Nibah Plan

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.

A Shari’ah Compliant Plan

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.

What is Takaful?

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.

Why Nibah Plan

Two Fold Benefit


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.

Takaful (Protection)

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

Surplus Sharing

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.

Plan Details

  • Fund Details

  • Plan Benefits

  • Optional Supplementary Benefits

  • Bonus Allocation

  • Charges

  • Certificate Term & Eligibility

  • Basic Contribution Payment mode

  • Minimum Contribution Table

  • Disclaimer

Fund Details

Investment Options

Taameen Fund

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.

Maza’af Fund

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.

Plan Benefit

Certificate Benefits

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.

Protection Benefit

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.

Plan Maturity Benefit

At the time of maturity of the certificate term the person covered will get the amount equal to his/her PIF account value.

Partial Withdrawal

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/-.

Free-Look Period

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.

Investment Booster: (Ad-Hoc) / Top-up

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.

Inflation protection: (Indexation)

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.

Hajj Coverage

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.

Spouse Protection Supplementary Benefit

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.

Level Term Supplementary Benefit

The feature guarantees a lump sum amount payable to the chosen beneficiary in case of death of the person covered.

Critical Illness Supplementary Benefit

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.

Accidental death & Disability

A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death & disability.

Waiver of Contribution Supplementary Benefit (WOC-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.

Monthly Income Benefit

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.

Accidental Death Benefit

A lump sum benefit is paid to your chosen beneficiary in case of accidental death.

Bonus Allocation

Bonus Allocation

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
6-10 5%
11 onwards 7%
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

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

Contribution Allocation & Surrender Charge Structure

Certificate / Contribution Year % of Basic Contribution Allocated to PIA Account* Surrender Charges as % of PIA Value
1 25 Nil
2 75 Nil
3 90 Nil
4 95 Nil
5 & onwards 100 Nil

Basic Contribution Payment Mode

Minimum Contribution Table

Mode Minimum Contribution per Installment
Annual Rs. 25,000/-  
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)



  • 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.
  • 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 “Partici- pants’ Membership Documents – PMD” which will be provided after the customer avails the Certificate.
  • The past performance of the fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and Adamjee Life – Window Takaful Operations., will not incur any liability for the same.
  • Bank is acting as an Sales Officer of AL – WTO, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary(ies) or any third party.