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Askari Sarparast Mashaal Family Takaful

Askari Sarparast Mashaal Family Takaful

Financial planning is the process of estimating the capital required to achieve your long term goals. To really be able to live your life to the fullest, a certain degree of capital is required to fulfill every wish that contributes to your peace of mind


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Introducing Askari Sarparast Mashaal Family Takaful Plan!

Introducing Askari Sarparast Mashaal, a limited pay Universal Life Family Takaful Plan designed to ensure you are financially ready for a better tomorrow. Its increasing regular cash payout provides a steady flow of income to meet your financial needs on top of the financial coverage against unfortunate circumstances.

What’s more, this plan offers a short payment term with the flexibility to choose the contribution payment term and coverage term that best suit your savings needs and affordability. Plan ahead for a brighter and financially secured future with Sarparast Mashaal.

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
Shariah Compliant Investment Package
Askari Life - Window Takaful Operations has designed a Shariah compliant Family Takaful Certificate that ensures the fulfillment of your changing needs at each life cycle.
Flexible Contribution and Coverage term
With Askari Sarparast Mashaal you can design the future you want for yourself! It provides you the flexibility to personalize your plan according to your own goals and family’s unique lifestyle. It provides you the option to customize your own plan, by choosing the savings amount, savings period and coverage period, to best suit your affordability.
Free Hajj Coverage
Our Family Takaful protection ensures the security of the person covered on their walk in the name of God. In case of any unforeseen instance that result in the demise of a the person covered which occurs due to any accident during Hajj, Askari Life- Window Takaful Operations will provide Rs. 2.5 million as coverage to the beneficiary(ies) of the certificate
Additional Investment Option (Top-Up)
This feature provides additional flexibility to your existing plan. If you have any additional funds available at any stage, you can place them as investment under Askari Sarparast Mashaal during the course of the certificate term that will further enhance your cash value. Many people use this option to make yearly contribution payment by placing additional investment as top-up with their certificate.

Basic Features

Our Family Takaful Protection benefit ensures the financial safety of you and your family in cases of unfortunate events.

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

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

Family Takaful Certificate is a long-time commitment towards your goal to provide desired financial security and prosperity to yourself and your loved ones.

It’s an unfortunate fact that the money we have is worth a little less every day in this uprising economy.

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
5 Years Up to age 85 5 Years Equal to Cover Term

Certificate Year % of Basic Contribution Allocated to Participant's Investment Account (PIA) Surrender Charges as % of PIA Value
1 65% Nil
2 90% Nil
3rd year onwards 100% Nil

Contribution Year % of Initial Basic Contribution Allocated to PIA
5 10%
7 15%
10 50%

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 35%
2 10%
3 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.

Health Protection Solution

Hospitalization Coverage

To ensure that you are well protected against unforeseen medical expenses, Sarparast Mashaal offers you a unique benefit which offers hospitalization coverage

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.

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
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 Mashaal
A versatile plan for all times, expertly tailored to your evolving circumstantial needs.


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Disclaimer

Askari Sarparast Mashaal 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.