salary savings plan r12 web - dawoodtakaful.com

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FINANCIAL PROTECTION & SAVING PLAN FOR ENTERPRISES

Salary Savings

What is Takaful?

Takaful is an Islamic Insurance concept which is grounded in Islamic muamalat, observing the rules and regulations of Islamic law.

Takaful is basically a system of Islamic insurance based on the principle of Ta’awun (mutual assistance) and Tabarru (voluntary

contribution), where the risk is shared collectively by the group” The word Takaful is derived from the Arabic verb Kafala,

which means to guarantee; to take care of one’s needs.

Difference between Takaful and Conventional Insurance:

In conventional insurance, risk is transferred from one party to another. By taking out an insurance

policy, an individual essentially is asking the insurance company to accept the complete

risk in exchange for accepting an ongoing premium from the insured.

But with takaful, the risk is shared among the members of the fund: If an event

occurs that causes harm or damage to one member, all members bear the

brunt of that event and contribute to overcoming it.

Takaful members cooperate based on equality, solidarity,

social responsibility, and honesty.

Dawood Family Takaful Ltd.

Dawood Family Takaful ("DFT") was incorporated in Pakistan as an unquoted public interest company on 4th May 2007 under the Companies Ordinance, 1984. DFT is amongst pioneers in the field of Family Takaful business in Pakistan. At “DFT” we have a vision to aspire to be the preferred provider of Islamic financial protection services. As a member of First Dawood Group of Companies, Dawood Family Takaful is strongly capitalized to ensure our ability to timely meet the promises to our customers, and to offer assurance of reliability to our business partners.

About

Death BenefitDeath benefit will be payable on death (God Forbid) of the participant during the certificate term.

Partial/Withdrawal of CertificateYou may Surrender or Partial Withdraw from accumulated PIA Value at any time during the certificate term.

Maturity BenefitMaturity benefit will be payable on completion of the certificate term.

OwnershipEmployee where contribution is paid by employee, otherwise employer through assignment.

Participant can choose to enhance their contribution

by 5% to 10% annually

Indexation

Participant can annuitize the

maturity proceeds in the form of

annuity.

Annuity Option

Accumulated PIA Value, PLUS

Surplus from Waqf, if any

Surrender of

Certificate

Accumulated PIA Value, PLUS

Surplus from Waqf, if any

MaturityBenefit

You may ask for partial withdrawal

from your PIA Value, subject to minimum

residual balance.

Partial Withdrawal

Sum Cover, PLUSAccumulated Cash

Value, PLUSSurplus Distribu-

ted, if any

DeathBenefit

PLAN BENEFITS & KEY FEATURES

FINANCIAL PROTECTION & SAVING PLAN FOR ENTERPRISES

Salary Savings

Salary Savings Takaful Plan

Minimum Contribution

Term & Eligibility

Features of Salary Savings Plan at a Glance

Sum Cover Limits

Financial Protection & Saving Plan for enterprises

Salary Savings Plan is best suited for small and medium sized enterprises desire to facilitate their employees with an opportunity to grow savings, plan retirement and get financial protection in accordance with the Shariah principles.

This is designed to help you plan your future financial needs. It is a Shariah compliant investment and financial protection vehicle which can secure your future financial wellbeing.

Numberof Employees

Minimum Maximum

Entry Age

Maturity Age

Certificate Term

55 years

70 years

30 years or up to 70 years of age

18 years

28 years

No Limit10 Employees

10 years

Quarterly 3,000Monthly 1,000

Yearly 5,000Half Yearly 4,000

Minimum

Maximum

5 times annual contribution OR PKR 100,000.

Cover multiple times annual contribution

111 DFT (338) [email protected] www.dawoodtakaful.com

Projection of Benefits

Accidental Death Benefit (ADB)Accidental Death / Disability Benefit (ADDB)Critical Illness Benefit (CI)Funeral Expense Benefit (FEB)

Optional Supplementary RidersBelow mentioned and any newly introduced rider can be attached to your investment plan, including the following:

Entry Age

Annual Contribution (Rs.)

Sum Cover (Rs.)

Certificate Term

Contribution Payment Term

Maturity at Age

Maturity Benefit at 08%



Death Benefit at 08%



35 Years

100,000

1 Million

20 Years

20 Years

55 Years

3.14 Million

3.93 Million

4.93 Million

4.14 Million

4.93 Million

5.93 Million

Family Income Benefit (FIB)Family Protection Benefit (FPB)Total Permanent Disablement (TPD)Waiver of Contribution (WOC)Hospitalization Cash Rider (HCR)Shareek e Zindagi Rider (SZR)

Salary Savings Takaful PlanFinancial Protection & Saving Plan for enterprises


Investment RiskInvestment risk shall be borne by the participants; actual maturity/withdrawal values may be higher or lower than the projected figures, depending on the performance of the underlying investment in the participant’s investment fund. Past performance of the fund is indicative and not necessarily a guide or a guarantee of future performance.

Investment Management Fee (Wakala Tharawat Fee)1.5% per annum of PIA Value

Partial Withdrawal FeePKR 300/- per withdrawal

Free Look PeriodCertificate can be cancelled within 14 days of issuance and refund of contribution subject to deduction of medical fee, if any.

Salary Savings Takaful PlanFinancial Protection & Saving Plan for enterprises


UNIVERSAL FEATURES

Disclaimer:This brochure is an outline summary of the “SALARY SAVINGS PLAN”. Please read carefully and understand the basic features of the Takaful Benefit(s) and particularly with the risks related to your choice of investments. Before deciding to participate you should discuss with our Takaful Consultant for best advice.

The contents herein are the intellectual rights of Dawood Family Takaful Limited. In the event of discrepancy, ambiguity and conflict in the interpreting any information, terms or conditions in the brochure, the Participant Membership Documents shall prevail and supersede. Publication or duplication is strictly prohibited.

Waqf SurplusSurplus in the Waqf fund, if any will be distributed among the participants based on approved mechanism.

Shariah Board MembersMufti Munib-Ur-Rehman - ChiarmanMufti Syed Sabir Hussain - MemberMufti Syed Zahid Siraj - Member

Top-Up ContributionAdditional Investment into the PIA is allowed at any time

Shariah Compliant

Tax CreditYou can avail Tax Credit up to 20% of your taxable income by participating in any of the family takaful plan offered by the Dawood Family Takaful.

Investment OptionsParticipant can allocate the PIA amount in these Shariahmanaged funds,

Riba Free Investment GrowthShariah Compliant Financial Protection

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Income Fund, Balanced Fund, Aggressive Fund

*Fund switching is available

[email protected]

1701-A, Saima Trade Towers,I.I. Chundrigar Road, Karachi

�

(+9221) 32277188�

For more Information SMS: 8144�

(021) 111 DFT(338) 786

www.dawoodtakaful.com

DawoodFamilyTakafulOfficial