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What is the TIPS?

TIPS is a system established by the government to protect owners of takaful certificates and insurance policies from losing their eligible benefits if an insurer member fails and is unable to fulfill these benefits.

Takaful operators and insurance companies that are member institutions of PIDM are also known as “insurer members.” TIPS came into effect on 31 December 2010 and is administered by PIDM.

Benefits to Policy Owners

~ PIDM protects eligible takaful and insurance benefits held by takaful certificate or insurance policy owners up to RM500,000 in the event of an insurer member’s failure.

~ The protection is No application and payment is required.

Eligibility conditions

• The policy must be issued in Malaysia by an insurer member and denominated in Ringgit Malaysia.
• Individual and group certificates or policies are protected separately.

• Own damage and third-party claims are protected separately and subject to the conditions and limits specified in their policy contract.

Feel free to contact us for further clarification with no obligation attached.