The best way to ensure a secure future for yourself and your family is by building a strong financial foundation. This can help protect your loved ones and enable them to pursue their dreams, even in the face of unforeseen events, such as your untimely passing. Faysal Bank Limited under the distribution agreement with Jubilee Life Insurance Company Limited – Window Takaful Operations offers “Jubilee Mustamir Plan”, exclusively designed for individuals who wish to save regularly, this plan helps you achieve your financial goals while providing life protection coverage to ensure your family remains secure during times of financial crisis.
Features
Benefit from optimized returns by investing in Shari’ah Compliant Funds
Top-up your investment with savings which you may have
An option to cope with inflation by increasing your contribution
Facility of withdrawing funds both partially as well as completely
Flexibility of paying contribution yearly, half-yearly, quarterly & monthly
Eligibility Criteria
You are eligible to avail this plan if you are from 18 to 60 years of age. The available term range is 10 to 30 years, subject to a maximum age of 70 years at maturity.
Coverage Details
Death Benefit:
The range of Cover Multiples offered under this plan is 5 – 254; hence your Sum Covered can be 5 to 254 times of your annual basic contribution, depending upon underwriting outcomes. The range of cover multiples available to the participant varies with the age at entry of the life covered and underwriting outcomes.
Maturity Benefit:
You will receive an amount accumulated in Participants Investment Account (PIA), at the time of maturity of the plan. For further information, you may contact our Takaful consultant.
Contribution Amount
Frequency
Minimum Basic Contribution
Annually
PKR 24,000
Semi-Annually
PKR 12,000
Quarterly
PKR 6,000
Monthly
PKR 2,000
Takaful Company Charges
Initial Charge
5% Bid-offer spread
Allocation Fee
An allocation fees will be charged, after which the remaining part of the contribution shall be allocated as per the percentages mentioned in unit allocation table.
Investment/Management Fee
1.5% p.a. of Fund Value deducted on the date of Valuation of the fund
Administration Fee*
PKR 145 per month currently
Takaful Contribution
Takaful contribution shall be deducted as filed with the SECP from PIA for the benefit covered to be paid from IFTPF.
40% of each Takaful contribution for benefits covered under Participants Membership Document
40% of each Takaful contribution for benefit covered under the Supplementary Takaful Benefit Documents.
Wakalah Fee from IFTPF* (PTF)
Is deducted as Wakalah Fees from IFTPF
Fund Switching Fees
PKR 500 per switch if more than four (4) is availed in a membership year.
Mudarib Share*
Contribution from Investment Income
The Window Takaful Operator (Mudarib) will be entitled to 60% of the investment income earned by IFTPF (Rabb ul Maal) on the basis of Mudarabah.
Contribution Allocation Charge
Contribution allocation change for the year is calculated as hundred percent of the contribution received less percentage of the allocated contribution for the year.
*Reviewable by the Window Takaful Operator
Claim Process
With Jubilee Mustamir Plan you have the facility to withdraw the cash value of your fund(s), either partially or fully:
Partial Withdrawal: If you need to withdraw cash to meet emergency needs but do not want to surrender the membership, you can withdraw any amount subject to a minimum amount withdrawn, provided that the residual cash value in your PIA is not less than PKR 24,000.
Full Membership Withdrawal: You have the option to withdraw your plan any time. At the time of surrender, you will be paid in full the cash value of your fund. However, withdraw in early membership years may result in lower cash value.
Disclaimer
Faysal Bank Limited “Bank” is acting as a Distributor on behalf of Jubilee Life Window Takaful Operations and is not and shall not be held responsible in any manner whatsoever to any person, including but not limited to the covered customer(s), beneficiary (ies), or any third party.
The investment risk shall be borne by the Participant and actual maturity or surrender values may be lower or higher than the projected figures. A declaration must be signed by the Participant if he/she opts to invest in a fund other than the default fund.
Jubilee Life Window Takaful Operations is the underwriter and provider of this Takaful Cover on behalf of the IFTPF and shall be responsible for membership servicing and lodgement, processing, & settlement of claims to the covered customer(s) or beneficiary (ies).
The past performance of Jubilee Life Window Takaful Operations funds 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 Window Takaful Operator nor Faysal Bank will incur any liability for the same.
A personalized illustration of benefits will be provided to you by a Takaful Consultant. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions.
This brochure only provides an introduction to the benefits available under the plan. A detailed description of how the plan operates is given under the "Terms & Conditions" section attached with the Participant Membership Documents (PMD), which will be provided after the issuance of the membership.
All Jubilee Mustamir Plan applications are processed and approved by Jubilee Life Insurance – Window Takaful Operations, as per their underwriting guidelines. "Bank" is not responsible for processing and approval of these applications in any way whatsoever.
If you have any grievance regarding this Takaful Plan, you may contact Jubilee Life Insurance - Window Takaful Operations on the below contact details
For any service-related complaints, you may call at Faysal Bank Limited Contact Centre at (021) 111 06 06 06 or visit your nearest Faysal Bank Limited Branch.
