Mehfooz Bachat - Takaful

Savings & Protection Plan to safeguard your family’s future at a nominal amount. Based on the needs of Telenor customers, EFU Life – Window Takaful Operations provides you the best opportunity to start saving today in Mehfooz Bachat Takaful Plan – a Sharia Compliant Waqf based Takaful Plan. A plan that provides dual benefit - Sharia Complaint investment returns and ensures protection for your family.

Key Benefits of Mehfooz Bachat Takaful Plan:

The plan provide benefits to you and your loved ones, including:                   

  • Choice: You decide how much coverage you need from the range of protection multiple available. You can select an additional level of accidental protection.
  • Flexibility: If your needs change, you can request to enhance your Contribution OR coverage through indexation. It also provides flexibility to invest any surplus cash available to accelerate your savings.
  • Convenience: Start saving today with a smaller amount that is convenient to you. You can have access to your savings at any time.
  • Peace of Mind: You can take comfort and satisfaction in knowing that you have done something positive for your family’s future
  • Sharia Compliance: This is a Takaful Plan. All investments are approved by our Sharia Advisor. It also provides benefits of Surplus sharing from Waqf Fund.
Key Features of Mehfooz Bachat Takaful Plan:

1. High Value Savings Plan:

Exclusively designed for Telenor Bank customers

Provide one of the highest allocations available in the market

 

2. Top –up your savings:

The flexibility to top-up your regular contribution savings by depositing your surplus funds as lump sum Contributions in the plan. These lump sum Contributions are called “Fund Acceleration Contributions” (FAC) and can be made at commencement or at any policy anniversary.

The minimum amount for FAC payment is as low as Rs.12, 000 annually with no upper limit, and offers 100% FAC allocation

 

3. Access to your savings:

Participant has the option to withdraw fund either fully or partially at any point in time.                                    

Partial surrender is allowed subject to Rs. 20,000 remaining in the fund

 

4. Surplus Sharing:

Takaful offers a unique feature of Surplus Sharing to the Participants in addition to risk mitigation benefits. By contributing Tabarru (donation) into the Participant’s Takaful Fund (PTF), the participant may be entitled to a share of possible surplus funds. At the end of each year, EFU Life will determine the surplus in the PTF based on the method approved by the Sharia Advisor and Appointed Actuary

 

5. Customized Protection Option

Benefit payable on individual’s death can be selected from the below two options available in this plan:

Option 1: Lump Sum On death:

In the unfortunate event of death, your beneficiary will receive:

  • Greater of Sum Covered and Cash value against your Basic Plan Regular Contribution Plus
  • Cash value against your additional investment as Fund Acceleration Contribution
Option 2: Continuation Benefit:

Through continuation benefit option where In the unfortunate event of death, the payment of contribution will be made by the Waqf Fund managed by EFU Life – WTO till the maturity of the plan, so that the target fund can be achieved at maturity

 

5. Accidental Death Coverage:

Under Takaful Accidental Death and Disability Benefit Plus, your beneficiary will receive an additional lump sum benefit, in case of accidental death OR disability

 

6. Maturity Benefit:

At the end of the term, you will be receiving the Cash Value of the units applicable to the Basic Plan Contribution plus Cash Value of the units applicable to Fund Acceleration Contribution (FAC).

 

Eligibility Criteria

Enrollment Age:  Any one between ages 18 to 65 years, can obtain this policy

Term:  10 to 25 years, subject to 75 years of age at maturity

Contribution Limit: Rs. 12,000 per annum, no limit for Maximum Contribution

 

Unit Allocation

The year wise allocation of your investment is:

Policy Year

Allocation as percentage of contribution

1 60%
2 80%
3 90%*
4 and onwards 100%*

 

*Loyalty Bonus will be applicable on year 3, Year 6, Year 9 and so on

Extra Allocation (Loyalty Bonus):

For fully enforced policies, an extra allocation will be made after every three years based on the average of the previous years’ contribution prior to the years mentioned below:

Policy year Loyalty Binus Allocation
Year 3 10%
Year 6 and onwards 20%

 

Average annual regular contribution will be determined as the sum of basic regular contribution paid up to the policy year immediately prior to the year in which loyalty bonus unit allocation is to be done, divided by the total number of policy years completed at the time of bonus unit allocation

 

Charges (Wakalatul Istismar Fee):
 

Administration charge:  Rs. 30 per month (deducted annually)

Bid offer spread: 5% of the net allocable Contribution

Investment Management Charge: 0.125% per month

Allocation Charge: Year 1: 40% - Year 2: 20% - Year 3 and onwards: 0% (If loyalty bonus is applicable)

 

How to purchase this plan?

The saving plan is available for subscription through sales representatives at selected Telenor Microfinance Bank branches across the country.

  • To subscribe and for any details please call Easypaisa Helpline 3737 (for Telenor SIM card holders) OR 042-111003737 (for Non-Telenor SIM card holders)
  • Customers can also call at our 24x5 available Mobile hotline number: 0343-0003737 (excluding Saturdays and Sundays)
  • This product brochure only gives a general outline of the product features and benefits
  • This product is underwritten by EFU Life- Window takaful Operations. It is not guaranteed or insured by Telenor Bank or its affiliates and is not a Telenor Bank product. Telenor Bank is only acting as a distributor of this product
  • The investment risk of the fund is borne by policy holder.
  • The past performance of selected Growth Fund 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 EFU Life- Window takaful Operations nor Telenor Bank will incur any liability for the same.
  • A personalized illustration of benefits will be provided to you by our representative. Please prefer to the notes in the illustration for detailed understanding of the various terms and conditions.

 

Product Disclaimer:

A description of how the contract works is given in the participant membership document.

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