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State Life - Tayyab Takaful
Endowment Plan

Shariah-compliant investment, security

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Category

Faysal Bank Ltd under distribution agreement with State Life Insurance Corporation of Pakistan – Window Takaful Operations offers State Life Tayyab Takaful Endowment Plan which is a Shariah Compliant Takaful solution that provides you and your family financial security in times of need. With this Plan you can get maximum returns with its unique endowment proposition along with great bonus structure

Features

  • Secure your future with Sharia-compliant Financial Solution

  • Get the best out of your Investment at Maturity with unique Endowment Proposition

  • Long term investment and protection solution to meet financial responsibilities

  • Amazing Bonus structure for people who are farsighted

Eligibility Criteria

Coverage Provided to

FBL Account Holders Only

Enrolment Age

18 - 60 Years

Minimum Contribution

PKR 15,000 Per Annum

Coverages Details

Death Benefits

Upon death of the participant during the membership term, Death Benefit equal to the Sum Covered plus declared bonuses will be payable from Participant Takaful Endowment Fund (PTEF). Additionally, Carrying Value of Participant Investment Endowment Account (PIEA) is also payable to the nominee.

Maturity Benefits

On maturity of the membership, Sum Cover and declared bonuses shall be payable from Participant Takaful Endowment Fund (PTEF) in addition to the carrying value of Participants Investment Endowment Account (PIEA)

Bonus Allocation

The declared bonus would remain part of Participant Takaful Endowment Fund (PTEF) and shall be payable along with Sum Assured in case of death of the Participant or Maturity of the Takaful Membership.

Additional Optional Benefits

  • Accidental Death Benefit (ADB)

  • Accidental Death and Disability Benefit (ADDB)

  • Family Income Benefit (FIB)

  • Term Takaful Rider (TTR)

  • Fund Acceleration Contributions

Takaful Company Charges

All charges shall apply in the following order:

Bid/Offer Spread

5%

Investment Management Fee

1.5% per annum of Net Asset Value (NAV), deducted at every pricing

Admin Charge

Annual charges equal to Rs 1,200/- deductible monthly

Claim Process

In case of an unfortunate event, you may file your claim intimation through any Faysal Bank Branch or by visiting State Life Insurance Corporation of Pakistan (WTO)

Takaful Division, 8th Floor - Main Building,
State Life Building No.1, I.I. Chundrigar Road, Karachi.

Disclaimer

  • This product is underwritten by State Life Insurance Corporation of Pakistan (Window Takaful Operator). It is not guaranteed or issued by Faysal Bank Ltd or its affiliates and is not a product of Faysal Bank Ltd.

  • The Bank’s role is that of a Corporate Takaful Agent of State Life Insurance Corporation of Pakistan (Window Takaful Operator) which underwrites the plan and Faysal Bank Ltd shall not be held responsible for any liability under the membership in any manner whatsoever to the participant(s) or claimant(s)

  • State Life Takaful Plan 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 State Life Takaful Plan applications are processed and approved by State Life Insurance Corporation of Pakistan (Window Takaful Operator), as per their underwriting guidelines. Faysal Bank Ltd 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 the "Terms & Conditions" attached with the Participant Membership Documents (PMD), which will be provided after the issuance of the certificate.

  • The past performance of State Life Insurance Corporation of Pakistan (Window Takaful Operator) is not necessarily a guide for future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and neither State Life Insurance Corporation of Pakistan (Window Takaful Operator) nor Faysal Bank Ltd will incur any liability for the same.

  • A personalized illustration of benefits will be provided to you by our staff. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions. The values mentioned in the illustration are only for understanding purpose and can go up or down and are not guaranteed

  • Service charges and taxes will be applicable as per the Bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.

  • If you have any grievance regarding the Takaful Plan, you may contact State Life Insurance Corporation of Pakistan (Window Takaful Operator) at 021-99217286 or for any service-related complaints, you may call FBL Contact Centre at (021) 111 06 06 06 State Life Insurance Corporation of Pakistan (WTO)

Takaful Division, 8th Floor - Main Building,
State Life Building No.1, I.I. Chundrigar Road, Karachi.
Ph. No.: 021-99217286 - 87 Fax. No.: 021-99217282,
Email: [email protected]
Website: www.statelife.co

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.

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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