Allied Regular Takaful & Savings Plan

You wish to provide the best lifestyle for your family and protect them against any unforeseen events or desire to meet your financial commitments with ease and flexibility while not compromising on the quality of life that you wish to afford your family. In order to meet your financial planning needs while providing you peace of mind, Pak-Qatar Family Takaful Limited, offers Allied Regular Takaful & Savings 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

    • Secure your long-term financial goals; such as children’s education, marriage, retirement planning and personal travel
    • Significant level of family Takaful coverage Flexible contribution payment term plan which allows you to save on a regular basis, while having a choice to select an investment mechanism that suits your risk appetite
    • Regular contributions invested in a diversified portfolio of Islamic funds ranging from Sukuks to Mutual Funds
    • Lump sum payment upon maturity Management of your investments by professional fund manager

  • Additional Benefits (Rider)

    At the option of the Participant, the following are available:

    1. Accidental Death and/or
    2. Accidental Death & Disability
    3. Family Income Benefit (FIB)
    • The term “Accident” or “Accidental” means a sudden, unexpected and unpremeditated occurrence, which is associated with external visible violent means resulting in damage to the life of the Participant.
    • The Participant will be said to be suffering from permanent and total disability (the “Disability”) if the Participant is not capable of doing, either at the time disability commences or at any time thereafter, any work, occupation or profession to earn or obtain any wages, compensation or profit, provided however, that such disability lasts for not less than six (6) months, and is thereafter certified by an official institution or an authorized person.
    • The FIB benefit is payable for the FIB term as defined in the PSS.

    Flexible Payment Term: This plan allows you the flexibility to make contribution payments down to a minimum of ten years, while your plan can continue beyond your contribution payment period. This allows you to enjoy Takaful coverage and investment benefits beyond your payment period till the maturity of the plan.

    Death Benefit: Allied Regular Takaful & Savings Plan comes with built-in basic Takaful Benefit that allows the beneficiaries to receive funds in case of death of the Participant during the tenure of the plan.

    The beneficiaries are paid the higher of Sum Assured 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.

  • Eligibility

    This plan is available to all Allied Bank’s customers from 18 to 70 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.

  • 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 years is deducted as Entrance Fee. No entrance fee from the third Membership year onwards.
    2. Admin Fee: PKR 175 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 the PMD.
    4. Investment Management Charge: 50% per annum of Net Asset Value (NAV), deducted at every pricing.
    5. Fund Switching Fee: After 4 fund switches in any year, Takaful Operator/Wakeel reserves the right to impose a switch charge which shall not exceed PKR 1,000 per switch.
    6. Statement Fee: PKR 500 of statement fee is payable for additional statement.

  • 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 Regular Takaful & Savings 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 Surplus Sharing?

    Surplus sharing is a key concept in Takaful and differentiates Takaful from conventional insurance. In case of any surplus in the Individual Family Takaful Participants Fund, the excess funds are distributed among the participants in proportion of their net contribution to the fund. This surplus amount is given to the participant in the shape of additional units being added to his/her investment account

    • How does the Allied Regular Takaful & Savings Plan work?

    The plan requires regular contribution payments on a monthly, quarterly, semi-annual or annual basis. All payments are automatically deducted from your account.

    • Is there a minimum or maximum contribution limit?

    The minimum annual contribution under this plan is Rs. 56,000. There are no maximum limits.

    • What is the process for claims?

    For all claim related matters, please contact Pak-Qatar Family Takaful Limited on (021)-34311747-56 or get in touch with your Relationship Manager.

    • Will I have access to my savings?

    Yes, you are allowed to withdraw funds from your investment account, subject to a positive cash value of your investments. This however, is not recommended as it may adversely affect the maturity value of the plan.

    Sample Illustration:

    • Customer Age: 37 years
    • Membership Term: 20 Years Contribution
    • Payment Term: 20 years Contribution: PKR 102,833 annually
    • Sum covered: 2,000,000
    • Rider (Additional Benefit): Family Income Benefit
    • Rider Sum covered: PKR 100,000 annually
    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 2,000,000 16,970 2,000,000 17,361 2,000,000 17,753
    5 2,000,000 386,996 2,000,000 406,596 2,000,000 427,012
    10 2,000,000 1,016,824 2,000,000 1,125,629 2,000,000 1,246,572
    15 2,000,000 1,797,421 2,111,09 2,111,096 2,482,544 2,482,544
    20 2,771,666 2,771,666 3,457,785 3,457,785 4,333,009 4,333,009

  • 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

    You may also contact your bank branch.

  • 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 approval or rejection of any claim or for any act or omission on the part of the Takaful Operator.