Frequently Asked Questions

 

How can I get my contact details (Address/ Contact number/ Email) updated?

You can get your contact details (Address/ Contact number/ Email) updated by completing the “Particulars” section in the Alteration form and submitting the signed form at your parent bank/agency branch.

I want to switch my product to another plan?

You cannot switch to another plan within the existing plan which has been taken up by the client at the time of purchasing the policy. However, you can switch to another fund by filling in the “Change in fund” section in the alteration form and submitting the form directly at your parent bank/agency branch.

What is Nomination? And how do I nominate?

Nomination is the process of authorizing person(‘s) who will be entitled to receive sum assured in case of the unfortunate demise of the life insured. The Policyholder should nominate the beneficiary by filling in the beneficiary details in the proposal form.

How can I change/ rectify the Beneficiary related details of my policy?

  • Any change in Beneficiary
  • Any change in percentage allocation of the Beneficiaries
  • Any correction in the relationship of the Beneficiary with Life Insured

Correction in the spelling of Beneficiary’s name, The Policyholder can request for the above-mentioned Beneficiary related changes by sending us the duly filled and signed copy of Alteration Form for Change/ Alteration. We will make the requested changes and send you the revised documents. (Only blood relatives are allowed to be benefiaries)

My name is incorrectly spelled on the policy documents. How can I get it corrected?

In case the name of Policy Owner / Life Insured is incorrectly spelled on the policy documents, send us the Alteration form duly filled and signed by the Policy Owner. We will correct the spelling error and send you the acknowledgment letter.

My Date of Birth on the policy documents is incorrect. How can I get it corrected?

In case the Date of Birth of Policy Owner/ Life Insured is incorrectly mentioned on the policy documents; send us the Alteration Form duly filled and signed by the Policyholder along with a copy of CNIC. We will correct the Date of Birth and send you the revised acceptance letter, if required, which will be signed by the policyholder. Upon completion of documents, a revised policy schedule will be sent to you for your records.

I want to change my account number, which I provided for Auto Debit premium deduction.

For changing the account number provided earlier for Auto Debit premium deduction, send us the Alteration Form duly filled and signed by the Policyholder along with the revised Auto Debit Instruction for your new account. You can find Auto Debit Instruction form at your respective Bank Branch.

How can I change my Premium Payment Mode?

Adamjee Life offers payment modes subject to policy anniversary, for your convenience. You can change your Premium Payment Mode after the completion of first policy year. For changing the premium mode please submit the following documents at your respective bank branch:

  • Alteration Form duly filled and signed by the Policy Owner
  • Revised Auto Debit Instruction (Available at Bank Branch)
  • Risk Evaluation Form (Duly filled by the Insured person)

How can I change my Premium Paying Term?

You can make changes to your Premium Paying Term on policy anniversary subject to the specifications of the product you have opted. For making changes to your Premium Paying Term submit the following documents at your respective bank branch:

  • Alteration Form duly filled and signed by the Policy Owner
  • Revised Auto Debit Instruction (Available at Bank Branch/ for Banca policies only)
  • Risk Evaluation Form (Duly filled in all respects by the Life Insured)

Upon receiving your request, we will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made). Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days.

How can I reduce my premium amount?

Adamjee Life offers customers an option to continue with their policy with reduced premium in case of financial strain. You can request for premium reduction on policy anniversary. For reducing your premium submit the following documents at your respective bank branch/Agency office:

  • Alteration Form duly filled and signed by the Policy Owner
  • Revised Auto Debit Instruction (Available at Bank Branch/ for Banca policies only.)
  • Health Questionnaire  (Risk Evaluation Form) (Duly filled in all respects by the Life insured)

Upon receiving and reviewing your request the policy will be underwritten again. We will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made) subject to the conditions that the request is approved and within the parameters of the product specifications. Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days. After which further requirement may be called for finalization of the request.

Can I Increase/decrease my Insurance Coverage during my policy tenure?

Answer: To make changes to the Sum Assured on policy anniversary, you are required to submit the following documents at the respective bank branch / agency office:

  • Alteration Form duly filled and signed by the Policy Owner
  • Revised Auto Debit Instruction (Available at Bank Branch/for Banca policies only)
  • Risk Evaluation Form

Upon receiving and reviewing your request, the policy will be underwritten again. We will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made) subject to the conditions that the request is approved and within the parameters of the product specifications. Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days. After which further requirement may be called for finalization of the request.

Can I add any supplementary Rider(s) during my policy tenure?

The riders, applicable to the product, can be added in the on policy anniversary, you are required to submit the request at the respective bank branch/ Adamjee life branch. Upon receiving and reviewing your request, the policy will be underwritten again after which further requirement may be called for finalization of the proposed changes.

I have deposited the required premium amount in my account but it’s not being deducted.

The premium amount is deducted from your respective bank account within 10 days following the due date. However, in case the amount is not being deducted contact your respective branch or you can send premium deduction request directly to us at help_csd@adamjeelife.com

How can I increase my investment via Ad-hoc?

You can add additional amount to your investment as Ad-hoc. The minimum Ad-hoc amount required varies from product to product while there is no maximum limit to it. You can send us the Ad-hoc amount through Cheque, pay order or bank draft. A confirmation letter will be sent to you upon realization of this amount.

How can I get my policy cancelled?

Adamjee Life offers its customers a Free Look Period of 14 days. After receiving your policy documents, you have a reviewing period of 14 days. If during this period you disagree with the policy terms and conditions stated, you can send us back the original policy documents with ‘Cancel (FLP)’ written on it along with the Valid CNIC copy and Cancellation Form duly filled and signed by the policy owner. Your policy will be cancelled and the premium paid will be refunded back.

Address for Claim Submission

In the event of a claim during the term of the life insurance policy, the nominee has to intimate the insurance company. For Non Death Claims, insured can contact Adamjee Life by themselves using any one of the following means:

  • Telephone Call:
  • Claims Department: 021-38677100 (EXT 254)/0346-8209366
  • Call Centre (Helpline):021-111-11-5433
  • Email: help_claims@adamjeelife.com
  • Written Request:
  • The Claims Department
    M/s Adamjee Life Assurance Company Ltd
    Adamjee House, 3rd Floor
    Main I.I Chandigarh
    Karachi

Is there any time limitation to submitting claim?

To make sure that the claim is processed as quickly as possible, we do ask that you, or someone on your behalf to  let us know of any claim within 30 calendar days from the date that the incident occurred.

What happens if I submit a claim after the 30 Days’ time frame?

In such a case a written explanation would also be required to validate the delayed intimation.

What is the claim process of Adamjee Life Assurance Co Ltd?

We have 4 Steps

Claim process:

  • Claimant to intimate Adamjee Life Assurance Co Ltd about the claim
  • Adamjee Life Assurance Co Ltd informs the claimant to complete the documentation for faster claim processing
  • Claimant to submit complete set of the required documents
  • Adamjee Life Assurance Co Ltd to take decision on the claim

From where can I get the Claim Forms?

The claim forms and the claim process are available on our website www.adamjeelife.com where you may download them.

What are the documents required for the processing of claims? For Death Claim/ For Disability Claims

Please refer to the website for downloading the claims forms heading to the claims page and following the procedure

They can be downloaded from here:- https://www.adamjeelife.com/claim-procedure/

For Death Claim

Basic Requirements are:

  • Claim Forms
  • Death certificates (NADRA / Union Council and Hospital Death Certificate)
  • Original Policy Documents
  • CNIC Copies of the Beneficiary and the Deceased
  • Police Report and Post Mortem Report (if accidental death).
  • Hospital & Medical Records.
  • In case of accidental death newspaper cutting and rescue report

Additional documents may be asked if deemed necessary.

For Disability Claims

  • Claim Forms
  • Hospital /Medical Records, X-rays and other treatment records
  • Disability Certificate
  • Police Report and MLO Report (if registered)

Additional documents may be asked if deemed necessary.

How long will claim takes place?

Normally when all the requirements have been submitted, It takes 3-5 working days for the decision of the claim. In case where verification is needed this time could be extended however in such cases the claimant is notified about it.

Who is eligible to receive the Claim proceeds?

The claim proceeds will be paid to the beneficiary who generally is the nominee as mentioned by the Life Assured in the application form for Insurance.

How can I know the status of my claim?

You can know the status of your claim or clarify any of your queries by contacting our 111-11-5433 or email us at Help_Claims@adamjeelife.com or use the E-Services portal to lodge a claim for non-death claims.

How will the claimant receive the claim amount?

The company honors claim payments through cheques or online fund transfers to your account .

How can I determine my cash value?

Cash value of a unit linked life assurance plan can be easily determined by multiplying your net outstanding units with applicable bid price of the underlying fund of your plan. You can view your cash value for the day by checking your policy details by logging in to your e-services mobile application or through our website.

What do my policy documents consist of?

The policy documents include the following:

  • Policy Provision & Conditions
  • Claim Settlement Form
  • Rider Provisions
  • Policy Schedule
  • Non-Financial Alterations Form
  • Empty envelope
  • Charges Structure

What if I misplace my Policy documents?

The Duplicate Policy documents can be issued when client submits the following at their parent bank/agency branch:

  • Provide an Affidavit on Rs. 100/- bond paper duly signed and stamped by the oath commissioner  (Affidavit Text for Duplicate Documents) 

The indemnity bond  format for duplicate documents can be found under the downloads section:https://www.adamjeelife.com/type/customer-servicing-forms/

What is the benefit of investing in a unit linked life assurance plan?

As compared to a term insurance plan which simply expires and offers no benefit at the end of the policy tenure, unit linked life assurance plan being a cash value based product is designed to provide an additional investment linked saving benefit which can be availed either during the tenure of the plan or at the time of maturity.

How many types of unit linked life assurance plans do you offer?

At present Adamjee Life Assurance Company Limited is offering the following types unit linked life assurance plan:

  • Regular premium plan: This plan allows the policyholder to pay premiums at regular intervals during the tenure of plan such as monthly, quarterly, half yearly or annually. Under these plan the policyholder is obliged to pay the premium every year till maturity or the end of premium paying term, whichever is earlier.
  • Single premium plan: This plan allows the opportunity to pay the premium upfront (at the inception of the policy) for the entire life of the plan and is not obliged to make further premium payments.

How many unit linked funds do you offer?

Adamjee Life Assurance Company Limited at present is offering the following five unit linked funds:

  • Investment Secure Fund: This fund is equivalent to a fixed income fund and is offered with our regular premium plans.
  • Investment Secure Fund II: This fund is equivalent to a fixed income fund and is offered with our single premium plans.
  • Investment Multiplier Fund: This fund is equivalent to an asset allocation fund and is allowed to take exposure towards fixed income avenues and listed equities. This fund is offered with both of our regular premium and single premium plans.
  • Amanat Fund: This fund is equivalent to an Islamic asset allocation fund and is allowed to take exposure towards Islamic income avenues and Islamic listed equities. This fund is offered with both of our regular premium and single premium plans.
  • Investment Diversifier Fund: This fund is equivalent to an asset allocation fund and is allowed to take exposure towards fixed income avenues, listed equities and commodities. This fund is offered with both of our single premium plans.
  • Dynamic Secure Fund: To deliver regular and steady return primarily by investing in Government and fixed income securities.
  • Dynamic Growth Fund: To generate high returns through active allocation in fixed and equity securities.
  • Maazaf Fund: A moderate to high-risk profile fund that generates higher returns over the long run in shariah compliant equities and Islamic mutual fund.
  • Tameen Fund: A low to moderate 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
  • Saman Fund: A moderate risk profile fund that aims to generate steady returns from investments in wide variety of Shariah compliant fixed income securities, term deposits in Islamic Banks and Government securities with limited exposure to Shariah compliant

For further information please refer to the Historical Investment Performance at https://www.adamjeelife.com/type/fund-performance/

How can I know the bid prize of a fund?

The latest bid prices of the funds offered by Adamjee Life Assurance Co. Ltd can always be viewed at the website of the company ( www.adamjeelife.com )

How can I increase the investment in my policy?

You can increase the investment component of your plan anytime by opting to pay Adhoc premium which is also known as fund accelerated premium.

Is there any tax benefit on the premium I pay for my life assurance plan?

As per income tax laws applicable in Pakistan, a resident individual, who derives income chargeable to tax can under the head “salary” or “income from business”, can obtain tax credit in respect of life insurance premium paid as per the following formula, provided he or she has not claimed any tax credit on purchase of units of mutual funds or newly offered listed equities.

Formula:

(A/B) x C

where

A is the amount of tax assessed to the person for the tax year before allowance of any tax credit

B is the person’s taxable income for the tax year, and C is the lesser of –

  1. (a) total premium paid
  2. (b) twenty per cent of the person’s taxable income for the year; or
  3. (c) two million rupees

How is the loan availed on my policy?

You can be granted a loan facility by submitting loan request which include written request and Valid CNIC copy at your respective bank provided that your policy is active In-Force. Please note that the loan is subject to the terms and conditions of the company as specified in the policy provisions and may vary for different products. The loan amount is disbursed after the company receives loan acceptance letter duly signed by the policy holder

What is maturity benefit?

On survival of the Insured Person to the maturity date the policy is in full force, the company shall pay, as a lump sum, the Maturity Benefit due on that date as shown on policy schedule.

How can I claim my maturity benefit?

In order to claim your maturity benefit, you are required to submit the following documents at your parent bank/agency branch. The payment instrument is issued subject to the policy holder’s consent to the communicated maturity cash value subjective of market performance. The documents required are as follows:

  • Maturity form
  • Original policy documents
  • Valid CNIC copy
  • Zakat declaration form

How can I arrange zakat declaration form?

The zakat declaration needs to be typed on Rs. 100/- bond signed and stamped by oath commissioner issued by the notary public.

What is partial withdrawal?

Partial withdrawal is a facility to provide you a part of fund of the policy. You may, at any time after the policy has acquired a Cash Value, request the Company to make partial withdrawal subject to your product terms and conditions. Policy holders who have invested in Adhoc can similarly request for Partial Adhoc withdrawal. The documents required are the same as regular partial withdrawal.

In order to request for partial withdrawal from your policy you are requested to send your Valid Cnic copy, Surrender form and zakat declaration (if applicable)

What if I am unable to pay my renewal premium by the due date?

If sufficient premium is not received by the due date, the policy status remains inforce for the grace period of 31 days after the passage of due date.

When does a policy lapse?

When the premium is not paid within the days of grace provided after the due date, the policy lapses. The grace period is of 31 days.

If the grace period has elapsed how do I reinstate my policy?

The reinstatement of the policy requires initial following requirements.

  • Outstanding premiums
  • Declaration of Good Health Form duly signed by the Client / Risk Evaluation Form
  • In case of adverse medical health, the company reserves the right

*Reinstatement is subject to approval by our underwriting department

Can I renew my policy through Adhoc fund?

You can renew your policy from your Adhoc fund subject to sufficient balance by submitting us the filled and duly signed Premium adjustment form.

How can I pay my premium?

The premium can be conveniently paid using the following means:

  • Cheque
  • Pay order
  • Cash
  • Master/Visa card(Easy Paisa Service)

I live abroad, how can I pay my policy premium?

Customers, who are living abroad and yet continuing policy with us, can conveniently avail e-Services  payment gateways and pay using their own Master/ Visa card.

How can I get the payment receipt for the premiums paid?

System generated payment receipts will be sent to your correspondence address once the payment is received at our end. However, in case the payment receipt is not delivered, you can get payment confirmation by emailing us on help_csd@adamjeelife.com

What is Assignment? How do I assign the policy?

Assignment of an insurance policy is a transfer: for of all rights and liabilities to the insurance policy endorsing to assignee. This facility is being offered by Adamjee Life Assurance Co.Ltd.

To inquire about the assignment or in case of any further queries or concerns, feel free to contact our Customer Services Department via any of the following means as mentioned below:

Adamjee Life Assurance Co. Ltd, 3rd & 4th Floor, Main I.I Chundrigar, Karachi.

111-11-(5433) – Help_csd@adamjeelife.com

How can I surrender my policy if I no longer want to continue with it?

In case you no longer want to continue with the policy, we recommend you to contact our Customer Services Department before making any surrender decisions. We will try to address your concerns and suggest you a time frame to surrender where your loss will be minimized. However, if you still want to surrender your policy, submit the following documents at the respective bank/agency branch:

  • Surrender Form duly filled and signed by the Policy Owner
  • Original policy documents
  • Valid CNIC copy
  • Zakat Declaration (Duly Filled in all respects along with Stamped)

*Surrender cases are subject to Surrender Charges and Surrender Fees. Please refer to the Surrender Charges Sheet attached with the Surrender Form. The policy may be surrendered on any monthly due date, upon request by the policy holder. The amount payable on surrender shall be the net cash surrender value of the policy.  The payment instrument is issued subject to the policy holder’s consent to the communicated surrender cash value subjective of market performance

How can I request for Adhoc surrender

The procedure is the same as surrender request.

What is my Policy Number and Client ID?

Policy Number is the unique identity assigns to your policy however Client ID shows the number of policies has been issued on your ownership.

What will be the final Cash Value of my Policy at its maturity?

On survival of the Insured Person to the Maturity Date stated in the Policy Schedule and whilst the Policy is in full force, the Company shall pay, the Cash Value less any Indebtedness or recoverable amount.

What is the importance of original policy documents?

In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay according to the policy terms and conditions. Policy documents are required to be submitted at the time of surrender, cancellation and for lodging benefit for claim. Therefore, the documents must be retained in safe custody.

Who is a policyholder

The person applying for cover on the life of the Life Insured Person. An insurable interest has to exist between the policyholder and the insured person. In addition, if you are not the main insured person you need to have been given permission by the main insured person to take out a policy on the life of the Main insured person ,Spouse or children of the main insured person or spouse.

Who is life assured?

The person on whose lives the cover under this Policy is affected. This Policy may provide cover only in respect of a Main Insured Person or a Spouse or Child of the Main Insured Person where applied for by you in terms of this Policy. No Spouse or Child will be covered unless nominated by you and listed in the Policy Schedule. Persons who are not nominated in the Policy Schedule will not be covered in terms of this Policy. All nominations will remain in force until you notify the Company in writing of any change.

What is a proposal for insurance?

Proposal for insurance is the application made on prescribed company perform by the Policyholder/ life assured for a life insurance policy from the company.

What is sum assured?

The sum assured is the amount of money an insurance policy guarantees to pay upon the death of the insured person. This is also known as the cover or the coverage amount and is the total amount for which an individual is insured.

What is premium?

Premium is an amount paid periodically to the insurer by the policyholder for covering his risk. For taking this risk, the insurer charges an amount called the premium.

What is plan illustration?

A life insurance policy “illustration” is a set of projections, prepared by the actuarial department of the insurance company. These projections forecast the expected returns on investment (which is the term premium paid on renewal date) tabulated under the surrender cash value column per year. (illustration values may vary). Plan illustration is to be signed and submitted by the policyholder with proposal for insurance at the time of applying Life Assurance policy.

How would I know that my proposal for insurance has been accepted by Adamjee Life?

Once your proposal for insurance has been accepted, a short message service (SMS) alert would be sent to your provided contact number. You will also receive your policy documents through courier at your registered mailing address.

What is indexation?

Adamjee Life offers its clients the option to increase their yearly premiums by a certain percentage. This option can be exercised by the clients at any point in time during the term of the policy. Indexation can help the client counter act the effects of increasing inflation, periodic increase in savings amount, or any other reason that may benefit the client with increased financial security.

I want to Re-instate my Policy? Do I have to submit any documentary requirements with the Premium? Are there any late payment charges?

No penalties would be charged on reinstatement. If you wish to reinstate your policy, you will need to send us all the past due premiums along with duly filled and signed form by you.

When will my next premium be due?

The due date of the premium payment as depends on the mode selected in the Policy Schedule. The responsibility to pay the renewal premium lies on the policy holders; however we would help you in remembering the Renewal Date of your policy for your ease, we do send Renewal Notices and SMS one month before each Premium Due Date.

I want to send my Renewal Premium. What should I do?

The premium can be conveniently paid using the following means:

  • Cheque
  • Pay order
  • Cash
  • Online Transfer through bank
  • Mobile Application
  • Website

You are requested to write your correct Policy Number at the back of the Cheque/Pay order. You can also contact your sales agent/ consultant who would visit to collect your premium payment. For Bancassurance customers, you are requested to share the scan copy of the deposit slip/copy of cheque/online bank transfer statement on help_csd@adamjeelife.com to receive your payment receipt as confirmation of receiving.

In which Adamjee Life Bank account can I transfer/deposit my premium amount?

The account details for conventional policy holders are as follows:

  • Account Title: Adamjee Life Assurance Co Ltd
  • Account no “0442690111002594”
  • IBAN # PK36MUCB 0442690111002594
  • Bank: MCB

The account details for takaful certificate holders are as follows:

  • Bank name: MCB Islamic Bank Limited
  • Account title: Adamjee LIFE ASSURANCE CO LTD WINDOW TAKAFUL
  • Account number: 0011000014310024
  • IBAN: PK72MCIB0011000014310024.

How do I get confirmation of renewal premium after I send the payment?

System generated payment receipts will be sent to your correspondence address once the payment is received at our end. However, in case the payment receipt is not delivered, you can get payment confirmation by emailing us on help_csd@adamjeelife.com

I have a query. How do I contact Adamjee Life? Where can I access information on After Sales Service?

You can know the policy status of your policy or clarify any of your queries by contacting at 111-115-433 or email us at help_csd@adamjeelife.com

Can I access information of my policy online?

In order to register your account on e-services, SMS “SUB” on 8487 from your registered correspondence number to receive your login credentials along with the link to the mobile application. In case if you are unable to receive your login credentials through SMS, please feel free to contact on our helpline 021-111-115-433 or email at help_csd@adamjeelife.com

You can view your policy details through our website once you have been successfully registered your account. The link for conventional and takaful policy holders is as follows:

Conventional Policy holders: https://alpos.adamjeelife.com/Eservices

Takaful certificate holders: https://alpos.adamjeelife.com/tkfeservice

 

Where can I access my financial statements including Payment Receipts/Tax certificate/ Account statement

You can access your Account Statement and payment receipts by logging in to your e-services portal. The account statements on e-services are updated on quarterly basis. In case if you would like to address further concerns regarding your financial statements, do not hesitate to email on help_csd@adamjeelife.com or call on 021-111-115-433
 
In order to request for  your tax certificate, please contact our customer care representative through our helpline 021-111-115-433 or email help_csd@adamjeelife.com

Frequently Asked Questions Takaful

 

What is Takaful?

Takaful is a mutual arrangement between the parties in which they agree to provide material assistance to one another or a group, in time of misfortune. It is a Shariah compliant way of safeguarding oneself against future financial losses. A Takaful membership assists Participants to share their risk based on cooperation, brotherhood, mutuality and solidarity for a common good.

What is the key component of Takaful?

The key components of Takaful are as follows:

  1. Individuals in the community come together on a common platform and contribute into a Waqf Fund, operated by a Takaful Operator, to protect themselves against future financial losses.
  2. The Takaful Operator acts as an ‘administrator’ of the Waqf Fund and carries out its role in the form of a Wakeel (Manager);
  3. Any Participant who suffers or incurs a financial loss will be compensated from the Waqf Fund.
  4. At the end of every year, any excess amount (Surplus) left in the Waqf Fund after paying off claims and meeting expenses and provision reserve may be distributed amongst the participants as per the advice of the Shariah Advisor and the Appointed Actuary.

Is Takaful Meant Muslims only?

No. Takaful is catering to all races, religion, and individuals who are interested to invest for protection of their loved ones.

What is Window Takaful Operator?

The Window Takaful Operator is an organization, which manages Takaful Functions and takes up the responsibility of determining contribution amount, collection of contributions and paying claims to eligible Participants. In this role, the Window Takaful Operator charges ‘Wakala’ fee for its services.

What are the controlling documents for Takaful as per the regulation?

Following are a set of controlling documents for Takaful:

  • Insurance Ordinance 2000
  • Insurance Rules 2007
  • Takaful Rules 2012

Who is the regulator of the Takaful in Pakistan?

Securities and Exchange Commission of Pakistan is the regulator for all insurance and Window Takaful Operator in Pakistan.

What is the meant of contribution?

Contribution means the amount payable by the participant to an operator under a Takaful contract for the membership of Waqf pool.

What is wakalah fee?

The term ‘Wakala’ (Agency) is derived from the word ‘Wakeel’ (Agent). It is the fee incurred by a Takaful Operator from the Participants Takaful Fund to manage the Takaful Fund.

What is meant by Participant?

Participant means a person who participates in a Takaful scheme and to whom a Takaful Certificate is issued.

How is the contribution invested?

The contributions are invested in Shariah compliant avenues i.e. Mutual fund, sukuk and equities duly approved by shariah adviser.