Nowadays, it has become difficult for people to manage their wealth for good. There are people who manage to make money and become wealthy but are unaware of ways to make the most of their funds in a Shariah compliant manner. The term Himayat Al Usra Maximizer refers to a flexible and secure investment certificate with an added advantage of life protection that gives the participant access to a variety of professionally managed Unit Linked Growth Funds with the benefit of Family Takaful cover packaged in.
The certificate is beneficial for participants who seek capital appreciation with limited immediate liquidity needs. All Investments are mainly used to purchase units in the Funds. Himayat Al Usra Maximizer is a single investment certificate that gives the participant the option to choose a customized investment strategy according to their investment objectives and risk appetite.
The objective of the investment is to provide the customer with the convenient hassle free single investment option with the added advantage of Family Takaful Coverage. The purpose is to maximize the return for the participant by the strategically investing in one of two funds with different combinations of investments keeping in mind the individual risk appetite and return expectation. The certificate also provides death coverage to cater to the protection needs of the participant.
Additional Benefits to Participants
Adamjee Life Assurance Company Limited-Window Takaful Operations.Rated A (WITH POSITIVE OUTLOOK) by PACRA
Strategically investment in shariah compliant equity and debt markets with the objective of maximizing returns for the participant. Funds are managed by a team of expert investment managers, who adjust the investment mix in light of economic conditions and investment opportunities.
Contributions made towards the plan are invested in various investment vehicles including shariah compliant equities, fixed income instruments, bonds and other money market instruments. Diversification is achieved by selecting mix of instruments in order to optimize the returns.
Is a low to moderate risk profile fund that aims to generate stable and secure returns by investing mainly in Sukuk bonds and term deposit in Islamic Banks.
Is a moderate to high risk profile fund that aims to generate higher returns over the long run by investing across a wide range of investments such as sukuk bonds, shariah compliant equities, Islamic mutual funds and term deposit in Islamic banks.
You are entitled to two initial free fund switches at anytime, each subsequent switch would be charged at Rs.300.
|Minimum Investment||PKR 25,000|
|Minimum Sum Covered (Death Cover)||Cover multiple 1.25|
|Maximum Sum Covered (Death Cover)||Cover Multiple 10|
Mr. Shiraz acquires “Himayat Al Usra Maximizer” certificate for an initial investment of PKR. 100,000, with cover multiple 5 as protection level. This would mean that incase of any unfortunate mishap Shiraz would enjoy a Family Takaful coverage of (100,000x 5) = PKR. 500,000 that his family would receive
The higher of the cash value or Sum covered will be paid to the beneficiary(ies).
Additional Benefits to Participants
Convenient, hassle free single payment option with the added advantage of Family Takaful
Complete Riba/ interest free investment/ saving opportunity in-line with Islamic principles and beliefs keeping in mind the recent increase in demand of Shari’ah compliant investment vehicles
The participant has the option to choose his/ her own Family Takaful coverage amount through the unique cover multiple feature. Customer has the option to take a maximum coverage of 10 cover multiples of investment amount
In accordance with Income Tax Ordinance 2001, All investments in Insurance/Takaful are exempt from capital gain tax
According to the current provisions of Income Tax Ordinance 2001, a salaried individual can avail a tax credit of up to PKR 100,000/- in respect of any life insurance/Family Takaful contribution paid on a life insurance/Family Takaful certificate held for a minimum period of 1 year subject to annual taxable income exceeding PKR. 4.55 million. The non-salaried/self-employed participant can also avail the tax credit up to 125,000/- where the taxable income for the year exceeds Rs. 1.5 million, provided that the total insurance/Takaful contribution does not exceed 15% of the person’s taxable income for that year. Participants are advised to consult their tax advisor prior to making an investment decision
The Participant is entitled to full refund in case it he/ she decides to cancel the Certificate within 14 days of issuance
There is no minimum holding period required. However, it is recommended to invest in the fund for long term
Encashment/Redemption can be made within a period of 6 business days
A well-diversified investment portfolio with any amount of investment
Ease of choosing and monitoring one fund instead of multiple investments
Regular re-balancing to maintain the correct risk/return characteristics over time
|Minimum Entry Age||18 years (Age nearest Birthday)|
|Maximum Entry Age||80 years (Age nearest Birthday)|
|Max Age of Cover||85th Birthday (not exceeding the maximum term of 25 years)|
100% of all investment is allocated to your unit account. (After deduction of Bid/Offer Spread)
|Charges Structure||Adamjee Life- Window Takaful Operations retains the right to change these charges.
The distribution channel will be notified at least 1 month prior to any change (it will be given ample time to implement any changes).
|Investment Management Charge:||An annual charge of 1.75% of the PIF Cash Value deducted on a monthly basis.|
|Bid/Offer Spread:||5% of all Contributions allocated to the PIF Unit Account.|
|Cover Charges / Takaful Contribution:||A Portion, 35% of Takaful Contribution will go to Operator’s Fund as PTF management fee.|
|Surrender Processing fee:||Rs. 350/=|
|Fund Switching 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 Certificate Year.|
|Mudharib’s Share:||30% p.a on investment return of the WAQF.|
Himayat Al Usra Maximizer is a unique investment cum protection certificate that provides you a hassle free one time investment option. In addition it gives you the freedom of choosing your own investment mix, from the available multiple investment Strategies, as per your risk and return appetite while the protection feature of the certificate provides you Family Takaful coverage from the moment you invest in the certificate.
Anyone between the age ranges of 18 to 80 years is eligible for this ideal investment package.
100 % of your investment is used to buy units of the PIF at the applicable Offer Price. The fund management charges and cost of Family Takaful coverage (if any) are deducted on a monthly basis from your Account Value. The process will continue till the end of the elected term. On completion of term – the maturity date – accumulated account value will be paid to you in a lump sum.
5% of all Contributions allocated to PIF account.
If you cancel your certificate within the free look period of 14 days from the certificate issue date, you are entitled for a full refund of contribution less any expenses incurred by Adamjee Life-Window Takaful operations (AL-WTO) in connection with your medical or clinical examinations.
Minimum acceptable investment amount is PKR 25,000. There is no limit of maximum fund contributions; hence you can plan your financial objectives with complete freedom.
You have the right to encash all the units in your PIF Account Value any time after the certificate becomes effective. In such an event, the units will be en cashed at Bid Price and the certificate will be terminated. But it is preferable to hold your investment for at least 2 years
The bank does not have any fees or charges related to this product. However AL-WTO would deduct annual management & admin charges as prescribed in the charge Structure.