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Savings Plan

Savings Plan

"The nation which forgets its defenders will be itself forgotten."
If there’s anything that helps us sleep peacefully at night, it’s the sacrifices and protection of our country’s armed forces. You have sacrificed your own peace and lives for us to feel safe and there’s nothing more selfless anyone can do for their country. Pakistan Armed Forces have been our protectors since the longest time and we believe, in order to honor all your sacrifices and bravery, it is our utmost responsibility to do something in return to offer that protection to you as well.

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Introducing

"The nation which forgets its defenders will be itself forgotten."
If there’s anything that helps us sleep peacefully at night, it’s the sacrifices and protection of our country’s armed forces. You have sacrificed your own peace and lives for us to feel safe and there’s nothing more selfless anyone can do for their country. Pakistan Armed Forces have been our protectors since the longest time and we believe, in order to honor all your sacrifices and bravery, it is our utmost responsibility to do something in return to offer that protection to you as well.

Your families deserve to feel safe and not have to worry about the future all the time, which is why Askari Life-Window Takaful Operations has designed a product exclusively for our protectors, to help you and your families live a worry-free life and be able to feel as safe as we do.

Introducing Savings Plan
Askari Life-Window Takaful Operations brings you , a long-term Family Takaful Certificate to help you accomplish all your dreams, be it your child’s education, retirement planning or your own house.
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. This family Takaful Certificate provides a long term investment and protection plan with low but shared risks according to the Shariah guidelines. You can be at any stage of your life and find this plan to be understanding of your needs because of its low risk profile and high returns due to the nature of its term.
Design Your Customized Solution
With , 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. There are flexible options the plan provides, such as altering your investment and protection level. Moreover, Our Universal Life - Participants Investment Fund (PIF) structure offers a wide range of investment in; Upto 100% in Sukuks, Upto 50% in KMI 30 Equities, Upto 30% in Islamic TFCs, Upto 50% in Mutual Funds, Upto 30% in Real Estate and Upto 100% in Islamic Bank /Term Deposits.
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 results in the demise of the person covered which occurs due to any accident during Hajj, Askari Life-Window Takaful Operations will provide Rs. 2.5 million as sum cover to the beneficiary(ies) of the certificate.
Additional Investment Option (Top-Up)
In this fast-moving world, savings and financial planning is very crucial, which is why offers you an option where if you have any additional funds available at any stage, you can place them as investment under the certificate during the course of the certificate term that will further enhance your cash value.
Protection Multiple (Cover Multiple)
A sudden unforeseen event can affect many connected lives. In that case financial security for your family is our utmost priority. With , you can ensure desired financial security for your family. You can fix a significant lump sum amount as much as you anticipate from the available maximum cover that would be enough to meet your future financial needs.

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 on hold.

Option is available to make partial withdrawal from net cash surrender value of the basic plan.

A flat charge of Rs. 500 applies when making a surrender/ partial withdrawal

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 return the Participant’s Membership Documents (PMD) within 14 days and get a 100% refund of contribution

Through this option, you will be given an option to get your maturity value on 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. offers this unique feature dedicated to combat inflation with 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 30 years 5 Years Equal to Cover Term

As you continue the certificate towards its full term, your Participant’s Investment Account (P.I.A) will be credited with a proportion of Basic contribution that you pay. The proportions allocated to your PIA cash Value will be as follows:

Certificate Year % of Basic Contribution Allocated to Participant's Investment Account (PIA) Surrender Charges as % of PIA Value
1 70% Nil
2 90% Nil
3 90% Nil
4 and above 100% Nil

Annual continuation bonuses are provided to participants who continue the certificate. The Continuation bonus allocation is as follows:

Contribution Year % of Initial Basic Contribution Allocated to PIA
6 70%
11 150%
15 200%
18 300%

Certificate Fee
Rs. 150 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 30%
2 10%
3 10%
4 year onwards 0%
Partial/Full Surrender Processing Fee
Nominal fee of Rs. 500/- will be charged upon Partial Withdrawal/ Full Surrender
Mudarib’s Share
30% on investment return of the WAQF
Savings Plan
The nation which forgets its defenders will be itself forgotten.


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Disclaimer

Savings Plan 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.