Kanz ul Askari Family Takaful
Planning ahead of time is a trait not known to many, however, those who do
plan early, earn the rewards. Financial planning today is as crucial as
planning what to eat; the better you eat, the more benefits you gain. Along
with working hard, one needs to invest to keep their family protected while
keeping in view the religious beliefs.
Askari Life - Window Takaful Operations brings you Kanz ul Askari Family Takaful, a long term Family Takaful certificate to help you accomplish all your dreams, be it your child’s education or wedding, retirement planning or your own house.
Downloads Brochure
Askari Life - Window Takaful Operations brings you Kanz ul Askari Family Takaful, a long term Family Takaful certificate to help you accomplish all your dreams, be it your child’s education or wedding, retirement planning or your own house.
Downloads Brochure
Introducing Kanz ul Askari Family Takaful!
Kanz ul Askari Family Takaful is a Shariah compliant Family Takaful plan which offers Family Takaful protection and a minimum 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.
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.
Kanz ul Askari Family Takaful is a Shariah compliant Family Takaful plan which offers Family Takaful protection and a minimum 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.
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 fulfill 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. 500/-.
With this benefit, your money is never bound and can be accessed with a minimal charge of Rs. 500/-.
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 worry, as Askari Life-Window Takaful
Operations offers a free look period where you can return the Participant’s
Membership Documents (PMD) within 14 days and get a 100% refund of
contribution.
Through this option, you will be given the option to get your maturity value
on a monthly basis up to the years you have selected. Maturity value will
continue to grow through Shariah Compliant Investment in your PIA
(Participant’s Investment Account) till the last month of your selected
tenure to receive the monthly Annuity benefit.
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. PurSukoon Kal Family Takaful
offers this unique feature dedicated to combat inflation with selected
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 an individual participant basis at the end of each financial
year, after maintaining necessary reserves as per the advice of the
appointed Actuary and Shari’ah Adviser. The distributable surplus will be
allocated to the PIA in a 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 | 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 | 60% | Nil |
| 2 | 80% | Nil |
| 3 | 100% | Nil |
| 4 and above | 100% | Nil |
| Contribution Year | % of Initial Basic Contribution Allocated to PIA |
|---|---|
| 5 | 25% |
| 10 | 50% |
| 15 | 100% |
| 20 | 150% |
| 25 | 300% |
| Certificate Fee |
|---|
| Rs. 125 to be deducted monthly. (This will increase by 10% every year) |
| 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 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,
Kanz ul Askari Family Takaful also offers you additional benefits, and the
liberty to choose from various optional benefits, based on your goals and
financial capabilities subject to the payment of 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, Kanz ul Askari Family Takaful 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. 8000/ per day) for up to 60 days at any hospital of your choice.
To ensure that you are well protected against unforeseen medical expenses, Kanz ul Askari Family Takaful 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. 8000/ 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 undergoing surgery.
Such a calamity can create havoc in your family. But with this exclusive
benefit, if you undergo 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 the substantial amount required for the treatment.
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.
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.
Marriage Supplementary Benefit
Worry no more for your Child’s marriage. Your child will receive your
blessings even in your absence when at the wedding he/she gets a sum of
PKR 300,000/ as beneficiary of the certificate.
Kanz ul Askari Family Takaful
A versatile plan for all times, expertly tailored to your evolving circumstantial needs.
Disclaimer
Kanz ul Askari Family Takaful 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.
All family Takaful applications are processed and approved by Askari Life- Window 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.
