Takaful Secure Future Plan (EFU)

Takaful Secure Future Plan is a Shariah Compliant saving plan duly vetted and approved by the Shariah advisor of EFU Life – Window Takaful Operations.

When it comes to safeguarding ones family’s and ensuring their well-being, we wish to provide a prosperous life for our loved ones and want to ensure that they always stay protected. Faysal Bank as a distributor of EFU Life – Window Takaful Operations presents Takaful Secure Future Plan, A plan that gives you the comfort of financial security for your family while maintaining pace with your growing needs, and rewards you with a healthy lifestyle. The Plan provides you valuable Takaful coverage as well as the opportunity to accumulate savings on a medium to long term basis.

What is Takaful?

Takaful is a Shariah compliant way of safeguarding yourself and your family against future financial losses. A Takaful product assists participants to share their risk on the basis of cooperation, brotherhood, mutuality and solidarity for the common good.

Takaful Secure Future Plan This is a Shariah compliant savings and protection plan by EFU Life window Takaful Operations that safeguards you and your family against future financial losses. It provides flexibility in selecting the level of Takaful cover as per your needs, as well as customizing the solution by including additional protection benefits.

This Plan has been reviewed and approved by the Shariah Advisor of EFU Life Window Takaful Operations, Mufti Muhammad Ibrahim Essa who is a prominent scholar from Jamiah Darul Uloom Karachi & has a vast experience in Islamic finance and Takaful.

Opportunities for growth Your contributions to the Plan will be utilized to purchase units of the EFU Takaful Growth Fund. This is a unit linked fund comprising of Shariah compliant investments. The objective of the Fund is to maximize capital growth by investing in a portfolio spread across a wide range of investments such as Islamic mutual funds, approved Islamic equities, term deposits in Islamic Banks and Sukuk. The fund is managed by in-house investment experts who adjust the mix of underlying Islamic investments in light of economic conditions and Islamic investment opportunities.

Key product benefits:

This plan offers you to have saving on regular and long term basis in a Shariah Compliant way. The contribution will be allocated in Takaful Growth Fund and you will be able to enjoy the protection benefit along with the investment returns. Moreover, this plan provides you a complete peace of mind where at the time of maturity, you will receive the total fund  values. However, in case of an unfortunate event such as death, your beneficiaries will receive a lump sum amount that will make their future secure. The plan can also covers other financial objectives through additional protection riders which if selected by you can provide with an additional safety net.

Surplus Sharing Benefit

Takaful offers a unique feature of Surplus Sharing to the Participants in addition to risk mitigation benefits. By contributing Tabarru (donation) into the Participant’s Takaful Fund (PTF), the participant may be entitled to a share of possible surplus funds. At the end of each year, EFU Life Window Takaful Operations will determine the surplus in the PTF based on the method approved by the Shariah Advisor and Appointed Actuary.

A part of the surplus may be distributed back to the participant in the form of Bonus Units through additional unit allocation in the Participant’s Investment Account (PIA). These Bonus Units will enhance the Cash Value of your Takaful plan.

Takaful Benefits

Death Benefit

In case of an unfortunate event of death during the Membership Term, the takaful benefit will be payable as follows:

The greater of Sum Covered or cash value against main plan contribution
The Cash Value from Fund Acceleration Contributions in the Participant’s Investment Account.
*(The Sum at Risk is equal to the Sum Covered less Basic Cash Value in PIA).

Maturity Benefit

At the end of the Membership Term and whilst the Participant is alive, the maturity benefit will be payable as follows:

The Basic Cash Value in the Participant’s Investment Account (PIA)
The Cash Value from Fund Acceleration Contributions in the Participant’s Investment Account (PIA).

Additional Benefits:

The Plan also offers various supplementary benefits which may be attached to it to enhance the Takaful protection. These supplementary benefits are:

  • Additional Term Takaful
    This benefit increases the level of Takaful cover by providing an additional amount in case of death.
  • Takaful Family Income Benefit
    This benefit ensures that a monthly income is paid to the family in case of an unfortunate death of the Participant during the plan term.
  • Takaful Accidental Death Benefit*
    This benefit provides an additional lump sum benefit on accidental death.
  • Takaful Accidental Death and Disability Benefit*
    In case of accidental death or disability of the Participant, this rider provides an additional lump sum benefit.
  • Takaful Waiver of Contribution
    In case the Participant is unable to follow his/her occupation due to sickness or accident, the contribution of the plan would be paid PTF managed by EFU Life Window Takaful Operations.

*Note: Only one of the two accidental supplementary benefits can be selected


Who can apply?

  • The participant should be between 18 and 65 years old. However, the maximum age at maturity cannot be more than 75 years
  • The term of the Takaful contract can vary between 10 and 25 years.
  • Minimum Contribution is PKR 20,000 annually

What is the level of protection multiple available under this product?

The Sum Covered (amount payable on death) is determined as the Basic Plan Annual Contribution multiplied by the “Protection Multiple”, which may be selected from a range depending on the age at entry as illustrated below.

Age Levels of Coverage based on Protection Multiple
Minimum Maximum
18 – 35 5 75
36 – 40 5 50
41 – 49 5 30
50 – 60 5 10
61 – 65 5 70-age

How is my contribution allocated?

Year-wise allocation percentages of the participant’s contribution are shown in the table below:

Year Allocation as percentage of Contribution
1 30%
2 80%
3 90%
4 to 5 100%
6 to 10 103%
11 to 15 105%
16 to 20 107%
21 to 25 110%

The above percentages are determined after deducting an “Allocation Fee” from the basic Takaful plan contribution. All subsequent charges are deducted from the above mentioned “Allocation Percentage” and the remainder will be allocated to the PIA.

How does the Takaful Membership operate?

EFU Life’s Takaful model is based on the Wakalah-Waqf principle. Individuals in the community come together for a common purpose and contribute into a Waqf Fund operated by a Takaful Operator to protect themselves against future financial losses. The following pictorial representation summarizes how your Takaful membership will operate with EFU Life:


Waqf Donation

Waqf Donation, which depends on the Takaful cover and age of the Participant, will be transferred from Basic Plan Contribution into Participants Takaful Fund.

Fund Acceleration Contributions

In case the Participant has extra funds available, the plan provides the flexibility to channel these extra funds to the Plan and provide a boost to the savings. These lump sum contributions are called Fund Acceleration Contributions (FAC) and can be paid anytime during the policy term.

The minimum FAC amount is Rs.20, 000 per payment.

What are the charges?

Following charges apply, on the basic Takaful Plan, are based on the principle of Wakalat-ul-Istismar:

  • An Allocation Fee will be charged, after which the remaining part of the contribution will be allocated as per the percentages mentioned above.
  • An Administration Charge of Rs.1, 500 per annum will be charged.
  • Bid Offer Spread of 5% of net Allocable Contribution will be charged.
  • Investment Management Fee of 1.5% p.a. of the Fund Value will be applied.

How can I have access to my savings?

If your circumstances change and you have a need for cash, you can encash your Plan for the Total Cash Value in the Participant’s Investment Account (PIA), at any time. Please remember that the value in the early years is likely to be low as the Plan is designed for long term financial planning needs.

Alternatively, you may just want a small proportion of the capital you have built up. This Plan gives you the facility to make partial withdrawals at any time whilst continuing to make contributions. This facility is subject to at least Rs.25,000 remaining as cash value after such withdrawals.

What is Free Look-in Period?

EFU Life-WTO offers a Free Look Period of 14 days during which you can review your policy Terms and Conditions and cancel the policy if needed.

Partial Withdrawal

You are allowed to completely or partially withdraw your allocated funds from the policy based on your cash subject to Rs. 25,000 remaining in the Investment Account. Minimum amount for partial withdrawal is Rs. 20,000.

Claim Payment and Processing

While claim adjudication and settlement is the responsibility of EFU Life-Window Takaful Operations., the Participant’s beneficiaries may approach either the Bank or EFU Life – WTO, directly for submission of claim related requirements. Once the required requirements have been provided, the claim decision will be made by EFU Life-Window Takaful Operations in line with the terms and conditions of this product. While the Bank will facilitate the claim process, the Bank may not influence the claim decision which will be the sole responsibility of EFU Life – Window Takaful Operations. 

Where can I get information about EFU Life’s Fund unit prices?

Unit prices of EFU Life’s Fund(s) are published on the EFU Life website at:

Who do I contact for any complaints?

If you have any grievance regarding your Takaful membership, you may contact EFU Life – Window Takaful Operations on (021) 111-EFU-HEM (111-338-436)or for any service related complaints, you may call FBL Barkat Islamic banking customer interaction center at 111 06 06 06 or can contact your nearest branch.


  • This product is underwritten by EFU Life – Window Takaful Operations. It is not guaranteed or insured by Faysal Bank Barkat Islamic banking or its affiliates and is not a product of Faysal Bank Limited Barkat Islamic banking. Hence EFU Life Window Takaful Operations is responsible for all underwriting risk.
  • Faysal Bank Limited Barkat Islamic banking is acting as an agent on behalf of EFU Life Window Takaful Operations, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.
  • All Takaful Claims, charges and payments relating to the Takaful Policies shall be the sole and exclusive responsibility of EFU Life-WTO
  • The contributions in the plan are invested in the Takaful Growth Fund
  • The past performance of 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 neither EFU Life – Window Takaful Operations nor Faysal Bank will incur any liability for the same.
  • A personalized illustration of benefits will be provided to you by our consultant. Please refer to the notes in the illustration for detailed understanding of the various Terms and Conditions; you are required to fully understand the illustration and other terms and conditions of the plan.
  • Service charges and taxes will be applicable as per the Bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.
  • All applications are processed and approved by EFU Life-WTO, 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.
  • This brochure only provides an introduction to the benefits available under the membership. A detailed description of how the contract works is given in the ‘Participant Membership Document’, which will be provided after the Participant avails the membership of the plan.


37 – K, Block 6, PECHS, Karachi – 75400
Tel: (021) 111-EFU-HEM (111-338-111-436)
Fax: (021) 34537519


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Tel: 111-06-06-06

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