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.
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
Certificate Details and Eligibility
One Time Investment (Single Contribution)
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 contribution amount.
In accordance with Income Tax Ordinance 2001, All investments in lnsurance/Takaful are exempt from capital gain tax
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.
Minimum two years holding period required for availing tax benefit.
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.
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|
|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|
|Minimum Sum Covered (Death Cover):||Cover multiple 1.25 *Contribution|
|Maximum Sum Covered (Death Cover):||Cover Multiple 10 *Contribution|
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.
99% of all investment is allocated to your PIA account.
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.
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.
|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
|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.|