Faysal Bank Ltd. under distribution agreement with Adamjee Life Assurance Ltd. – Window Takaful Operations offers Adamjee Life Takaful Taleem which is a Shariah compliant Takaful plan that enables you to meet your financial objectives for two major family milestones i.e. Higher Education of Children and their Marriage. This Takaful solution also allows you to enjoy a customized and flexible payment schedule and tenors as per your need.
Features
Shariah compliant Takaful plan
Unique Protection & Education benefit for your child’s better future
Free built-in PKR 2mn Accidental death coverage during Hajj
Minimum contribution amount as low as PKR 25,000 annually
Multiple Life coverage options to ensure your financial goals are met
Eligibility Criteria
Coverage Provided to
FBL Account Holders only
Enrolment Age Limit
18 - 60 Years
Minimum Contribution
PKR 25,000 Per Annum
Coverages Details
Protection Benefit
In case the covered person dies during the Membership term, Cover multiple 5 of basic annual contribution less any Indebtedness will be paid as a lumpsum + future remaining contributions equivalent to lower of initial basic contribution or the last basic contribution paid shall be paid by the PTF as and when due.
Maturity Benefit
At the time of maturity of the Membership term the person covered will get the amount equal to his/her account value.
Annual Annuity Benefit (Optional)
On survival of the Person Covered till maturity of the Membership, the Annual Annuity Benefit (if opted) will be given over 05 years term. The units will remain invested over the annuity term. A minimum annuity benefit of Rs.10,000 per month is applicable. If the annuity amount falls below this, the annuity will be terminated and the balance paid out as a lump-sum.
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 Shariah Advisor/Board. The distributable surplus will be allocated to the PIA as per defined manner to the eligible Participant(s).
Additional Optional Riders
Spouse Protection Supplementary Benefit
Level Term Supplementary Benefit
Critical Illness Supplementary Benefit
Accidental Death & Disability
Waiver of Contribution (WOC-Disability)
Monthly Income Benefit
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 : 40%, Year 2: 20%, Year 3 Onward: 10%,Year 4 onwards 0%
Bid/ Offer Spread:
5% of all contributions allocated to the unit account
Takaful Contribution:
with reference to attained age and based upon the Risk profile & sum at risk, a monthly contribution is transferred into PTF (Waqf) from PIA. A portion 35% of Takaful Contribution will go to the 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 Taleem 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 Taleem 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 Membership.
- 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 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 Co . Ltd – 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.
For the participants, the minimum contribution is 25,000 annually
You can apply for Partial or Full-Withdrawal, by which your units will be redeemed at the bid price. A processing fee will be charged at the time of Full-Withdrawal.