With the passage of time and age, we all observe changes in our behavior and specially our priorities in life. Although we might stay in touch but casual hangout with friends are replaced by work and family time. One of the key elements that changes is the fact that instead of focus on one’s own self the focus completely shifts towards children. We always prefer to meet the expectations of our children over our own and try to fulﬁll their needs to whatever extent we can and how we deem ﬁt.
Before we know it, our children grow older and we ﬁnd the cost of their education and settlement in future to be a major cause of concern. With these ever growing costs being a cause of concern for every parent, Adamjee LIfe Assurance Co.Ltd-Window Takaful Operations is introducing “Nibah” – A family takaful plan designed to cover the costs of higher education and marriage for your children when the time comes.
Inline with your beliefs, Nibah offers a secure and sustainable future for your children by complying with the Shari’ah guidelines. It is a family takaful plan certiﬁed by internationally renowned religious scholars giving you the security that your investments and protection is in line with the Shari’ah principles.
The word Takaful is derived from the Arabic verb Kafala, which means to guarantee; to help; to take care of one’s needs. Takaful is a system of Islamic insurance based on the principle of Ta’awun (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them as deﬁned in the pact. Takaful is operated on the basis of shared responsibility, brotherhood, solidarity and mutual cooperation.
The basic regular contributions are invested in one of the two professionally managed Shari’ah compliant funds designed to help the savings grow to match the Participant’s choice of personal savings intention.
This is by way of transferring regular nominal contributions (‘tabarru’at’- as Takaful donations) into the WAQF Fund. This WAQF Fund protects your intention to save the agreed amount of as sum covered* over the tenure of the certiﬁcate.
*5 times of the total Annualized Basic Contribution (Basic Contribution * Mode Frequency = Annualized Basic Contribution) as a lump sum plus future remaining contributions equivalent to lower of initial basic contribution or the last basic contribution shall be paid by Adamjee Life as and when due
In addition to Risk mitigation beneﬁts, Takaful offers a unique feature of Surplus sharing to the Participants. Surplus in the Waqf, if any, shall be determined on individual participant basis at the end of each ﬁnancial year, after maintaining necessary reserves as per the advice of appointed Actuary and Shariah Adviser. The Distributable surplus will be allocated to the PIF of eligible Participants as per deﬁned manner.
How your Investment grows in a Shariah Compliant way:
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 suits your investment strategy. The returns earned after deduction of risk charges, andinvestment 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.
Optional Supplementary Benefits
Certificate Term & Eligibility
Basic Contribution Payment mode
Minimum Contribution Table
Is a low to moderate risk proﬁle fund that generates stable and secure returns by investing mainly in Sukuk bonds and term deposits 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.
Ensuring Continuity through built in Waiver of Contribution – Death
In case of unfortunate demise of the participant, Nibah offers continuity of the certiﬁcate where Adamjee Life will pay the lower of initial basic contribution or the last basic contribution paid by the participant for the remaining contribution paying term on the participant’s behalf.
In case of unfortunate demise of the covered person during the certiﬁcate term, the sum assured which is 5 times the annualized basic contributions less any partial withdrawals, will be paid as a lump sum plus future remain- ing contributions equivalent to lower of initial basic contribution or the last basic contribution shall be paid by Adamjee Life as and when due.
At the time of maturity of the certiﬁcate term the person covered will get the amount equal to his/her PIF account value.
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, during 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.
By depositing a minimum payment of Rs. 25,000/- (over and above your regular contribution) you can enhance the growth of your invested capital through Investment Booster. Investment Booster 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. You can choose to adjust regular contributions from top-up cash value subject to sufﬁcient units being available in top-up account value.
This is a value-added feature to cover the inﬂation impact. Your contribution will increase every year by 5% of the previous year’s contribution with this option. The cash value will also increase accordingly.
Nibah Offers accidental death coverage of PKR 1 million during Hajj, The coverage is part of the plan and provides additional protection during the journey.
Optional Supplementary Benefits
You can enhance the Protection Beneﬁt by selecting any or all of the following optional Supplementary Beneﬁts subject to payment of additional contribution.
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 cover is payable.
The feature guarantees a lump sum amount payable to the chosen beneﬁciary in case of death of the person covered.
A lump sum beneﬁt is paid to you in case you are diagnosed with one of the listed 12 diseases during the enforce term of this Supplementary Beneﬁt. The lump sum beneﬁt is additional to your main certiﬁcate beneﬁt.
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death & 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.
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 Supple- mentary Beneﬁt or earlier recovery or death.
A lump sum benefit is paid to your chosen beneficiary in case of accidental death.
As you continue the participation for longer term you will gain higher rewards in the form of Continuation Bonuses. The extra units will be allocated to your account value. This extra unit 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|
|On Maturity-for certiﬁcate with paying term of at least 15 years||50%|
|Certificate Fee||PKR 125 Per Month|
|Wakalatul Istithmar Fee||An annual Fee of 1.75% of the Cash value from the PIF deducted on a monthly basis|
|Wakalah Fee||Year 1 : 75%, Year 2: 25%, Year 3: 10%, Year 4 :5%, Year 5 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 equal to 35% of Takaful Contribution will go to Operator’s Sub-Fund as PTF management fee|
|Surrender & Partial 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||60 years (Age nearest Birthday)|
|Minimum Certificate Term||10 years|
|Minimum Contribution Paying Term||10 years|
|Maximum Certificate Term||25 years or upto age of 70 whichever comes first|
|Max Paying Term||Equal to certiﬁcate term|
Basic Contribution Allocation
|Certiﬁcate / Contribution Year||% of Basic Contribution Allocated to PIA Account*||Surrender Charges as % of PIA Value|
|5 & onwards||100||Nil|
Basic Contribution Payment Mode
|Mode||Minimum Contribution per Installment|
|Semi-Annual||Rs. 15,000/-||(Rs. 30,000/- Annually)|
|Quarterly||Rs. 15,000/-||(Rs. 60,000/- Annually)|
|Monthly||Rs. 5,000/-||(Rs. 60,000/- Annually)|
Payment Mode: (Annual, Semi-Annual, Quarterly & Monthly)