Takaful (التكافل) is an age old Islamic concept of mutual help & support blended with modern concepts of Actuarial Science, Underwriting and Investment under the supervision of Sharia’h Advisor. Takaful is Sharia’h compliant way of supporting each other in case of Death, Disability or Disease.
Takaful Asasah
| Eligible Enrollment Age | 18 – 65 Years |
| Membership Term | Minimum 10 years and maximum up to 85 years |
| Minimum Basic Premium | PKR 25,000 |
| Top- up Payment | Facility Available – If participant wants to invest additional funds into PIA, he or she may top-up the regular contribution by depositing a lump sum contribution to the plan without any additional Sum Covered from Waqf. |
| Contribution Payment Mode | Direct Debit from Summit Bank account |
| Partial Withdrawal | Cash withdrawal option from PIA is available from the first year subject to terms and conditions. |
| Contribution Surrender | All units available in PIA can be redeeming anytime. (processing fee will be charged) |
| Choice of Takaful Investment Strategies | Make your own mix (Switching Facility Available) |
| Non-Medical Limit | PKR 10 Million up to age of 45 years |
| Loyalty Bonus | Payable at the end of every 5 Years |
| Death Benefit | Basic Sum Covered OR Participant Investment Account Value (PIA) (whichever Is Higher) |
| Maturity Benefit | On completion of the membership term, the available Participant’s Investment Account (PIA) value along with the account value of Top-Up amount (If Any) will be payable to the participant. The Accumulated value in PIA can be taken as a lump sum; or applied to take life-time pension commencing from the maturity date or taken partly in cash and the balance applied to take pension. |
| Additional Benefits | Waiver of Contribution – Disability Additional Protection Benefit |
Disclaimer:
“The product is underwritten by IGI Life Takaful etc. It is not guaranteed or insured by Summit Bank.”