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Pak-Qatar Muhafiz
Takaful Plan

Comprehensive takaful coverage plan

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Category

Faysal Bank Ltd. under distribution agreement with Pak Qatar Family Takaful offers Pak Qatar Muhafiz Takaful which is a Shariah Compliant Takaful solution that aims to provide the best lifestyle for your family and protect them against any unforeseen events. This plan allows flexibility in terms of contribution payments, selection of death benefit, level of takaful coverage and numerous optional rider

Features

  • Secure your long-term financial goals; such as children’s education, marriage, retirement planning and/or personal travel

  • Significant level of family Takaful coverage

  • Flexible contribution payment term, which allows you to save on a regular basis, while having a choice to select an investment mechanism that suits your risk appetite

  • Regular contributions invested in a diversified portfolio of Islamic investment avenues ranging from Sukkuks to Islamic Mutual Funds

Eligibility Criteria

Coverage Provided to

FBL Account Holders only

Enrolment Age

18 - 60 Years

Minimum Contribution

PKR 30,000 Per Annum

Coverages Details

Death Benefit

The customer can choose one of the following options for determining Takaful Death Benefit

  1. Higher of Takaful Death Cover or accumulated Cash Value as at the date of death; or

  2. Takaful Death Cover plus accumulated Cash Value as at the date of death

Optional Benefits:

Terminal Illness Benefit

In the event a Participant is diagnosed with Terminal Illness, with a life expectancy of less than 12 months, the Takaful Benefit payable upon death shall be paid as accelerated benefit.

Hajj Death Coverage Benefit

In case of death during Hajj due to any cause (accident or natural), the Takaful Death Cover shall be payable in addition to the normal Takaful benefit payable upon death.

Other Takaful Benefits:

At the option of the Participant, the following additional benefits are available

  • Accidental Death (ADB)

  • Accidental Death & Disability Benefit (ADDB)

  • Family Income Benefit (FIB)

  • Children Education Benefit (CEB)

  • Children Education Benefit (“CEB”) is payable till the rider’s expiry date

  • The Family Income Benefit (“FIB”) is payable for the entire FIB term

This and much more, for more details please view the Brochure

Takaful Company Charges

The following some charges apply on the Plan

Bid/Offer Spread

5%

Investment Management Fee

1.50% per annum of Net Asset Value (NAV), deducted at every pricing

Wakalat Fee

20% of Takaful donations is deducted as Wakala Fee each month

Monthly Membership Administration Fee

A monthly Membership Administration Fee payable at the beginning of each month. The fee amount depends on the size of the annualized Regular Contribution

Stamp Duty

PKR 1.2 per thousand of the Face Value is charged at the time of issuance of PMD as chargeable under Stamp Act 1899 (Sindh Province).

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

Claim Process

For all claim related matters, please contact Pak-Qatar Family Takaful Limited on (021)-34311747-56 or get in touch with your Relationship Manager. You can intimate a claim at [email protected]

Disclaimer

  • This plan is underwritten by Pak Qatar Family Takaful. It is not guaranteed or covered by Faysal Bank Ltd. or its affiliates and is not a Faysal Bank product.

  • Faysal Bank is only acting as a distributor/corporate takaful agent of this Takaful membership on behalf of Pak Qatar Family Takaful and cannot be held responsible for settling claims emanating from this Scheme or for the approval or rejection of any claim or for any act or omission on the part of the Takaful Operator.

  • Certain charges apply on the plan; please refer to the personalized illustration of benefits for details.

  • A description of how the contract works is given in the Participant’s Membership Document (PMD). This brochure gives a general outline of the product. The above figures are indicative and for illustration purposes only.

  • The investment risk shall be borne by the Participant and actual maturity or surrender values may be lower or higher than the projected figures.

  • Past performance of the fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of the future or likely performance of the fund.

  • If you have any grievance regarding your Takaful membership, you may contact Pak Qatar Family Takaful on 021 – 111 – 825 – 238 or for any service related complaints, you may call FBL Contact Centre at 111 06 06 06 or can contact your nearest branch

Pak Qatar Family Takaful
Address: 101-105, Business Arcade
Plot # 27A, Block 6, P.E.C.H.S
Shahra-e-Faisal, Karachi 75400
Phone: 021-111-825-238

Frequently Asked Questions (FAQ's)

Surplus sharing is a key concept in Takaful and differentiates Takaful from conventional insurance. In case of any surplus in the Individual Family Takaful Participants’ Fund, the excess funds are distributed among the Participants in proportion of their net contribution to the fund. This surplus amount is given to the Participant in the form of additional units being added to his/her investment account.

This plan is available to all Bank customers from 18 to 60 years of age. Since it is a long-term investment & Takaful product, the minimum duration of the plan is 10 years.

The plan requires regular contribution payments on a monthly, quarterly, semi-annual or annual basis as selected by the Participant. All payments are automatically deducted from your account.

Yes, you can claim tax credit under section 62 of Income Tax ordinance 2001.

Important Links

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