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Wednesday, April 26, 2017
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Home > Products & Services > Value Added Services > Takaful
 
  Takaful        


Security with Profit

- Marriage Plan

- Retirement Plan

- Education Plan

Security of investment along with profit on savings.


Whether you are planning for your child’s education, your daughter’s wedding or your own retirement, BankIslami provides you golden opportunity to invest, in BankIslami Takaful Plan in collaboration with Pak-Qatar Family Takaful Limited.

Now you can protect your family’s future with BankIslami Takaful plan that is compliant to your beliefs and principles.

To meet your specific requirements, BankIslami Takaful presents following Takaful plans:


1. BankIslami Takaful - Asaan Saving Plan

2. BankIslami Takaful - Saving Plan

3. BankIslami Takaful - Single Contribution Plan


Investment in any of above products can be made in the following strategies:


Cash Strategy


A conservative strategy with investment option in following Shariah compliant avenues:


- Sukuks

- Shariah compliant income funds

- Islamic Deposits etc


Equity Strategy


An aggressive strategy with investment options in following Shariah compliant avenues:


- Stock Exchange (Shariah compliant stocks)

- Shariah compliant mutual funds

BankIslami Takaful - Asaan Saving Plan

Contribution Frequency: Annual / Half Yearly / Quarterly / Monthly

Minimum Regular Contribution Bands (in Rs.) 30,000 / 15,000 / 7,500 / 2,500


Flexibility of contribution Increase / Decrease of Regular contributions of PKR 30,000

Tenure The plan is available for a minimum duration of 10 years.

Minimum joining age is 18 years

Maximum joining age is 60 years

Maximum age at maturity not to exceed 70 years

Benefits - Saving & security

- Real time Takaful Plan issuance


- Total process takes 30 minutes approx.

Free Look Period 14 days free look period

Sample Illustration

Customer Age 39 years Policy Term 10 years Contribution PKR 54,000 annually



Membership Year

7% rate of return

9% rate of return

11% rate of return

Main Plan Death Benefit

Cash Value

Main Plan Death Benefit

Cash Value

Main Plan Death Benefit

Cash Value

1

540,000

9,251

540,000

9,342

540,000

9,432

5

540,000

221,843

540,000

231,093

540,000

240,673

10

584,993

584,993

642,510

642,510

705,987

705,987

BankIslami Takaful - Saving Plan

Contribution Frequency: Annual / Half Yearly / Quarterly / Monthly

Minimum Regular Contribution Bands (in Rs.) 56,000 / 28,000 / 14,500 / 4,700

Flexibility of contribution Increase / Decrease of Regular contributions of PKR 56,000

Tenure The plan is available for a minimum duration of 7 years.

Minimum joining age is 18 years

Maximum joining age is 60 years

Maximum age at maturity not to exceed 70 years

Benefits - Saving & security

- Real time Takaful Plan issuance

- Total process takes 30 minutes approx.

- Complementary Takaful Benefit

- Payment Holidays

- Partial withdrawal available during the tenure

- Appointment of up to four beneficiaries.

Free Look Period 14 days free look period

Sample Illustration

Customer Age 39 years Policy Term 20 years Contribution PKR 100,000 annually

Growth %

Membership Year

7% rate of return

9% rate of return

11% rate of return

Main Plan Death Benefit

Cash Value

Main Plan Death Benefit

Cash Value

Main Plan Death Benefit

Cash Value

1

2,000,000

8,378

2,000,000

8,581

2,000,000

8,785

5

2,000,000

1,070,385

2,000,000

1,184,319

2,000,000

1,310,843

10

3,088,158

3,088,158

3,858,940

3,858,940

4,843,732

4,843,732

BankIslami Takaful - Single Contribution Plan

Eligibility Age Participants between the age of 18-60 years are eligible for this plan. Once

you become a part of the plan, you can continue with the policy until 70

years of age.

Minimum Single Contribution Rs. 150,000

Flexibility of Contribution Additional Lump Sum contribution (min. of PKR 56,000)

Tenure Minimum 3 years

Contribution Frequency: Single Contribution

Facilities* - No medical check required*

- Appointment of up to four beneficiaries.

- Partial withdrawal available during the tenure

- Takaful Death Benefit: Sum Covered or Cash Value, whichever is higher

- Switch between the Investment Strategies anytime you want

Sample Illustration

Customer Age 39 years Policy Term 10 years Contribution PKR 1,000,000 annually

 ­

Membership Year

Cash Value

Takaful Cover

Main Plan Death Benefit

Cash Value

Takaful Cover

Main Plan Death Benefit

Cash Value

Takaful Cover

Main Plan Death Benefit

1

994,722

1,000,000

1,994,722

1,013,618

986,182

2,000,000

1,032,521

967,479

2,000,000

5

1,210,255

789,745

2,000,000

1,331,564

668,436

2,000,000

1,462,321

537,679

2,000,000

10

1,546,036

453,964

2,000,000

1,879,677

120,323

2,000,000

2,274,008

0

2,274,008


What Is Takaful:

The word Takaful comes from the Arabic root word Kafala, meaning “Guaranteeing each other”. The Takaful arrangement is based on the concept of Ta’awun (mutual assistance) and ‘Tabarru’, where a group of participants pool resources in order to mutually share the risk of each other. In case of loss occurring to one or more of the participants, the group collectively and voluntarily provides financial assistance to compensate the beneficiaries of the participants.

Our Takaful Partner: Pak-Qatar Family Takaful Limited (PQFTL)

In this Takaful plan, BankIslami is serving as a “Distribution agent” of Pak-Qatar Family Takaful Limited. PQFTL (as a principal) is responsible for claims settlement as well as professional management of Participant’s Investment account and the Waqf fund. PQFTL is Pakistan’s premier Family Takaful provider that is financially backed by some of the most prominent Qatari Institutions including: Qatar Islamic Insurance Company (QIIC), Qatar International Islamic Bank (QIIB), Qatar Islamic Bank, Qatar National Bank, Masraf Al Rayyan, The Anwal Group and Munich based FWU, Group. PQFTL is registered and supervised by Securities and Exchange Commission of Pakistan.

Disclaimer


Service charges and taxes will be applicable as per the Bank’s schedule of charges or Taxation laws as stipulated by the relevant authorities


A description of how the contract works is given in the Participant’s Membership Document (PMD).


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.


BankIslami Pakistan Limited is acting as a distributor of BankIslami Takaful - Saving Plan, BankIslami Takaful - Asaan Saving Plan and BankIslami Takaful -- Single Contribution Plan on behalf of Pak Qatar Family Takaful Limited and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.


Pak Qatar Family Takaful Limited is registered and supervised by Securities and Exchange Commission of Pakistan.


All products, BankIslami Takaful - Saving Plan, BankIslami Takaful - Asaan Saving Plan and BankIslami Takaful - Single Contribution Plan applications are processed and approved by Pak Qatar Family Takaful Limited, as per their underwriting guidelines. BankIslami Pakistan Limited is not responsible for the processing and approval of these applications in any way, whatsoever.


This brochure only provides an introduction to the benefits available under the policy.

*Conditions Apply




 
 
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