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Under this variation of the preceding plan, the contribution to the takaful plan is not returned to the participant if he survives the term of the contract. On death during that period the contracted level death benefit will be payable. Keyman Takaful (Risk Only) The bank disburses significant amounts of loans to businesses for working capital and the purchase of capital goods. These businesses are usually controlled and/or run by certain key individuals. Under Keyman Takaful these individuals are covered for an amount equal to the loan taken up, over the duration of the loan. On death or total permanent disability during this period an amount equal to the loan taken up is payable. This amount is then available to repay the loan from the Bank thus protecting the partners in the business, the deceased's immediate family and the Bank. Decreasing Term (Risk Only) This variation of level term pays a decreasing level of cover throughout the contract period, allowing for a high level of cover at inception reducing to zero at contract maturity. Increasing Premium/Limited Payment (Risk Only) Commonly known as a "low start premium " plan, it allows an individual to take a high level of cover at a low initial premium with the premium increasing throughout the term of the contract but ceasing a number of years prior to the cover under the contract terminating. |
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