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- Takaful
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Takaful Saving Plan
| Product | Takaful Savings Plan | |
| Plan Type | Shariah Compliant Unit-Linked | |
| Entry Age | 18 to 56 | |
| Tenure | Minimum: 10 years Maximum: 48 years |
|
| Minimum Contribution | Annual: Rs. 15,000/-. Semi-Annual: Rs. 10,000/-. Quarterly: Rs. 5,000/-. Monthly: Rs. 2,500/-. |
|
| Mode | Monthly, Quarterly, Semi-annual and Annual | |
| Riders | Family Income Benefit | |
| Accidental Death Benefit | ||
| Accidental Death and Disability Benefit | ||
| (Note: - Participant may select any one of the two accidental supplementary benefits, but not both) | ||
Brief
The plan offers fund accumulation under level basic contribution payable throughout the term of the membershi. This level of contribution shall be at the discretion of the participant based on their saving capability and future needs. The plan will provide protection against death of the participant within the membership term by providing a Lump Sum Benefit equal to the Carrying Value of the Participants Investment Fund (PIF) but not less than the Sum Covered under the membership needs. Upon death of the participant, Death Benefit equal to the Carrying Value of Participant's Investment Fund (PIF) or the Sum Cover whichever is higher shall be payable to the beneficiary. For the purpose of ascertaining the death benefits, any partial withdrawals that have already been taken by the Participant shall be included together with the Carrying Value of Participant's Investment Fund (PIF).
Maturity Benefits
The accumulated value of the Participant Investment Fund (PIF) attributable to the membership shall be paid out on the maturity date.
Additional Value Added Options for both products
1. Inflation Protection/Indexation:
The Participant can also opt to have indexed regular contributions by selecting any one of the following options:
i. Indexation of Contributions and Benefits:-
Under this option, the Regular Contribution and Sum Covered of the plan including that applicable to additional attached benefits (if any), may be increased by 6% on every Membership Anniversary. This option is available till 60 years of age to the Participant. The Participant may opt to relinquish this option at any time but subsequent restoration of this option will be subject to medical evidence.
ii. Indexation of Contributions:
Under this option, the Regular Contributions may be increased by 6% on every Membership Anniversary. The Sum Covered of the plan including those applicable to additional benefits (if any) will remain same and will not be subject to indexation under this option.
2. Fund Acceleration Contributions:
The Plan also offers flexibility to the Participant by providing an option to invest additional funds available to enrich savings. These lump-sum contributions are termed Fund Acceleration Contributions and can be placed anytime while the policy is in-force. Units will be credited to the PIF after deduction of applicable charges against the Fund Acceleration Contributions received. The minimum contribution shall not be less than Rs. 10,000/-
