Faysal Bank Ltd. under distribution agreement with Adamjee Life Assurance Ltd offers Adamjee Life Takaful Sarmaya Plus which is a Shariah Compliant unique investment cum protection plan that provides a hassle free one time investment option. The protection feature of this plan allows you to seek life coverage the moment you invest in this plan.
Features
Highly flexible Single contribution investment plan with benefit of Family Takaful Coverage
Attractive returns with choice of Shari’ah compliant funds to match your risk appetite
Life Coverage of up to 10 times of Investment
Tax exemption benefits for businessmen and salaried Individuals
Eligibility Criteria
Coverage Provided to
FBL Account Holders only
Enrolment Age
18 - 60 Years
Minimum Contribution
PKR 25,000
Coverages Details
Protection Benefit
In case the covered person dies during the certificate term, the sum covered or participant investment account value whichever is higher less any partial indebtedness, will be paid to the beneficiary (ies).
Choice of Family Takaful Coverage
You have the option to choose from the different levels of family takaful coverage ranging from 1.25 to 10 protection multiple for the same amount of contribution.
Certificate Maturity Benefit
At the time of maturity of the certificate term the person covered will get the amount equal to his/her participant investment account value.
Tax (Benefits)
As per the section 62 (ii)of Income Tax Ordinance 2001, a resident person other than a company shall be entitled to tax credit in a tax year in respect of any family takaful contribution paid on a certificate to a takaful operator provided he is deriving income from salary or business. Such tax credit shall be provided at his average tax rate in that year on invested family takaful contribution amount, which can be lower of 20% of his taxable income or Rs. 2 million. If contribution amount is withdrawn within 24 months, the tax credit given earlier shall be reversed back in respective year.
Single Investment
Convenient, hassle free single payment option with the added advantage of life coverage.
No Front End Load
No bid-offer spread or front end load applicable on investment nor any back–end load or redemption charges after 24 months.
Contribution Allocation
99% of your contribution is allocated to your unit account.
Takaful Company Charges
Certificate Fee:
Nil
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:
Year 1 : 1%
Bid/ Offer Spread:
0% 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 Sarmaya Plus 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 Sarmaya Plus 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 understanding purpose
and can be go up or down and not guaranteed.).
If you have any grievances regarding your Takaful Cover, you may contact Adamjee Life Assurance – Window Takaful Operations at (021) 111 11 5433 or for any service related complaints, you may call our Contact Centre at (021) 111 06 06 06.
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 (FAQ's)
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.