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Investment The theme for each product is that the takaful cover is to provide for a target savings amount at a future date and to also provide protection for the possibility that the participant does not survive the term of the savings contract. |
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Under this plan the participant contracts to contribute a monthly amount under a Retirement Takaful Plan. The term of the plan will be the difference between the targeted retirement age and his current age. The death benefit under this plan will reflect the various options available to the client (i.e. escalating, level or reducing) and the value of his accumulated savings under the plan at the date of death. Ladies Flexible Savings Plan It is appreciated that ladies could have certain targeted savings at particular points in their lifetime. For example, to provide for their children's education. This product is basically the same as the Retirement Plan in its features but is repackaged to appeal to the female population. Ladies Single Contribution Plan This is the Ladies Plan above but where the contribution is a single lump sum. Under this plan death benefit choices will be available. Capital Plan This is a regular savings plan where the executive chooses a certain level of death cover (which remains unchanged over the period) and fixes the annual contribution over a chosen term. This product has been designed to compete with similar mutual funds/conventional insurance combinations available in KSA . Capital Plan This is the Single Premium version of the previous plan. As with the ladies single premium plan the death cover is equal to the single lump sum contribution. The participant determines the term of the plan. Education Plan This plan will be marketed as a savings plan for the breadwinner of the family for his children's university education. Based on a targeted savings amount at the point of time the child is expected to attain university entry age, a monthly contribution is determined. The benefit on death or disability will be premium waiver for the balance of the contract period Marriage Plan This plan is identical to the Education Plan except that the target expense here is the expected marriage expenses of the child and the maturity age is the expected age at marriage of the child. This is a plan to save towards a Waqf contribution. The proceeds of this plan will go to the selected charities chosen from a list provided by the Shariah Advisory Council of BAJ and administered by the same. Term With Return of Contribution Plan Under this plan the contribution to the takaful plan is returned to the participant if he survives the term of the contract. On death during that period the contracted level death benefit is payable. |
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