It is important to start planning for your future, whether it is preparing yourself for any emergencies, providing for your children’s financial stability, buying a house or simply planning your marriage.
This plan not only secure & simultaneously grow your hard earned savings but also secure your family/loved ones from the undesirable circumstances. With our Askari Family Takaful Plan, we tailor the right savings plan to help you meet your financial goal. At the same time, you will receive personalized financial protection to take care of your family’s financial needs.
This Certificate is the eventual Shariah compliant Family Takaful Certificate in the market, with the flexibility of choosing from the various kinds of protection and investment options.
Askari bank’s Family Takaful product is designed to help you Plan your future financial needs. This Certificate is a Shariah compliant investment and financial protection solution which can secure your future financial well-being.
Takaful is an age old Islamic concept of mutual help & support blended with modern concepts of Actuarial Science, Underwriting and Investment under the supervision of Shari’ah Advisor. It is a Shari’ah compliant way of supporting each other in case of Death, Disability or Disease.
Taameen Fund: Is a moderate to low risk profile fund that generates stable and secure returns by balancing the investment in long term money market investments including term deposit in Islamic Banks and Sukuk Bonds.
Maza’af Fund: Is a moderate to high risk profile fund that generates higher returns over the long run in shariah compliant equities and Islamic mutual fund.
• You are entitled to two initial free fund switches at any time during every certificate year and each subsequent switch would be charged at Rs.300.
Adamejee Life- Window Takaful Operations (AL-WTO) takaful model is based on the Wakalah-Waqf principal. Individuals in the community come together for a common purpose and contribute into a Waqf Fund operated by a Window Takaful Operator to protect themselves against future financial losses.
By contributing Tabarru (donation) into the Waqf or Participant’s Takaful Fund (PTF), the participant may be entitled to a share of possible surplus funds. Takaful offers a unique feature of Surplus Sharing to the Participants in addition to risk mitigation benefits. As approved by the Shari’ah Advisor and Appointed Actuary at the end of each year, Adamjee Life – Window Takaful Operations will determine the surplus (if any) available in the PTF for distribution.
According to Abdullah ibn Masud, Radi-Allahu unhu, The Prophet Muhammad (P.B.U.H.) said: ‘Seeking halal earning is a duty after the duty.’ In other words, working to earn a halal living is itself a religious obligation second in importance after the primary religious obligations like prayers, fasting and hajj.
Investments which are in accordance with the Islamic Principles are called Shariah-compliant. There are three principal rules which need to be adhered to when analyzing an investment from the standpoint of Shariah permissibility.
Basic contributions made towards the Certificate are invested in either of Taameen Fund or Maza’af Fund. You can choose to invest fully in one of the fund that suite your investment strategy. The returns earned after deduction of risk charges, and investment management charges are credited to the unit account balance and accumulate as the certificate holder’s cash value. Funds are managed by a team of expert investment managers who adjust the investment mix in light of economic conditions and investment opportunities.
Choice of Family Takaful Coverage
You have the option to Choose from the different levels of family takaful coverage through protection multiple for the same amount of contribution.
In case the covered person dies during the certificate term, the sum covered or accumulated account value whichever is higher less any partial withdrawals, will be paid to the beneficiary(ies).
Free built-in Pilgrimage Coverage*
PKR 2 Million Coverage on Accidental Death during Hajj.
*Coverage will be terminated when person covered reached Age 65.
Certificate Maturity Benefit
At the time of maturity of the certificate term the person covered will get the amount equal to his/her account value.
Monthly Annuity Benefit
On survival of the Person Covered till maturity of the Certificate, the Monthly Annuity Benefit will be given as per the term selected by the Person Covered. The term can be 5, 10, 15 or 20 years. The units will remain invested over the annuity term.
Certificate offers the option of making partial withdrawals from your account value. Withdrawals can be made 4 times in a certificate year and are limited to 50% of the net cash surrender value subject to maintaining a minimum balance of Rs. 10,000/-
The certificate offers a free-look period of 14 days, in which you can cancel your certificate by contacting AL – WTO, and have your contribution refunded. However, AL – WTO reserves the right to deduct the expenses incurred on medical examination(s) of the person covered in connection with the issuance of this certificate.
Top up: (Ad-Hoc) / Top-up
By depositing a minimum payment of Rs. 10,000/- (over and above your regular contribution) you can enhance the growth of your invested capital through Top up. Top Up payment which has no upper limit will be allocated at 100% in the unit account and can be made & withdrawn anytime during the certificate term to boost your accumulated cash value.
Inflation protection: (Indexation)
This is a value-added feature to cover the inflation impact. Your contribution will increase every year by 5% of the previous years’ contribution with this option. The cash value will also increase accordingly.
You can enhance the Protection Benefit by selecting any or all of the following optional Supplementary Benefits subject to payment of additional contribution.
• Spouse Protection Supplementary Benefit
In the unfortunate event of the death of the covered person’s spouse during the enforce term of this Supplementary Benefit, the Supplementary Benefits’ sum covered is payable.
• Level Term Supplementary Benefit
The feature guarantees as lump sum amount payable to the chosen beneficiary(ies) in case of death of the person covered.
• Waiver of Contribution Supplementary Benefit (WOC-Death)
On death of the person covered, AL – WTO will pay the initial (un-escalated) basic contribution for the remaining term of the Supplementary Benefit, the beneficiary(ies) will receive the maturity benefit at the end of the certificate term.
• Critical Illness Supplementary Benefit
A lump sum benefit is paid to you in case you are diagnosed with one of the listed 20 diseases during the enforce term of this Supplementary Benefit. The lump sum benefit is additional to your main certificate benefit.
• Accidental death & Disability
A lump sum benefit is paid to you or your chosen beneficiary(ies) in case of accidental death & disability.
• Waiver of Contribution Supplementary Benefit (WOC-Disability)
On total permanent disability of the person covered, AL – WTO will pay the initial (un-escalated) basic contribution for the remaining term of the supplementary benefit or earlier recovery or death.
• Monthly Income Benefit
On the death or permanent and total disability of the person covered due to accident or sickness during the in-force term of this supplementary benefit, AL – WTO shall pay a monthly income benefit for the remaining term of this Supplementary Benefit or earlier recovery or death.
|Certificate Year||% of Basic Contribution Allocated to PIF Account||Surrender Charges as % of PIF Account Value|
As you continue the participation for longer term you will gain the higher rewards in terms of Continuation Bonuses. The extra units will be allocated to your account value. This extra units’ allocation is in addition to the basic units of allocations, provided Certificate has been in-force through the regular and timely payment of Contributions, not being lower or less than the initial Basic Contribution and there has been no partial withdrawal taken from the Certificate. The Continuation Bonus allocation is as follows.
|Certificate Year||% of Initial Basic Contribution Allocated to PIF Account|
Person Covered is entitled for PKR 2 Million in case of accidental death during Hajj
|Fund Management Charges||An annual Fee of 1.75% of the Cash Value from the PIF deducted on a monthly basis.|
|WakalatulIstimaar Fee||Year1:60%, Year 2: 20%, Year 3 onward: 0%|
|Bid/ Offer Spread||5% of all contributions allocated to the unit account|
|Takaful Contribution||With reference to attained age and based on the mortality table. A portion, 35% of Takaful Contribution will go to Operator’s Sub-Fund as PTF management fee.|
|Surrender & Partial
withdrawal Processing Fee
|Fund Transfer Fee
||The first two switches in a certificate Year are free. A charge of Rs. 300 will be made for any further switches in that year|
||30% p.a. on investment return of the WAQF|
|Minimum entry age||18 years (Age nearest Birthday)|
|Maximum entry Age||70 Years (Age nearest Birthday)|
|Minimum Certificate term||10years|
|Minimum Contribution paying term||10years|
|Maximum Certificate term||25 years or up to age of 85 whichever comes first.|
• Minimum Contribution
|Mode||Minimum Contribution per installment|
|Semi-annual||Rs. 8,000/-||(Rs. 16,000/- annually)|
|Quarterly||Rs. 6,000/-||(Rs. 24,000/- annually)|
|Monthly||Rs. 3,000/-||(Rs. 36,000/- annually|
• Payment Mode:
(Annual, Semi-Annual, Quarterly & Monthly)