Faysal Bank Ltd. under distribution agreement with Adamjee Life Assurance Ltd offers Adamjee Life Takaful Asaan Zindagi which is a Shariah Compliant investment linked – family takaful plan. This plan allows you to contribute as per flexible schedule and tenors that can be tailored to meet your needs.
Features
High level of investment allocations with takaful coverage
Free built in PKR 2mn accidental death coverage during hajj
Guaranteed Bonuses on 5th, 7th & 10th year to maximize returns
Unique waiver of contribution rider on Death & Disability
Minimum Contribution payment term 10 Years
Investment Top up Ad Hoc Booster 102%
Eligibility Criteria
Coverage Provided to
FBL Account Holders only
Enrolment Age
18 - 60 Years
Minimum Contribution
PKR 25,000
Coverages Details
Death Benefit
This is provided by way of transferring regular risk contributions (‘tabarru’at’- as Takaful donations) from PIA into the WAQF Fund. This WAQF Fund provides the applicable coverage in case of death, disability etc of Person Covered (Takaful Cover). In case the covered person dies during the
certificate term, the sum covered or accumulated PIA value whichever is higher, less any partial withdrawals, will be paid to the beneficiary(ies).
Maturity Benefit
At the time of maturity of the Membership term the person covered will get the amount equal to his/her account value.
Choice of Family Takaful Coverage
You have the option to choose from the different levels of family Takaful coverage through protection multiple for the same amount of contribution.
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 approval of Shari'ah Adviser. The Distributable surplus will be allocated to the Participant Investment Account as per defined manner to the eligible Participants.
Additional Optional Riders
Spouse Protection Supplementary Benefit
Level Term Supplementary Benefit
Critical Illness Supplementary Benefit
Accidental Death & Disability
Waiver of Contribution (WOC-Death/Disability)
Monthly Income Benefit
Hospital Cashback Benefit
Takaful Company Charges
Certificate Fee:
Nil
Bid Offer Spread
5%
Fund Management Charges
An annual Fee of 1.75% of the Cash Value from the PIA deducted on a monthly basis
Wakalat-ul-Istismaar Fee:
Year1:40%, Year 2: 20% , Year 3 : 10% Year 4 onward: 0%
Bid/ Offer Spread:
5% of all contributions allocated to the PIA unit account
Takaful Contribution:
With reference to attained age and based on the mortality table. A portion, 35% of Takaful Contribution will go to Operator's Sub-Fund as PTF management fee
Mudharib’s Share:
30% p.a. on investment return of the WAQF
Claim Process
In case of an unfortunate event, you may file your claim intimation through any Faysal Bank Branch walk or by visiting the Adamjee Life Head Office. You may also call us at our call center 021-111-11-LIFE (5433)
Disclaimer
This product is underwritten by Adamjee Life Assurance Company Limited – Window Takaful Operations (WTO). It is not guaranteed or issued by “Bank” or its affiliates and is not a product of the Bank.
The Bank is acting as a corporate takaful agent of Adamjee Life Assurance Company Limited - WTO which underwrites the plan and the Bank shall not be held responsible for any liability under the plan in any manner whatsoever to the participant (s) or claimants(s).
Adamjee Life Takaful Asaan Zindagi is a Unit Linked takaful Plan which is subject to investment risk. The investment risk shall be borne by the participant and actual maturity and surrender values may be lower or higher than the projected figures.
All Adamjee Life Takaful Asaan Zindagi applications are processed and approved by Adamjee Life Assurance Co. Ltd. - WTO, as per their underwriting guidelines. “Bank” is not responsible for processing and approval of these applications in any way, whatsoever.
This brochure only provides an introduction to the benefits available under the plan. A detailed description of how the contracts works is given in “Terms & Conditions” attached with the Participant Membership Document (PMD) , which will be provided after the issuance of the certificate.
The past performance of the investment fund is not necessarily a guide to future performance. Any forecast is not necessarily indicative of future or likely performance of the funds and neither Adamjee Life Assurance Co. Ltd. - WTO nor “Bank” will incur any liability for the same.
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 and conditions along with in the projected cash values. These values are only for under-standing purpose and can be go up or down and not guaranteed.
In case of any grievance regarding your Family Takaful Certificate, you may contact Adamjee Life – Window Takaful Operations on below mentioned contact details or for any service related complaints, you may call Faysal Bank Ltd. Contact Centre at (021) 111 06 06 06 or visit your nearest branch
Adamjee Life Assurance Co Ltd.
Window Takaful Operations www.adamjeelife.com
Principal Office: 3rd and 4th Floor, Adamjee House,
I.I. Chundrigar Road, Karachi - 74000
UAN: +92-111-11-LIFE
Frequently Asked Questions (FAQs)
Participant has a period of 14 days from the date of receipt of the Membership to review the terms and conditions of this Membership. If Participant has any objections to any of the terms and conditions, Participant has the option of cancelling the Membership within those 14 days of free look period.
IGI Life – Window Takaful Operation’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.
For the participants, the minimum contribution is 25,000
