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Takaful Saving Plan (PQFTL)


You wish to provide the best for your loved ones as you progress through life. However, with the passage of time your responsibilities and financial commitments will grow and providing a secure financial future for your family shall become more challenging. This makes the need for prudent financial planning absolutely essential.  Faysal Bank Limited (the “Bank”) in through a distribution agreement with  Pak-Qatar Family Takaful Limited, offers you Takaful Saving Plan. A Bancatakaful (Islamic Bancassurance) plan that allows you to save and invest in a Shariah compliant (Islamic) manner while enjoying a significant level of family takaful coverage. You can now safeguard the future of your loved ones!

Key Benefits

  • Secure your long-term financial goals; such as children’s education, marriage, retirement planning and personal travel
  • Significant level of family Takaful coverage
  • Regular contributions invested in a diversified portfolio of Islamic funds ranging from Sukuks to Islamic Mutual Funds
  • Flexible plan which allows you to save on a regular basis, while having a choice to select an investment mechanism that suits your risk appetite
  • Lump sum payment upon maturity
  • Management of your investments by professional fund managers

Product Features

All regular contributions paid during the tenure of the plan are used to ensure the following benefits:

Death Benefit

Takaful Saving Plan comes with built-in basic Takaful Benefit that allows the beneficiaries to receive funds in case of death of the Participant (Policy Holder) during the tenure of the plan. The beneficiaries are paid the higher of:

Sum Covered (Annual Contribution x Policy Term OR Cash Value (Value of total invested contributions at the time)

Maturity Benefit

At maturity, Participant (Policy Holder) will receive the cash value in his/her investment account.

Allocation of Investment

In Takaful Saving Plan you have the following investment strategies to choose from:

Growth – Involves Investment in selected Islamic stock portfolio, Sukuk (Islamic bonds) and Islamic Mutual Funds (Suitable for customers with a high risk appetite seeking a higher return on their Investments)

Conservative – Involves investment in Islamic deposits. (Suitable for customers with a medium risk appetite seeking a competitive return on their investments)

Free Look Period

A free look period of 14 days is offered by Pak Qatar Family Takaful Limited during which you can review your policy terms and conditions and cancel the policy if needed. Your premium will be refunded on receipt of a written request within 14 days from the date of the receipt of the policy document(Participant Takaful Fund Conditions apply). Please note that Pak Qatar Family Takaful Limited reserves the right to deduct the expenses incurred on medical examination.

Frequently Asked Questions

What is Takaful?

Takaful, which means ‘to look after each other’, observes the rules and regulations of Islamic Law (Shari’ah).  Takaful Saving Plan has been developed in line with Shariah (Islamic) principles.
As a Takaful policy holder, you may be eligible to receive a share of any declared surplus from the participants Takaful Fund. Distribution of the surplus is in accordance to the company’s Surplus Guidelines  as approved by its Shari’ah Supervisory Board.

What is Surplus Sharing?

Surplus sharing is a key concept in Takaful and differentiates Takaful from conventional insurance. In case of any surplus in the Individual Family Takaful Participants Fund, the excess funds are distributed among the participants as per Surplus Guidelines in proportion of their net contribution to the fund. This surplus amount is given to the policy holder in the shape of additional units being added to his/her investment account.

Am I eligible for the plan?

This plan is available to all Bank customers from 18 to 60 years of age. Since it is a long-term investment & Takaful product, the minimum duration of the plan is 10 years.

How does the Takaful Saving Plan work?

The plan requires regular contribution payments on a monthly, quarterly, semi-annual or annual basis. All payments are automatically deducted from your account.

Is there a minimum or maximum contribution limit?

The minimum annual contribution under this plan is Rs. 56,000. There are no maximum limits.

What is the process for claims?

For all claim related matters, please contact Pak-Qatar Family Takaful Limited on (021)-34311747-56 or get in touch with your Relationship Manager.

Will I have access to my savings?

Yes, you are allowed to withdraw funds from your investment account, subject to a positive cash value of your investments. This however, is not recommended as it may adversely affect the maturity value of the policy.

What documents do I need to avail Takaful Saving Plan?

You only need to submit your CNIC copy.

Disclaimer

  • Certain charges apply on the membership; please refer to the personalized illustration of benefits for details.
  • A description of how the contract works is given in the Participant’s Membership Document (PMD). This brochure gives a general outline of the product. The mentioned figures are indicative and for illustration purposes only.
  • Service charges and taxes will be applicable as per the Bank’s Schedule of Charges or Taxation Laws as stipulated by the relevant authorities.
  • Past performance of the Fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of the future or likely performance of the fund.
  • This product is underwritten by Pak-Qatar Family Takaful Limited
  • This product is not guaranteed or insured by the Bank or its affiliates and is not the Bank’s product. The Bank is only acting as a distributor in providing this facility and cannot be held responsible for settling claims emanating from this Scheme or for the approval or rejection of any claim or for any act or omission on the part of the Insurer.
  • Pak-Qatar Family Takaful Limited is registered and supervised by Securities and Exchange Commission of Pakistan.
    • This product is a long term product that is a combination of investment and Takaful. In the event of surrender before maturity period, you will be entitled to the cash value of your policy at the time of surrender net of any applicable charges by the insurance company.
    • In case of  any grievance regarding your insurance policy, you may contact the Takaful Company  on below mentioned contact details or for any service related complaints, you may call our customer interaction centre at 111 06 06 06 or visit your nearest branch

* Terms and conditions apply

Pak Qatar Family Takaful Limited

102-105, Business Arcade, Block 6, P.E.C.H.S,
Shahra-e-Faisal, Karachi-75400, Pakistan.
UAN: 111-TAKAFUL (825238)
Ph: (92 21) 34311747-56

phone

Call Us or Text Us

Our hotline is available 24X7

Tel: 111-06-06-06

Text 9181

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Nearest ATM & Branch

ATM - Bahria Town (Pvt) Ltd, Head Office, Customer Support Center, Super Highway, Karachi

Branch - Bahria Town (Pvt) Ltd, Head Office, Customer Support Center, Super Highway, Karachi