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IGI Rehnuma
Takaful

Innovative takaful investment plan

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Category

Faysal Bank Ltd. under distribution agreement with IGI Life Insurance Ltd. offers IGI Rehnuma Takaful which is a Shariah Compliant investment & protection plan that offers a one-time contribution payment. The plan comes with a unique Vitality feature that promotes active and healthy lifestyle while at the same time provides life coverage the moment you invest in this plan.

Features

  • Highly flexible Single contribution investment plan with benefit of Family Takaful Coverage

  • Unique Vitality feature promoting healthy lifestyle by offering exclusive weekly, monthly & yearly rewards & discounts against healthy lifestyle

  • Best in Class fee structure to boost investment returns

  • 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 500,000

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.

Basic Sum Covered

This is the amount payable on the death of the participant. The Basic Sum Covered will be a multiple of Single Contribution depending on the age of the customer:

Age

Sum Covered Multiple

Minimum

Maximum

18 to 60

1.25

2

Takaful Company Charges

The following charges apply on the Plan

Bid/Offer Spread

Nil

Allocation Fee

Nil

Wakalat ul Istismar fees

0.15% of account value per month

Mudarib Share

40% share in the Investment Income of the Individual PTF

Takaful Operator’s Management fee in Takaful Contribution

25% of each month’s takaful contributions

* The above-mentioned charges are subject to change as per the discretion of the WTO.

VITALITY FEE:

A fee of PKR 320 will be deducted at the beginning of each month for each member from the account value. Vitality Fee may vary from time-to-time, at the discretion of the Window Takaful Operation. If the member has more than one membership of the Vitality Integrated product, then Vitality Fee will be deducted from one membership only; no deduction of Vitality Fee will be made from the other Vitality integrated memberships. The details are in the terms and conditions

Claim Process

Claim settlement procedure is prompt and hassle-free. Claim can be lodged directly by visiting IGI Life Website through below link:

http://igilife.com.pk/claim-intimation/

Further, in detail step-by-step guidance is provided in the Brochure

Disclaimer

  • This product is underwritten by IGI Life – Window Takaful Operations. It is not guaranteed or covered by Faysal Bank Ltd or its affiliates and it is not a product of Faysal Bank Ltd, hence IGI Life – Window Takaful Operations through Waqf Fund is responsible for all the underwriting risk.

  • The applicant/participant fully agrees and understands that Faysal Bank Ltd is acting as a promoter and distribution agent of IGI Life – Window Takaful Operations and shall under no circumstances whatsoever, be responsible or held liable for the representations and/or undertakings made by IGI Life – Window Takaful Operations in relation to their IGI Rehnuma Takaful, a single contribution takaful plan and/or any benefit or loss arising out of it.

  • Should the applicant/participant proceed to subscribe to this IGI Rehnuma Takaful - a single contribution takaful plan, he/she shall do so on a voluntary basis at his/her sole risk and Faysal Bank Ltd shall have no responsibility or liability whatsoever in respect of any disputes and/or claims arising as a consequence of the investment performance of the fund comprising of contributions from the applicant/participant and/or for any other reason whatsoever.

  • The contributions in the plan are invested in the mentioned growth fund and the past performance of fund is not necessarily a guide to future performance.

  • Any forecast made is not necessarily indicative of future or likely performance of the funds and neither IGI Life – Window Takaful Operations nor Faysal Bank Ltd will incur any liability for the same.

  • 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

  • All Takaful claims, charges and payments relating to the Takaful membership shall be the sole and exclusive responsibility of IGI Life – Window Takaful operations.

  • Taxes will be applicable as per the taxation Laws as stipulated by the relevant authorities

  • If you have any grievance regarding your Takaful membership, you may contact IGI Life Window Takaful Operations on (021) 111 111 711 or for any service related complaints, you may call FBL Contact Centre at 111 06 06 06 or can visit your nearest branch.

IGI Life – Window Takaful Operations
7th Floor, The Forum, Suite No. 701-703
G-20 Khayaban-e-Jami, Block 9, Clifton
Karachi 75600, Pakistan
Call: (+92) 21 35360040
Fax: (+92) 21 35290042
Email: [email protected]

Frequently Asked Questions (FAQ's)

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.

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.

By contributing Tabarru (donation) into the Participant's Takaful Fund (PTF), the participant may be entitled to a share of possible surplus funds. Takaful offers a unique feature of Surplus Sharing to the Participants in addition to risk mitigation benefits. As approved by the Shari'ah Advisor and Appointed Actuary at the end of each year, IGI Life - Window Takaful Operations will determine surplus (if any) in the PTF.

Important Links

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