Askari Sarparast Falak Family Takaful
For every person, being able to fulfil their dreams is one of the most
empowering feelings that life has to offer. Askari Life-Window Takaful
Operations brings you Askari Sarparast Falak, a long term Family Takaful
plan to help you accomplish all your dreams, be it your child’s education or
wedding, retirement planning or your own house.
Downloads Brochure
Downloads Brochure
Introducing Askari Sarparast Falak Family Takaful Plan!
Askari Sarparast Falak is a Shariah compliant family Takaful plan which offers family Takaful protection and a 10 year riba free investment. The Takaful system is based on shared responsibility, brotherhood, solidarity and mutual cooperation, where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly help member against loss or damage to any one of them as defined in the pact
Family Takaful is an Islamic insurance concept, in which a group of people share the risk by contributing into a WAQF pool for protection and for the investment that is interest free, so to enforce shared responsibility and togetherness amongst brothers within the boundaries of Shariah regulations
It is a universal life Family Takaful certificate, where your contributions are invested in a Shariah Compliant way through the investment in Islamic finance over the term of the certificate. The profit is credited to the Participant's Investment Account (PIA) on a monthly basis. The yield on underlying assets is determined monthly and the amount credited is based on this yield ensuring a higher yield for a longer period of time.
Askari Sarparast Falak is a Shariah compliant family Takaful plan which offers family Takaful protection and a 10 year riba free investment. The Takaful system is based on shared responsibility, brotherhood, solidarity and mutual cooperation, where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly help member against loss or damage to any one of them as defined in the pact
Family Takaful is an Islamic insurance concept, in which a group of people share the risk by contributing into a WAQF pool for protection and for the investment that is interest free, so to enforce shared responsibility and togetherness amongst brothers within the boundaries of Shariah regulations
It is a universal life Family Takaful certificate, where your contributions are invested in a Shariah Compliant way through the investment in Islamic finance over the term of the certificate. The profit is credited to the Participant's Investment Account (PIA) on a monthly basis. The yield on underlying assets is determined monthly and the amount credited is based on this yield ensuring a higher yield for a longer period of time.
Key Features
Basic Features
How well your future may be planned? Your protection along with your
loved ones protection is priceless! Our Family Takaful Protection benefit
ensures the financial safety of you and your family in cases of unfortunate
events. The Certificate pays the beneficiary(ies) an amount equal to the PIA
cash Value or Sum Covered whichever is higher
Family Takaful coverage is more than just a safety net for you and your
family! The Family Takaful Certificate’s maturity benefit ensures that you
receive the amount of your Participant’s Investment Account (PIA) cash
value at the completion of your certificate term, allowing you to fulfil all
those bigger dreams that you had been putting on hold.
With the benefit of Partial Withdrawals, you can withdraw up to 50% of the
net cash surrender value of your PIA provided you maintain a minimum net
cash surrender value of Rs. 10,000/- only!
With this benefit, your money is never bound and can be accessed with a minimal charge of Rs. 350/-
With this benefit, your money is never bound and can be accessed with a minimal charge of Rs. 350/-
Family Takaful Certificate is a long-time commitment towards your goal to
provide desired financial security and prosperity to yourself and your loved
ones. However, in case you realize that you are not satisfied with the
product offering, you need not to worry, as Askari Life-Window Takaful
Operations offer a free look period where you can cancel the Certificate
within 14 days of the receipt of Participant’s Membership Documents (PMD)
and get a 100% refund of contribution.
It’s an unfortunate fact that the money we have is worth a little less every
day in this uprising economy. As rising inflation erodes our savings bit by bit,
we need a plan to keep our savings intact. Sarparast Falak offers this unique
feature dedicated to combat inflation with just 5% increment in the
contribution every year
In addition to risk mitigation benefits, Takaful offers a unique feature of
Surplus sharing to the Participants. Surplus in the Waqf, if any, shall be
determined on individual participant basis at the end of each financial year,
after maintaining necessary reserves as per the advice of appointed
Actuary and Shari’ah Adviser. The distributable surplus will be allocated to
the PIA as per defined manner to the eligible Participants.
Policy Term
| Minimum Cover Term | Maximum Cover Term | Minimum Paying Term | Maximum Paying Term |
|---|---|---|---|
| 10 Years | Up to age 85 | 10 Years | Equal to Cover Term |
| Certificate Year | % of Basic Contribution Allocated to Participant's Investment Account (PIA) | Surrender Charges as % of PIA Value |
|---|---|---|
| 1 | 60% | Nil |
| 2 | 80% | Nil |
| 3 | 90% | Nil |
| 4 and above | 100% | Nil |
| Contribution Year | % of Initial Basic Contribution Allocated to PIA |
|---|---|
| 5 | 10% |
| 7 | 15% |
| 10 | 75% |
| 15 | 100% |
| 20 | 100% |
| Policy Fee |
|---|
| The monthly certificate fee is PKR 125/- only, which will increase by 10% annually |
| Investment Management Charges |
|---|
| 1.75 % p.a of the P.I.A value to be deducted monthly |
| Waqf Donation |
|---|
| Rate will be charged as per filling in SECP |
| Contribution Expense |
|---|
| 5% of Contribution expense will be deducted from every Contribution |
| Wakala Fee | |
|---|---|
| Year | % of Total Contribution |
| 1 | 40% |
| 2 | 20% |
| 3 | 10% |
| 4 year onwards | 0% |
| Partial/Full Surrender Processing Fee |
|---|
| Nominal fee of Rs. 350/- will be charged upon Partial Withdrawal/ Full Surrender |
| Mudarib’s Share |
|---|
| 30% on investment return of the WAQF |
Optional Benefits
Apart from standard applicable benefits such as protection and investment,
Sarparast Falak also offers you additional benefits, and the liberty to
choose from various optional benefits, based on your goals and financial
capabilities subject to additional Waqf Donation.
Education Solution
School Fee Waiver
Education is a privilege that most of us have been blessed with, which
becomes a treasure for the owner’s mind. Understanding the importance of education, Askari Life-
Window Takaful Operations ensure that in case of
unforeseen circumstances, your children will never be deprived of this
privilege with this exclusive School fee Waiver benefit covering every
month’s school fee (Rs.10,000 per month). It also provides you the flexibility
to choose the cover term as per your need.
Health Protection Solution
Hospitalization Coverage
Leading a healthy lifestyle in the modern high-stress routines is
challenging. Medical emergencies can arise without any intimation. At such
times, treatment costs can put a huge financial burden on families. Such
huge payments can cause imbalances in your family finances.
To ensure that you are well protected against unforeseen medical expenses, Sarparast Falak offers you a unique benefit which offers hospitalization coverage. That promises that in case of hospitalization due to accident for more than 1 day, will cover up your hospitalization expense (Rs. 5000/ per day) for up to 60 days at any hospital of your choice.
To ensure that you are well protected against unforeseen medical expenses, Sarparast Falak offers you a unique benefit which offers hospitalization coverage. That promises that in case of hospitalization due to accident for more than 1 day, will cover up your hospitalization expense (Rs. 5000/ per day) for up to 60 days at any hospital of your choice.
Health Protection Solution
Major Surgery Benefit
Imagine having to worry about your finances in case of under-going a
surgery. Such a calamity can create havoc in your family. But with this
exclusive benefit, if you undergo a surgery (mentioned in the major surgery
provision) during this supplementary benefit coverage, the surgery expense
of Rs. 500,000 shall be borne by Askari Life-Window Takaful Operations.
Hence no additional burden will be on your family. This benefit acts as a
protection for you from substantial amount required for the treatment
Anmol Zindagi Supplementary Benefit
To ensure that you are well protected against unforeseen medical
expenses, Anmol Zindagi Supplementary Benefit offers you a unique
benefit of accidental hospitalization coverage. That promises that in case of
hospitalization due to accident for more than 1 day, will cover up your
hospitalization expense (Rs. 5000/ per day) for up to 60 days at any
hospital of your choice
Imagine having to worry about your finances in case of under-going a surgery. Such a calamity can create havoc in your family. But with this exclusive benefit, if you undergo a surgery (mentioned in the Anmol Zindagi Supplementary benefit provision) during this supplementary benefit coverage, the surgery expense of Rs. 300,000 shall be borne by Askari Life-Window Takaful Operations. Hence no additional burden will be on your family. This benefit acts as a protection for you from substantial amount required for the treatment.
Exclusive financial protection against COVID-19 (In case of death within 6 months of the Certificate issuance due to Covid-19, PKR. 300,000/- extra sum covered will be paid)
Imagine having to worry about your finances in case of under-going a surgery. Such a calamity can create havoc in your family. But with this exclusive benefit, if you undergo a surgery (mentioned in the Anmol Zindagi Supplementary benefit provision) during this supplementary benefit coverage, the surgery expense of Rs. 300,000 shall be borne by Askari Life-Window Takaful Operations. Hence no additional burden will be on your family. This benefit acts as a protection for you from substantial amount required for the treatment.
Exclusive financial protection against COVID-19 (In case of death within 6 months of the Certificate issuance due to Covid-19, PKR. 300,000/- extra sum covered will be paid)
Protect yourself from unexpected medical costs
Waiver of Contribution Supplementary Benefit (Death)
If you are seeking maximum protection for your family and want your Family
Takaful certificate to be active even if you are not there to support them;
this benefit is for you!
Waiver of Contribution Supplementary Benefit
(Disability); Special needs, special benefits
If God forbid, the person Covered gets permanently disabled, Askari
Life-Window Takaful Operations will bear the annual initial basic contribution
for the remaining term of this supplementary benefit, and the basic plan will
continue till the maturity of this Supplementary benefit.
Accidental Death & Disability Benefit
In the journey of life, you always walk an extra mile to provide better future
to your family. However, this journey of life is full of uncertainties; you never
know how the future will unveil.
Level Term Family Takaful (Additional Coverage Option)
We all aim to ensure that our family is protected and financially secure, both
now and in the future. And we do so by financially preparing for all
circumstances. But what if we foresee expenses rising and want to suitably
increase the protection level (sum covered)?
Critical Illness (CI) Supplementary Benefit
Everyone looks for medical coverage for the unexpected emergencies and
medical help. This is especially important today, when medical care is quite
costly and unplanned. A critical illness can put the entire family in huge
financial debt and crisis. To combat with all those adverse circumstances
Monthly Income Benefit
If you have chosen the monthly income supplementary benefit, then in
case of any unforeseen circumstance in the covered person’s life as
defined in the Provisions in this supplementary Documents, Askari
Life-Window Takaful Operations will pay a monthly income to the
beneficiary (ies) of the certificate for the remaining term of this
supplementary benefit.
Askari Sarparast Falak
A versatile plan for all times, expertly tailored to your evolving circumstantial needs.
Disclaimer
Askari Sarparast Falak is a Shariah compliant Universal Life Family Takaful certificate which is subject to investment risk and the cash value of the plan will vary directly with the performance of the investment fund.
Bank is acting as a corporate agent of Askari Life-Window Takaful Operations and is not responsible in any manner, whatsoever, to the participants, his/her beneficiary (ies) or to any third party.
Askari Life - Window Takaful Operations shall be the sole responsible with respect to participant’s services, claim lodgements and claim processing.
All Family Takaful applications are processed and approved by Askari LifeWindow Takaful Operations, as per their underwriting guidelines.
A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms and Conditions.
Investment Risk shall be borne by participants; actual maturity values or surrender values may be higher or lower than the project figures.
The past performance of the fund is not necessarily a guide or guarantee of future performance.
This brochure only provides an introduction to the benefits available under the Certificate. A detailed description of how the certificate works is given in the ‘Participant’s Membership Documents (PMD), which will be provided to every participant
The contents herein are the intellectual rights of Askari Life-Window Takaful Operations
In the event of any discrepancy, ambiguity and conflict in interpreting any information, terms, or conditions in this brochure, the participants membership documents (PMD) shall prevail and supersede.
Publication or duplication of this brochure by any third party is strictly prohibited.
