You may take advantage of the following benefits:
- Death Benefit: This Plan offers you an ability to select your protection needs. Sum covered can be between 5 to 254 times of your annual basic contribution, depending upon underwriting outcomes. If the life covered expires during the term of the plan, the nominee will get sum covered or accumulated cash value, whichever is higher.
- Maturity Benefit: You will receive an amount accumulated in participant’s investment account (PIA), at the time of maturity of the plan
Jubilee Super Shield Takaful Plan is a flexible plan that lets you select additional optional benefits based on your needs.
| Accidental Death Supplementary Takaful Benefit | An amount in addition to the basic plan death benefit will be paid to the beneficiary or the beneficiaries chosen by you in case of accidental death. |
| Permanent & Total Disability Supplementary Takaful Benefit | This supplementary takaful benefit advances the benefit covered under basic plan in case of permanent and total disability. |
| Critical Illness Supplementary Takaful Benefit | This supplementary takaful benefit advances the benefit covered under basic plan in case of diagnosis of the eighteen specified critical illnesses |
| Accidental Death or Dismemberment Supplementary Takaful Benefit | This supplementary takaful benefit pays out in case of death or dismemberment due to accident, paying out complete or partial benefits depending on severity of the dismemberment. |
| Waiver of Contribution Supplementary Takaful Benefit | Your contribution from the next contribution due date will be paid by Jubilee Family Takaful, should you suffer on illness and disability and are not able to follow your own occupation or any other occupation suited by your knowledge, training or education qualification for at least 6 months |
| Family Income Benefit Supplementary Takaful Benefit | Provides you with the option of family income benefit. Which ensures that in future your family will be able to maintain a good standard of living through our secure income provided to your family in case of sad demise of the life covered. |
In order to combat inflation, you have an option to select indexation in your membership. Selection of this option will increase your contribution automatically each year by a limit specified by the company.
However, you retain the right to cancel the indexation if you wish.
If you are between the age of 18 & 65 (both years inclusive), you are eligible for Jubilee Super Shield Takaful Plan. The available term range is 10 to 57 years (subject to maximum age of 75 years of maturity).
Jubilee Super Shield Takaful Plan offers a free look period of 14 days during which you can review your plan terms and conditions and cancel the membership if needed. Contribution will be refunded if the written request for cancellation is received within 14 days from the receipt of Membership documents.
Expenses incurred on medical or financial examination(s), if any, and any takaful contributions paid by the member into the IFTPF, may be deducted
The following fees will be applicable to the Jubilee Super Shield Takaful Plan:
| Wakalah Fee Comprising of: | |
| Initial Charge | 5% bid-offer spread |
| Allocation Fee | Amount of regular basic contributions not allocated to PIA |
| Investment/Management Fee | 1.5% p.a of the net asset value in PIA |
| Administration Fee* | Rs.145 per month |
| Takaful Contribution* | Takaful Contribution shall be deducted as filed with the SECP from PIA and credited to IFTPF for the benefit covered to be paid from IFTPF |
| Wakalah Fee from IFTPF* | 40% of each takaful contribution for benefits covered under Participants Membership Document
40% of each takaful contribution for benefit covered under the Supplementary Takaful Benefit Documents |
| Switching/Redirection Fees | Rs.500 per switch/redirection if more than four (4) are availed in a membership year. |
| Mudarib Share* | Window Takaful Operator (Muradib) will be entitled to 40% of the investment income earned by IFPTF (Raab-ul-Maal) on the basis of Mudarabah. |
*Reviewable by the Window Takaful Operator
To apply for this plan, please submit the following documents to your nearest branch:
- Attested CNIC copy required
- Completed proposal form with signature
- Signed direct debit instructions
- Signed basic fact sheet
- Signed product introduction document
- Signed assessment form
- Signed sample illustration signed
- What is Takaful?
“Takaful” is an Arabic word which means “joint-guarantee”. It is a community-pooling system, based on the principles of brotherhood and mutual co-operation, where participants contribute in a common fund to help those who need it the most.
The system runs on these principles:
- Participants pool a small amount called “contribution” into a Waqf Fund, on the basis of “Tabarru”, to protect themselves and each other against specified risks
- The Window Takaful Operator manages a Waqf Fund called Individual Family Takaful Participants’ fund (IFTPF), with due diligence and prudence in the capacity of “Wakeel”
- The claims are paid from the IFTPF
- Surplus Amount, if any, may be distributed among the participants as per the advice of Shariah Advisor and Appointed Actuary of the Window Takaful Operator (WTO).
- What is Family Takaful Plan?
A Family Takaful Plan is an arrangement which rests on key Shariah principles of mutual cooperation, solidarity and well-being of a community. Under a Takaful arrangement, individuals come together and contribute towards the common objective of protecting each other against financial losses by sharing the risk on the basis of mutual assistance.
- How will my contributions be allocated?
Your contributions made towards Jubilee Super Shield Takaful Plan will be allocated as follows:
| Membership Year | Allocation Percentage |
| Year 1 | 55% |
| Year 2 | 80% |
| Year 3 | 90% |
| Year 4 & Onwards | 100% |
- Will there be any bonus allocation in it?
Under Jubilee Super Shield Takaful Plan, Jubilee Life Insurance – Window Takaful Operations will give its customers a Bonus allocation to the unit account. This will be provided according to the table below:
| Membership Year | Bonus Percentage |
| Year 5 & onwards | 3% |
- How much do I need to contribute to avail Jubilee Super Shield Takaful Plan?
You can make the contribution yearly, half yearly, quarterly or monthly. The table below shows the breakdown of the minimum contribution that can be made.
| Frequency | Minimum Amount |
| Annually | PKR 36,000 |
| Semi Annually | PKR 18,000 |
| Quarterly | PKR 9,000 |
| Monthly | PKR. 3,000 |
- What are Shariah Compliant Funds?
Shari’ah Compliant Funds comprise of investments in Shari’ah Compliant Instruments such as Islamic Equities, Sukook, Islamic Term Certificates, Islamic Mutual Funds, placement with Islamic Banking Institutions (IBIs), etc. These funds do not contain in any way the element of Riba (Interest), Qimar (Gambling) and Gharar (Uncertainty).
JLI-WTO’s Shari’ah Advisor
All business operations and products of the Window Takaful Operations are approved and supervised by its independent Shari’ah Advisor, who is an eminent and renowned Shari’ah Scholar.
An in-house Shari’ah Compliance Department supervises the implementation of promulgated Shari’ah Rulings & Guidelines pertaining to different operational and investment related issues.
An external Shari’ah Audit further certifies Shari’ah Compliance of the company.
- How will my contributions towards Jubilee Super Shield Takaful Plan be managed?
Any contributions made by the participants of this plan will be invested in one or both of the following Shari’ah Compliant Funds:
| Family Takaful Income Fund | Family Takaful Income Fund focuses on providing sustainable returns with minimum risk over medium to long-term by investing in Shari’ah Compliant Instruments. |
| Family Takaful Balanced Fund | Family Takaful Balanced Fund focuses on providing competitive returns on investments with a balanced portfolio of wide range of Shari’ah Compliant Instruments. |
Your Contributions, by default, will be allocated to Family Takaful Income Fund of Jubilee Life Window Takaful Operations which offers sustainable returns with minimum risk , over medium to long-term, by investing in a diversified portfolio of securities consisting of different Shariah compliant money market and debt instruments and does not have any investment in equity securities.
However, you have the option to invest in any fund of your choice other than the default investment fund by signing the declaration form.
These funds are managed by expert investment managers under the guidance of the Shari’ah Advisor to ensure optimised returns with manageable risk exposure under strict Shari’ah Compliance.
Your contributions will earn investment returns during the term of the plan. At the end of the chosen term, you will receive your accumulated cash value as a lump sum.
Note: The past performance of these funds is not necessarily indicative of the future performance of any of these funds.
Unit prices of Jubilee Life Family Takaful’s Fund(s) are published in all leading dailies regularly and on Jubilee Life Family Takaful website: www.jubileefamilytakaful.com
- Does Jubilee Super Shield Takaful Plan allow me to withdraw the accumulated value of my fund(s)?
Yes, with Jubilee Super Shield Takaful Plan you have the facility to withdraw the cash value of your fund(s), either partially or fully.
Partial Withdrawal: If you need to withdraw cash to meet emergency needs but do not want to surrender the membership, you can withdraw any amount subject to a minimum amount withdrawn, provided that the residual cash value in your unit account is not less than PKR 36,000. Despite partial withdrawals, you will continue to receive the Takaful cover although your sum covered will be reduced by the amount of partial withdrawals to maintain the Sum at Risk. Option for partial withdrawal is available after completion of first membership year and after payment of full membership’s year contribution.
*The residual value is subject to change and may be revised by Jubilee Life Insurance – Window Takaful Operations.
Full Plan Surrender: You have the option to surrender your membership any time. At the time of withdrawal, you will be paid in full the cash value of your fund. However, withdrawal in early membership years may result in lower cash value.
What pricing Methodology does Jubilee Life- WTO follows?: Jubilee Life- WTO follows forward unit pricing methodology.It is worked out by dividing the total value of investments in the fund by the number of active units in the fund as of pricing date.
- What is Surplus Sharing?
Jubilee Super Shield Takaful Plan not only provides sharing of risks, but also offers surplus sharing, a unique feature provided to the participants. By contributing an amount (donation) as Tabarru, the participant is entitled to possible surplus sharing from the Waqf Fund. If at the end of the stated period, any excess amount is left after paying off claims and other costs, it is utilized for the following purposes.
- A portion of the fund would be set aside to strengthen the Waqf Fund for future excessive claims.
- Remaining surplus may by distributed among the participants, on a fair and equitable basis.
The following fees will be applicable to the jubilee super shield Takaful plan.
| Wakalah tul Istismar Fee Comprising of* | |
| Initial Charge | 5% bid-offer spread |
| Allocation Fee | Amount of regular basic contributions not allocated to PIA |
| Investment/Management Fee | 1.5% p.a of the net asset value in PIA |
| Administration Fee* | Rs.145 per month |
| Takaful Contribution* | Takaful Contribution shall be deducted as filed with the SECP from PIA and credited to IFTPF for the benefit covered to be paid from IFTPF40% of each takaful contribution for benefits covered under Participants Membership Document
40% of each takaful contribution for benefit covered under the Supplementary Takaful Benefit Documents |
| Wakalah Fee from IFTPF* | Is deducted as Wakalah fees from IFTPF |
| Switching/Redirection Fees | Rs.500 per switch/redirection if more than four (4) are availed in a membership year. |
| Mudarib Share* | Window Takaful Operator (Muradib) will be entitled to 40% of the investment income earned by IFTPF (Raab-ul-Maal) on the basis of Mudarabah. |
| Contribution Allocation Charge | Contribution Allocation charge for the year is calculated as hundered percent of the contribution received less percentage of the allocated contribution for the year. |
*Reviewable by the window Takaful operator
In any case the surplus would not belong to the Jubilee Window Takaful Operator and would always be used for the benefit of the pool and/or the public at large.
- Top-Up Contributions (Ad-Hoc Contributions)
This plan is a long-term savings and protection plan where you have to make pre-defined regular contributions. However, you can top-up your regular contribution payments as and when you desire. These will be allocated as 100% to the PIA to boost your savings.
In case of complaint or for further details, please contact:
Jubilee Life Insurance Company Limited
Window Takaful Operations
Head Office: 74/1-A, Lalazar, M. T. Khan Road, Karachi-74000, Pakistan
Tel: (021) 32120201, 35205094 Fax: (021) 3561 0959
UAN: 111 111 554 and SMS: “JUBILEELIFE” to 8554
Email: [email protected], [email protected]
Website: www.jubileefamilytakaful.com
You may also contact your bank branch.
- This product is underwritten by Jubilee Life Window Takaful Operations. It is not guaranteed or covered by Allied Bank Limited or its affiliates and is not a product of the Bank.
- This is a family takaful product which has two distinct elements i.e., family takaful protection and investment. The investment component is linked to the performance of underlying assets under unit linked fund(s).
- The past performance of Jubilee Life Window Takaful Operations funds is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds, and neither Window Takaful Operator nor Allied Bank will incur any liability for the same.
- A personalized illustration of benefits will be provided to you by a Takaful Consultant. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions.
- Please refer to the Participant Membership Document (PMD) for detailed understanding of the various terms and conditions.
- Supplementary Takaful Benefits may be available if the life covered is aged 55 years or less, nearest birthday at the time of issuance.
- Allied Bank Ltd is acting as a distributor on behalf of Jubilee Life Window Takaful Operations and is not and shall not be held responsible in any manner whatsoever to any person, including but not limited to the covered customer(s), beneficiary (ies), or any third party.
- Jubilee Life Window Takaful Operations is the underwriter and provider of this Takaful Cover on behalf of the IFTPF and shall be responsible for membership servicing and lodgement, processing, & settlement of claims to the covered customer(s) or beneficiary (ies).
- The investment risk shall be borne by the Participant and actual maturity or surrender values may be lower or higher than the projected figures. A declaration must be signed by the Participant if he/she opts to invest in a fund other than the default fund.
- Please refer to Jubilee Life Family Takaful web site for target asset mix of the underlying fund: https://www.jubileelife.com/funds-2/fund-manager-reports/
- Takaful Plan’s descriptive content and detail available on Allied Bank Ltd website is extracted from takaful company’s brochure. For further detail, takaful company may please be approached.