Faysal Bank Ltd. under distribution agreement with EFU Life Assurance Ltd. offers EFU Mustaqbil Takaful which is a Shariah Compliant Takaful solution that helps in meeting your financial needs such as your Child’s education and marriage expenses, buying a new home or car or starting up a new business. This plan ensures that your hard-earned money is rightly invested by providing you optimized returns along with a takaful coverage which protects you and your loved ones in times of need.
Features
Provides a lump-sum benefit upon maturity to secure your long term financial goals
Minimum tenor 10 years
Optional benefits available to enhance your takaful coverage
The contribution is allocated to provide Takaful Coverage and Investment with 100% contribution allocation from the Fourth year of policy.
Eligibility Criteria
Coverage Provided to
FBL Account Holders Only
Enrolment Age Limit
18 - 60 Years
Minimum Contribution
PKR 20,000 Per Annum
Coverages Details
Death Benefit:
Higher of Sum Covered or Cash Value along with cash value of any Fund Acceleration Contribution (If any) + Surplus (if any) as per PTF Memberships of Window Takaful Operations
Maturity Benefit:
On completion of membership term, the available Participant’s Investment Account (PIA) value along with the participant’s account value of Fund Acceleration Contribution (if any) will be payable to the participant.
Optional Benefits:
Takaful Accidental Death Benefit
Takaful Accidental Death and Disability Benefit Plus:
Takaful Family Income Benefit
Additional Term Takaful
Takaful Waiver of Contribution Benefit:
Age
Minimum
Maximum
18 – 35
5
75
36 – 40
5
50
41 – 49
5
30
50 – 60
5
10
61 – 65
5
70- age
Takaful Company Charges
Administration charge
Rs.150 per annum will be charged.
Investment Management Fee
1.5% per annum of the Fund Value will be applied.
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 in, visiting the EFU Head Office
For a swift speedy process you may also call us at our call center (021-111-338-436) or simply visit our website, fill in the intimation form and email it to us at .
Disclaimer
This plan under any of the above-mentioned plan is underwritten by EFU Life - Window Takaful Operations. It is not guaranteed or covered by Faysal Bank Limited, Barkat Islamic Banking or its affiliates and is not a Faysal Bank, Barkat Islamic Banking product
Faysal Bank, Barkat Islamic Banking is only acting as a distributor/ corporate takaful agent of this Takaful policy on behalf of EFU Life - Window Takaful Operations
The past performance of the Funds Is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the Fund and neither EFU Life WTO, nor Faysal Bank, Barkat Islamic Banking will incur any liability for the same. Please note
that investment risk in the selected fund is borne by the Participant.
A personalized illustration of benefits will be provided to you by a representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms and Conditions.
Taxes will be applicable as per the taxation Laws as stipulated by the relevant authorities
A description of how the contract works is given in the Participant Membership Documents. This product's brochure only gives a general outline of the product's features and benefits
If you have any grievance regarding your Takaful Policy, 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 Contact Centre at 111060606 or can contact your nearest branch.
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.
The participant should be between 18 and 60 years old (age next birthday). However, the maximum age at maturity cannot be more than 70 years. The term of the Takaful coverage can vary between 10 and 25 years; subject to a maximum age of 70 at maturity.
For the participants, the minimum contribution is 20,000 annually.