Allied Asaan Takaful Plan

Despite your best efforts, you do not end up saving regularly for your family’s and your future. Unexpected expenses, unplanned purchases and often, sheer lack of time defeat your efforts. Don’t you wish that someone would take on the responsibility of regularly saving your money for you? Our Shariah compliant product is designed to help you conveniently build your long-term savings and ensure that your family is protected even if you are not around. In order to meet your financial planning needs while providing you peace of mind, Pak-Qatar Family Takaful Limited and Allied Bank, offers Allied Asaan Takaful Plan distributed through Allied Bank Limited. A Bancatakaful plan that allows you to save and invest in a Shariah compliant (Islamic) manner while enjoying a significant level of family takaful coverage.

  • Product Features

    All regular contributions paid during the tenure of the plan are used to ensure the following benefits:

    • Death Benefit; Allied Asaan Takaful Plan comes with built-in basic Takaful Benefit that allows the beneficiaries to receive Death Benefit in case of death of the Participant during the tenure of the plan. The Death Benefit is higher of:

    Sum Assured (Annual Contribution X Policy Term)
    OR
    Cash Value (Value of total invested contributions at the time) Maturity Benefit at maturity, Participant will receive the cash value in his/her investment account.

    • Maturity Benefit; At maturity, Participant will receive the cash value in his/her investment account.

  • Eligibility

    This plan is available to all Allied Bank’s customers from 18 to 60 years of age. Since it is a long-term investment & Takaful product, the minimum duration of the plan is 10 years. There is no maximum plan period as long as the age of the participant does not exceed 70 years upon maturity.

  • Contribution Plan

    You need to select the contribution amount from the following contribution bands:

    Contribution PKR

    Frequency Band 1 Band 2 Band 3 Band 4 Band 5
    Monthly 2,500 3,000 3,500 4,000 4,500
    Quarterly 7,500 9,000 10,500 12,000 13,500
    Half Yearly 15,000 18,000 21,000 24,000 27,000
    Annual 30,000 36,000 42,000 48,000 54,000

  • Free Look Period

    Pak Qatar Family Takaful Limited offers a free look period of 14 days during which you can review your policy terms and conditions, and cancel the policy if needed. Your contribution will be refunded if the written request for cancellation is received within 14 days of the Issue Date of the policy. Please note that Pak Qatar Family Takaful Limited reserves the right to deduct the expenses incurred on medical examination.

  • Service Fee

    1. Acquisition Fee:
    Year 1 55% Of Regular Contribution
    Year 2 15% Of Regular Contribution
    Year 3 7.5% Of Regular Contribution
    Year 4 – 5 2.5% Of Regular Contribution
    Year 6 Onwards 0% Of Regular Contribution
    1. Entrance Fee: 0% of the regular contributions for each of the first and second membership year is deducted as Entrance Fee. No entrance fee from the third membership year onwards.
    2. Admin Fee: PKR 100 per month. This will increase by 8% per annum.
    3. Stamp Duty: PKR 1.2 per thousand of the Face Value is charged at the time of issuance of PMD as chargeable under Stamp Act 1899 (Sindh Province).
    4. Investment Management Charge: 50% per annum of Net Asset Value (NAV), deducted at every pricing.
    5. Statement Fee: There is no fee for periodic statements issued as per regulatory requirements. However, an additional statement can be obtained against a fee of PKR 500 only.
    6. Switch Fee: The first four switches during a membership year are free of charge. Thereafter, for additional switches within a membership year a switch fee of Rs. 1,000 will be charged for each additional switch.

  • Application Procedure

    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

  • Frequently Asked Questions

    • What is Takaful?

    Takaful, which means ‘guaranteeing each other’, observes the rules and regulations of Islamic Law (Shari’ah). Allied Asaan Takaful Plan has been developed in line with Shariah (Islamic) Principles. As a Takaful plan participant, you may be eligible to receive a share of any declared surplus from the Participants Takaful Fund. Distribution of the surplus is in accordance to the company’s Surplus Policy as approved by its Shari’ah Supervisory Board. What is the contribution amount to avail this product? You need to select the contribution amount from the following contribution bands:

    • Can I pay any contribution amount?

    No, you can’t pay any contribution amount. You need to select within the defined contribution bands.

    • How does Allied Asaan Takaful plan works?

    Your regular contributions during the tenure of the plan are segregated into two parts; a certain portion goes to the Waqf fund which ensures takaful benefit in case of death and the remaining goes to your investment account which steadily builds up to give a good maturity value.

    • Can I increase or decrease my contribution amount?

    Yes, you can increase or decrease the contribution amount within the defined contribution bands.

    • What if I have any questions or concerns?

    In case of any queries you can feel free to get in touch with us at [email protected] or call our helpline +92-21-34311747-56. You may also contact your bank branch.

    • Who is responsible for paying the claim?

    Pak Qatar Family Takaful Limited (PQFTL) is responsible for paying your claim. Allied Bank facilitates the claim process for you and works with the Takaful Operator to ensure a speedy claim outcome.

    • Up to how many beneficiaries can I appoint?

    You can appoint up to Four (4) beneficiaries. In case of multiple beneficiaries, the claim amount is paid according to the percentage specified at the time of issuing of PMD .

    • Will I have access to withdraw partial funds from my savings?

    No, you are not allowed to withdraw the partial funds from your investment account.

    • Am I availing any holiday period in this product?

    No, there is no holiday period in this product.

    Sample Illustration:

    • Customer Age: 27 years
    • Sum Covered: PKR 587,959
    • Contribution: PKR 30,000 annually
    • Contribution Indexation: 5% annually
    • Plan Term: 14 years
    Membership Year 6% p.a Rate Of Return 8% p.a Rate Of Return 10% p.a Rate Of Return
    Death Benefit Cash Value Death Benefit Cash Value Death Benefit Cash Value
    1 587,959 7,622 587,959 7,784 587,959 7,945
    5 587,959 136,650 587,959 143,571 587,959 150,786
    10 587,959 397,154 587,959 437,184 587,959 481,553

  • Contact

    In case of complaint or for further details, please contact:

    Pak-Qatar Family Takaful Limited
    Head Office, 1st Floor Business Arcade, P.E.C.H.S
    Block-6, Shah rah-e-Faisal, Karachi. Pakistan
    111-TAKAFUL (825-238) | www.pakqatar.com.pk

  • Disclaimer

    • The cash values given in the sample illustration are estimated based on assumptions.
    • The actual values may be higher or lower than the ones shown above, depending upon the performance of the underlying investments.
    • The cash values have been worked out at assumed investment growth rates of 6%, 8% and 10% per annum.
    • Certain charges apply on the policy; please refer to the personalized illustration of benefits for details. A description of how the contract works is given in the Participant’s Membership Document (PMD).
    • This brochure gives a general outline of the product.
    • The above figures are indicative and for illustration purposes only.
    • The investment risk shall be borne by the participant and actual maturity or surrender values may be lower or higher than the projected figures.
    • Past performance of the fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of the future or likely performance of the fund.
    • This product is underwritten by Pak-Qatar Family Takaful Limited.
    • This product is not guaranteed or covered by the Bank or its affiliates and is not a Bank’s product.
    • The Bank is only acting as an Agent in providing this facility and cannot be held responsible for approval or rejection of any claim or for any act or omission on the part of the Takaful Operator