Savings are essential if you want to lead a hassle-free life from unexpected emergencies that may arise at any point in your lifetime. Therefore, careful planning is necessary to ensure that you and your family is protected beforehand from any financial uncertainty.
Jubilee Life-Window Takaful Operations in collaboration with Allied Bank brings Super Shield Takaful Plan; a sharia compliant unit linked takaful plan, especially designed for individuals who not only want to save early for a better future but also want to shield their family against unforeseen events such as once untimely death.
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.
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 Super Shield Takaful Plan. The available term range is 10 to 57 years (subject to maximum age of 75 years of maturity).
Free Look Period
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 of the issue date of the Participant Membership Document (PMD).
Expenses incurred on medical or financial examination(s), if any, and any takaful contributions paid by the member into the IPTPF, maybe deducted.
The following fees will be applicable to the Super Shield Takaful Plan:
Wakalah Fee Comprising of:
Allocation Fee Amount of regular basic contributions not allocated to PIA Investment/Management Fee 1.5% p.a of the the net asset value in PIA Administration Fee* Rs.110 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* · 25% 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
Frequently Asked Questions
Frequently Asked Questions
- 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 Sharia 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 Sharia 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 Super Shield Takaful Plan will be allocated as follows:
Membership Year Allocation Percentage Year 1 30% Year 2 80% Year 3 85% Year 4 90% Year 5 95% Year 6 & Onwards 100% Top Up Contribution 95%
You will enjoy bonus allocations in excess of l 00%, in membership years 7, 10, 15, 20, 25 and every 5th membership year thereof, as shown in the table below:
Membership Year Allocation Percentage Year 7 3% Year 10 5% Year 15 7% Year 20 10% Year 25 15% Year 30, 35 and every 5th Year Onwards 20%
- How much do I need to contribute to avail 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
Quarterly PKR 9,000 Monthly PKR. 3,000
- What are Sharia 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).
- How will my contributions towards 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:
Capital Growth Takaful Fund Capital Growth Takaful Fund focuses on aggressive growth of your cash value. The fund aims at maximizing returns for the participants by investment in a diverse portfolio of Shari ’ah Compliant Investment Instruments. Managed Takaful Fund Managed Takaful Fund focuses on providing steady returns on investments with a balanced portfolio of wide range of Shari’ah Compliant Instruments.
These funds are managed by expert investment managers under the guidance of the Shari’ah Advisor to ensure optimized 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.
You may switch your cash value between one and both of these funds, at any time. No switch fees are applicable, if four or less switches are made in a membership year.
- Does Super Shield Takaful Plan allow me to withdraw the accumulated value of my fund(s)?
Yes, with 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.
Full Plan Surrender: You have the option to surrender your plan any time. At the time of surrender, you will be paid in full the cash value of your fund. However, surrender in early membership years may result in lower cash value.
- What is Surplus Sharing?
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.
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.
- What are 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 95% 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) 35205095 Fax: (021) 3561 0959
UAN: 111 111 554 and SMS: “JUBILEELIFE” to 8398
Email: [email protected], [email protected]
UAN: (021) 111-225-225
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.
- 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 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 settlement of claims on behalf of the IFTPF 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.
- Please refer to Jubilee Life Family Takaful web site (http://jubiIeefamiIy takaful.com/jubilee-family-takaful-funds/investors-outIook/) for target asset mix of the underlying fund.