Jubilee Super Shield Takaful Plan

You may take advantage of the following benefits:

• Death Benefit 
  This plan offers you the ability to select your protection needs. Sum Covered can be between 5 to 254 times your annual basic contribution, depending upon underwriting outcomes. If the life covered expires during the term of the plan, the nominee will receive the Sum Covered or the accumulated cash value, whichever is higher.

• Maturity Benefit
  You will receive the amount accumulated in the Participant’s Investment Account (PIA) at the time of maturity of the plan.

The 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 additional amount (over and above the basic plan death benefit) is paid to the beneficiary in case of accidental death.

• Permanent & Total Disability Supplementary Takaful Benefit
  Advances the benefit covered under the basic plan in case of permanent and total disability.

• Critical Illness Supplementary Takaful Benefit
  Advances the benefit covered under the basic plan in case of diagnosis of the eighteen specified critical illnesses.

• Accidental Death or Dismemberment Supplementary Takaful Benefit
  Pays out in case of death or dismemberment due to an accident, providing complete or partial benefits depending on the severity of the dismemberment.

• Waiver of Contribution Supplementary Takaful Benefit
  If you suffer an illness or disability and are unable to follow your own occupation or any other occupation suited to your knowledge, training, or educational qualifications for at least 6 months, then your contributions from the next due date will be paid by Jubilee Family Takaful.

• Family Income Benefit Supplementary Takaful Benefit
  Provides your family with secure income in the event of the life covered’s demise, ensuring they can maintain a good standard of living.

To help combat inflation, you have the option to select indexation in your membership:

• Selection of this option will automatically increase your contribution each year by a limit specified by the company.

• However, you retain the right to cancel the indexation if you wish.

You are eligible for the Jubilee Super Shield Takaful Plan if:

• You are between the ages of 18 and 65 (both inclusive).

• The available term range is 10 to 57 years, subject to a maximum age of 75 years at maturity.

The Jubilee Super Shield Takaful Plan offers a free look period of 14 days:

• You can review the plan’s terms and conditions and cancel the membership if needed.

• The contribution will be refunded if a 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:

To apply for this plan, please submit the following documents to your nearest branch:

• Attested CNIC copy

• Completed proposal form with signature

• Signed direct debit instructions

• Signed basic fact sheet

• Signed product introduction document

• Signed assessment form

• Signed sample illustration

Q. 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 cooperation, where participants contribute to a common fund to help those who need it the most. (Read more about Islamic Banking Terms.)

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.

• Claims are paid from the IFTPF.

• Surplus amounts, if any, may be distributed among the participants as per the advice of the Shariah Advisor and Appointed Actuary of the Window Takaful Operator (WTO).

Q. What is a Family Takaful Plan?

A Family Takaful Plan is an arrangement which rests on key Shariah principles of mutual cooperation, solidarity, and the 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.

Q. How will my contributions be allocated?

Your contributions made towards the Jubilee Super Shield Takaful Plan will be allocated as follows:

Q. Will there be any bonus allocation in it?

Under the 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:

Q. 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:

Q. What are Shariah Compliant Funds?

Shariah Compliant Funds comprise investments in Shariah Compliant Instruments such as Islamic Equities, Sukuk, 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), or Gharar (Uncertainty).

JLI-WTO’s Shariah Advisor

• All business operations and products of the Window Takaful Operations are approved and supervised by its independent Shariah Advisor, who is an eminent and renowned Shariah Scholar.

• An in-house Shariah Compliance Department supervises the implementation of promulgated Shariah Rulings & Guidelines pertaining to different operational and investment-related issues.

• An external Shariah Audit further certifies Shariah Compliance of the company.

Q. 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 Shariah Compliant Funds:

• Family Takaful Income Fund – focuses on providing sustainable returns with minimum risk over the medium to long term by investing in Shariah Compliant Instruments.

• Family Takaful Balanced Fund – focuses on providing competitive returns on investments with a balanced portfolio of a wide range of Shariah Compliant Instruments.

Your contributions, by default, will be allocated to the Family Takaful Income Fund of Jubilee Life Window Takaful Operations, which offers sustainable returns with minimum risk over the 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 Shariah Advisor to ensure optimized returns with manageable risk exposure under strict Shariah 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 the Jubilee Life Family Takaful website: www.jubileefamilytakaful.com

Q. Does Jubilee Super Shield Takaful Plan allow me to withdraw the accumulated value of my fund(s)?

Yes, with the 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. The option for partial withdrawal is available after completion of the first membership year and after payment of the full membership year’s 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 at 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 a lower cash value.

Q. What pricing methodology does Jubilee Life-WTO follow?

Jubilee Life-WTO follows a 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 the pricing date.

Q. What is Surplus Sharing?

The 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.

• The remaining surplus may be 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:

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.

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) 35610959
UAN: 111 111 554 | 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 the 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 a detailed understanding of the various terms and conditions.

• Please refer to the Participant Membership Document (PMD) for a 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 the 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 website for the target asset mix of the underlying fund: https://www.jubileelife.com/funds-2/fund-manager-reports/

• The Takaful Plan’s descriptive content and details available on Allied Bank Ltd website are extracted from the Takaful company’s brochure. For further details, the Takaful company may please be approached.