.

Provider Networks

Noor Takaful Insurance has established a network of providers to offer its clients various services. The company has partnered with multiple healthcare providers, including Al Zahra Hospital and Medcare Hospital, to provide health insurance plans. Noor Takaful has partnered with leading car rental companies like Hertz and Europcar to provide comprehensive car insurance plans.

Broker and Aggregator Relationships

Noor Takaful Insurance has formed relationships with brokers and aggregators to increase its distribution network. The company has partnered with leading insurance brokers such as Marsh and Aon to offer its products to a broader audience. Noor Takaful has partnered with aggregators like Souqalmal and Compareit4me to provide online insurance comparison services.

In addition, Noor Takaful Insurance has signed partnership agreements with various entities to expand its reach and offer value-added services to its clients. For instance, the company has partnered with CAFU to provide its clients with vehicle maintenance and fuel delivery services. Noor Takaful has partnered with Dubai Islamic Bank to offer its clients Shariah-compliant financing options.

Overall, Noor Takaful Insurance has focused on building partnerships and expanding its distribution network to offer its clients various services. The company’s partnerships with providers, brokers, and aggregators have helped it reach a wider audience and provide value-added services to its clients.

Risk Management and Insurance

Noor Takaful Insurance Limited values risk management and insurance highly. The company understands that risk is inherent in every business and that managing it effectively is essential to ensuring business continuity. Noor Takaful Insurance Limited has a team of experienced risk managers who work tirelessly to identify, assess, and mitigate risks that could impact the company’s financial health and stability.

The company offers a range of insurance products that cater to the needs of individuals and businesses alike. Noor Takaful’s auto insurance product is designed to provide comprehensive coverage to vehicle owners, protecting them from Financial losses in the case of an accident, theft, or damage to their vehicle. The flexible and customizable product allows Customers to select the coverage that best suits their needs.

Investment-linked insurance products are also available from Noor Takaful Insurance Limited. These products allow customers to invest their money while enjoying insurance coverage benefits. They are tailored to meet each customer’s unique needs and come with various benefits, including tax savings and potential returns on investment.

Noor Takaful Insurance Limited is committed to providing its customers the best possible service and support. The company’s risk management and insurance experts are always available to answer questions, provide guidance, and Allow customers to make informed judgments about their insurance needs. With Noor Takaful Insurance Limited, customers can rest assured that they are safe.

Emerging Trends and Challenges

COVID-19 Impact on Insurance

The COVID-19 pandemic has significantly impacted the insurance industry, including Takaful insurance. Noor Takaful Insurance has adapted to the pandemic by implementing safety measures to protect its employees and customers. It has also taken steps to support its policyholders during these challenging times. For example, Noor Takaful Insurance has offered payment deferrals and waived fees for policy changes related to COVID-19.

Digital Transformation in Takaful

Noor Takaful Insurance has embraced digital transformation to improve its operations and customer experience. The company has implemented innovative technologies to streamline its processes and offer more personalized services to its customers. For instance, Noor Takaful Insurance has launched a mobile app where customers can manage their insurance, make claims, and access other services.

Moreover, Noor Takaful Insurance has partnered with tech-savvy brokers to expand its reach and offer more value to its customers. These brokers use digital tools to provide customers with personalized advice and support, making choosing the right insurance products easier.

In conclusion, Noor Takaful Insurance has adapted to emerging trends and challenges in the insurance industry. The company’s focus on digital transformation, innovation, and customer-centricity has helped it stay ahead of the curve and provide top-notch services to its customers.

Target Audience and Clientele

Noor Takaful Insurance caters to diverse clients, including senior executives, business persons, and international clients. Here are some details about each of these groups:

Senior Executives and Business Persons

Noor Takaful Insurance offers a range of insurance products tailored to senior executives’ and businesspeople’s needs. These individuals require insurance coverage that is flexible, comprehensive, and reliable. Noor Takaful Insurance provides insurance solutions that meet these requirements, including:

  • Health insurance plans that offer comprehensive coverage for medical expenses, including hospitalization, surgery, and specialist consultations.
  • Life insurance plans that provide financial protection for the policyholder’s family in the event of their death.
  • Travel insurance plans that offer medical coverage.
  •  Emergencies, trip cancellations, and other travel-related expenses.
  • Home insurance plans that provide comprehensive coverage for the policyholder’s home and its contents.

International Clients

Noor Takaful Insurance has a strong focus on serving international clients. The company understands the unique needs of these clients and offers insurance solutions tailored to their specific requirements. Noor Takaful Insurance’s international insurance products include:

  • Private private insurance covers medical expenses such as hospitalization, surgery, and expert consultations.
  • Travel insurance programs that provide coverage for medical emergencies, trip cancellations, and other travel-related expenses.
  • Home insurance plans that provide comprehensive coverage for the policyholder’s home and its contents.

Noor Takaful Insurance’s international insurance products are designed to provide peace of mind to clients living or working abroad. The company’s focus on customer service and its commitment to providing high-quality insurance products make it a trusted choice for international clients.

Licensing and Operational Scope

Composite Takaful Operator License

Noor Takaful Insurance is a licensed composite takaful operator. Established in April 2016, it is regulated by the Nigerian National Insurance Commission (NAICOM). Noor Takaful Insurance is the first full-fledged composite takaful insurance operator in Nigeria with 100% indigenous Nigerian shareholding. The company’s operational framework is subject to the Insurance Act 2003 and is regulated by NAICOM.

Participating Insurer License

Noor Takaful Insurance is a participating insurer licensed by the Dubai Health Authority (DHA). This license allows the company to offer Dubai health insurance products and services. Noor Takaful Insurance’s health insurance plans are designed to provide complete coverage to individuals and families. The plans cover a range of medical treatments, including inpatient and outpatient treatment, maternity care, and emergency medical treatment.

Noor Takaful Insurance’s health insurance plans are available in three tiers: Basic, Enhanced, and Premium. Each tier offers a different level of coverage, with the Premium tier providing the most comprehensive coverage.

Noor Takaful Insurance’s health insurance plans are designed To satisfy the needs of individuals, families, and small and medium-sized businesses. The company’s flexible plans can be customized to meet customers’ needs.

In summary, Noor Takaful Insurance is a licensed composite takaful operator in Nigeria and a participating insurer licensed by the Dubai Health Authority. The company offers a range of insurance products and services, including health insurance plans designed to provide comprehensive coverage to individuals and families. Noor Takaful Insurance’s health insurance plans are flexible and can be tailored to each customer’s requirements.

Transparency and Trust

Noor Takaful Insurance is committed to transparency and trust in all its customer dealings. The company believes transparency is critical to building trust and fostering long-term customer relationships. To this end, Noor Takaful Insurance ensures that all its policies are clear and easy to understand and that customers are informed of any policy changes or updates.

The company also strongly emphasizes equity and fairness in its operations. Noor Takaful Insurance believes that every customer deserves a TV background or circumstances. The company strives to provide all its customers the same service and support, irrespective of their status or position.

Noor Takaful Insurance understands that customer satisfaction is critical to building a successful business. The company is committed to providing its customers with the highest service and support and ensuring that client requirements are addressed quickly and efficiently.

In addition, Noor Takaful Insurance is committed to promoting collaboration and equity for the people. The company believes working with customers and other stakeholders can create a more equitable society.

Noor Takaful Insurance is committed to transparency, equity, fairness, and customer satisfaction in its operations. The company believes that upholding these values can establish customer trust and develop a successful and sustainable business.

Local and International Presence

Noor Takaful Insurance has a strong presence both locally and internationally. The company has been operating in Nigeria for several years and has established itself as a leading provider of Takaful insurance in the country. In addition to its operations in Nigeria, Noor Takaful Insurance has expanded its reach to other parts of the world.

Lagos and Nigerian Market

Noor Takaful Insurance has a significant presence in Lagos, Nigeria’s commercial capital. The company has leveraged its expertise in Takaful insurance to provide innovative and cost-effective insurance solutions to businesses and individuals in Lagos. Due to its dedication to offering high-quality insurance products and services, Noor Takaful Insurance has established a strong foothold in the Nigerian market.

Global Takaful Landscape

Noor Takaful Insurance is also a significant player in the global Takaful landscape. The company has expanded its operations to other parts of the world, including the UAE, Dubai, Abu Dhabi, and Sharjah. Thanks to its commitment to providing innovative and cost-effective insurance solutions, Noor Takaful Insurance has established itself as a leading provider of Takaful insurance in these markets.

The company has achieved this by leveraging its expertise in Takaful insurance and its commitment to providing high-quality insurance products and services. Noor Takaful Insurance has also established strong partnerships with other leading players in the global Takaful landscape. This has helped the company expand its reach and provide even more innovative insurance solutions to its customers.

Overall, Noor Takaful Insurance’s local and international presence is a testament to the company’s commitment to providing high-quality insurance products and services. The company’s expertise in Takaful insurance and its innovative approach to insurance have helped it to establish itself as a leading provider of Takaful insurance in Nigeria and other parts of the world.

Frequently Asked Questions

How can I contact Noor Takaful Insurance for inquiries or support?

Noor Takaful Insurance offers several ways to contact them for inquiries or support. You can call them at 800-Takaful (825 2385), email [email protected], or send a message through WhatsApp to +971 50 651 8475. You can also update your personal information by calling them or emailing them.

What are the steps to file a claim with Noor Takaful Insurance?

To file a claim with Noor Takaful Insurance, you can use their online claims portal, which is available 24/7. Alternatively, you can call 800-Takaful (825 2385) or email [email protected]. You may see the status of your claim—at any time after submitting it using the Noor Takaful website.

What types of automobile insurance does Noor Takaful offer?

Noor Takaful Insurance offers several car insurance policies, including Third-Party Liability, Third-Party Fire and Theft, and Comprehensive Insurance. Each policy has different coverage and benefits levels, so choosing the one that best suits your needs is vital. So, what does Noor Takaful provide?

Noor Takaful is critical insurance that provides several medical insurance plans, including the Health Takaful plan, which covers medical expenses incurred due to illness or injury. In addition, they offer individual health insurance plans, such as the Watania Takaful NAS—Plan A.

How can I renew my insurance policy with Noor Takaful?

To renew your insurance policy with Noor Takaful Insurance, call 800-Takaful (825 2385) or email [email protected]. Alternatively, you can visit their website and renew your policy online.

What are the key features of a takaful insurance contract?

A takaful insurance contract is based on cooperation, shared responsibility, and solidarity. It is a contract of utmost good faith, which requires all participants to disclose all material information needed before entering the contract. In addition, takaful contracts use the principle of indemnity to compensate for the loss to a takaful participant.

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