Group

Group Takaful Products

These are Takaful Ta'awuni products where many participants are grouped under one contract. These products provide for a death and total permanent disability cover determined by the relationship between the contract holder and the participants as explained below:

1)Group Loan Repayment Plan

The Takaful Ta'awuni Group Loan Repayment Plan is designed to repay outstanding loans/leases/financing upon death or total permanent disability of the Borrower/Leesee.

Benefits to Employer/Company

• Raises esteem of company when covered by Islamic Insurance.

• Eliminates bad debts and write-offs of Loans, Leases and Installment Sales.

• Guarantees that financing/leasing will be repaid upon death or total permanent disablity of Borrower/Leesee.

• Avoids expense and time of repossessing Assets upon default.

• Protects company's Principal and Profit in asset financing and leasing.

2)Group Retirement Plan

The Takaful Ta'awuni Group Retirement Plan enables the employer to provide its employees with retirement benefits,in form of either a lump sum payment at retirement, or a lump sum used to purchase an annuity,i.e. monthly,quaterly,half yearly,yearly income during employee's retirement.Upon maturity of the plan, the benefit payable is the final maturity value in the investment plan.

Benefits to Employer/Company

• Powerful Incentive to reward and to retain Key Employees.

• Depending upon employer/company, the Group Retirement Plan can be designed to be Contributory or Non Contributory.

• Depending upon employer/company, Plan can have a flexible period of "Vesting" whereby ownership of retirement benefits passes from employer to employee. If an employee resigns prior to retirement,either no benefits, or a proportion of the accumulated saving could be paid to employee with balance returned to the company/employer.

• Reduced employee turn-over and saving for company in less training costs, less down time, less disruption to staff productivity.

• Staff loyalty is enhanced resulting in better retention of key staff.

• Added Financial Incentive/Reward for Key Employees.

• Encourages higher Productivity from Key Employees.

• Expands the company's Compensation Package and Benefits to be more competitive.

• Enhanced Benefits can help attract better talent from job market.

3)Group Term Protection Plan

The Takaful Ta'awuni Group Term Protection Plan is level risk protection coverage that protects employees in the event of death or disabilty, so that a multitude of that employee's yearly salary can be paid to his family or dependants to ease their financial burden in a sad time of loss.This multiple is typically two or three times annual salary in the year of death.Minimum protection is 12 months salary or SR 50,000, whichever is greater. Maximum level of protection is five (5) to eight (8) times annual salary, depending upon underwriting considerations.

The Plan is sponsered by the employer/company on a yearly renewable contract.Additional Riders are available for coverage of Total and Permanent Disablity; Permanent and Partial Disability.

Benefits to Employer/Company

• Shows Caring attitude towards employees.

• Peace of mind for employees.

• Added Financial Security for employees and family.

• Reduced Employee Turnover and Saving for company in less training costs, less down time, less disruption to staff productivity.

• Staff loyalty is enhanced resulting in better retention of staff.

• Happier staff means higher Productivity.

• Better compensation package with Takaful Benefits helps attract qualified staff.

• Many employees do not accept coverage on a conventional insurance basis;Takaful coverage would raise the esteem employees have for their employer.

• Avoids Lump Sum Payment by employer/company from its own funds to deceased employees family (typical moral obligation)

• Enhances Image of employer/company in local community.

4)Key Man Protection Plan

The Takaful Ta'awuni Key Man Protection Plan is term protection coverage on Key management staff or technical personnel critical to operations of an employer/company in order to protect the interests and the core business of the comapany.

Benefits to Employer/Company

• Protects primary Partners in business from serious losses due to death of a Key Owner or Personnel.

• Provides payment of benefits to a company to assist in finding a replacement or temporary staff for the job performed by deceased worker.

• Covers any financial obligation from Key Employee to company (i.e Executive Loans etc)

• Reduces downtime and lost productivity that weakens business effectiveness.

• Resource for the business to compensate beneficiaries of deceased where it is agreed that upon death the owner's shares will be bought out (buy-sell agreement).

How can a Corporation participate ?

Bank Aljazira's Takaful Ta'awuni Program welcomes all members of the community in Saudi Arabia, locals and expatriates.

Takaful Ta'awuni Plan can be customized to meet the needs of your group or corporation, based upon the benefits it wishes to provide to its members or employees.

To know more about our Takaful Ta'awuni Program, please contact us to speak with a Corporate or Group Specialist who will be pleased to meet with your company to conduct and formulate a needs assessment, plan a Corporate Agenda of actions, and jointly develop a Takaful solution for your company that could be carried out to satisfy your needs and requirements.