Himayat Al Usra Maximizer Plus

Highly flexible Single contribution investment plan with benefit of Family Takaful Coverage packaged in Attractive returns with choice of funds to match your risk appetite.

Why Himayat Al Usra Maximizer Plus

Fully Shari’ah Compliant

Takaful Coverage of upto 10 times of the contribution

Tax exemption benefits for businessmen and salaried Individuals

Minimum Investment of PKR. 25,000 only Diversified Investment Portfolio

Plan Details

  • Optional Benefits

  • Charge Structure

  • Certificate Details and Eligibility

  • Charges

  • Disclaimer

Optional Benefits

Optional Benefits

Additional Benefits To Participants

One Time Investment (Single Contribution)

Convenient, hassle free single payment option with the added advantage of Family Takaful.

Fully Shari’ah Compliant

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.

Unique Cover Multiple Option

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 contribution amount.

No Taxation on Capital Gains

In accordance with Income Tax Ordinance 2001, All investments in lnsurance/Takaful are exempt from capital gain tax

Tax rebate for businessmen and salaried Individuals

According to the current provisions of Income Tax Ordinance 2001,a salaried or non-salaried tax payer individual can avail a tax credit of up to 20% of his taxable income subject to maximum of PKR 2 million per annum in respect of any Family Takaful contribution paid on Family Takaful certificate held for a minimum period of 2 years. Participants are advised to consult their tax advisor prior to making an investment decision.

Charge Structure

Charge Structure

Additional Wakala Fees
  • First Year: 3% of PIA Value on withdrawal during first 2 years
  • Second Year: 2% of PIA Value
  • Nil thereafter
Holding Period

Minimum two years holding period required for availing tax benefit.

Diversified Investment Portfolio

A well-diversified investment portfolio with any amount of investment.

Easy to Monitor Investment

Ease of choosing and monitoring one fund instead of multiple investments.

Proper Re-balancing of Investments

Regular re-balancing to maintain the correct risk/return characteristics over time.

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.

Certificate Details and Eligibilitys

Certificate Details and Eligibility

Certificate Details and Eligibility
Minimum entry age 18 years
Maximum entry Age 78 Years
Max age of cover: 80th Years
Minimum cover term: 2 years
Maximum cover term: Up to age 80 exact
Minimum Contribution: PKR 25,000
Maximum Contribution: Unlimited
Minimum Sum Covered (Death Cover): Cover multiple 1.25 *Contribution
Maximum Sum Covered (Death Cover): Cover Multiple 10 *Contribution
Example1:

Mr. Shiraz acquires “Himayat Al Usra Maximizer Plus” 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.

  • Contribution Allocation

    99% of all investment is allocated to your PIA account.

  • BID Offer NIL

Charges

Charges

Charges

Investment Management & Admin charges: An annual charge of 1.75% of PIA value to be deducted on monthly basis Surrender/Partial withdrawal processing fee: PKR 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.

Disclaimer

Disclaimer

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 unit’s 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.

The investment risk shall be borne by the certificate holder and actual maturity or surrender values may be lower or higher than the projected figures.

All applications are processed and approved by ADAMJEE LIFE ASSURANCE COMPANY LIMITED – WINDOW TAKAFUL OPERATIONS, as per their underwriting guidelines. Faysal Bank Limited, Barkat Islamic Banking is not responsible for the processing and approval of these applications in any way, whatsoever.

  • Faysal Bank Limited, Islamic Banking is acting as an agent of ADAMJEE LIFE ASSURANCE COMPANY LIMITED – WINDOW TAKAFUL OPERATIONS, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary(ies) or any third party.
  • A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms & Conditions.
  • The brochure only provides an introduction to the benefits available under the certificate. A detailed description of how the Certificate works is given in “Participants’ Membership Documents – PMD” which will be provided after the issuance of the Certificate.
  • This product is a long term Shari’ah compliant product that is a combination of Islamic investment and Takaful. In the event of surrender before maturity period, you will be entitled to the PIA cash value of your certificate at the time of surrender net of any applicable charges by the TakafulOperator.
  • In case of any grievance regarding your Family Takaful Certificate, you may contact the Adamjee Life-Window Takaful Operations on below mentioned contact details or for any service related complaints, you may call bank Contact Centre at 111 06 06 06 or visit your nearest branch.

Charges

Charges

Certificate Fee Nil
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 : 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 of 35% of Takaful Contribution will go to Operator’s Sub-Fund as PTF management fee.
Surrender & Partial
Withdrawal Processing Fee = 350 PKR
Withdrawal Processing Fee Rs. 350/-
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
Mudharib’s Share 30% p.a. on investment return of the WAQF

Certificate Term & Eligibility

Certificate Term & Eligibility

Minimum entry Age 18 years (Age nearest Birthday)
Maximum entry Age 70 Years (Age nearest Birthday)
Minimum Certificate term 10 years
Minimum Contribution paying term 10 years
Maximum Certificate term 25 years or up to age of 85 whichever comes first.

Disclaimer

Disclaimer

  • This Family Takaful Product is a Shariah Compliant Unit Linked Plan which is subject to investment risk and the cash value of the plan will vary directly with the performance of the unit fund.
  • The investment risk shall be borne by the certificate holder and actual maturity or surrender values may be lower or higher than the projected figures.
  • All applications are processed and approved by AL – WTO, as per their underwriting guidelines. Faysal Bank is not responsible for the processing and approval of these applications in any way, whatsoever.
  • Faysal Bank is acting as an agent of AL – WTO, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary(ies) or any third party
  • A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms & Conditions.
  • The brochure only provides an introduction to the benefits available under the certificate. A detailed description of how the Certificate works is given in “Participants’ Membership Documents – PMD” which will be provided after the customer avails the Certificate.
  • This product is a long term Shari’ah compliant product that is a combination of Islamic investment and Takaful. In the event of surrender before maturity period, you will be entitled to the cash value of your certificate at the time of surrender net of any applicable charges by the Takaful Operator.