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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.
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.
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.
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.
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).
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).
The Plan also offers various supplementary benefits which may be attached to it to enhance the Takaful protection. These supplementary benefits are:
*Note: Only one of the two accidental supplementary benefits can be selected
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|
|18 – 35||5||75|
|36 – 40||5||50|
|41 – 49||5||30|
|50 – 60||5||10|
|61 – 65||5||70-age|
Year-wise allocation percentages of the participant’s contribution are shown in the table below:
|Year||Allocation as percentage of Contribution|
|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.
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, which depends on the Takaful cover and age of the Participant, will be transferred from Basic Plan Contribution into Participants Takaful Fund.
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.
Following charges apply, on the basic Takaful Plan, are based on the principle of Wakalat-ul-Istismar:
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.
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.
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.
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.
Unit prices of EFU Life’s Fund(s) are published on the EFU Life website at: www.efuhemayahtakaful.com
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.
37 – K, Block 6, PECHS, Karachi – 75400
Tel: (021) 111-EFU-HEM (111-338-111-436)
Fax: (021) 34537519
Our hotline is available 24X7
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