ABC PLAN FOR INDIVIDUALS

A secure and flexible Plan to ensure continuity of your child’s Higher Education even when you are not around

A good education is a foundation for success. This is why all parents want to see their children go to good educational institutions and acquire knowledge so that they may grow up into scholars, and doctors, and scientists, and engineers, and professors, and good human beings. They work extra hours and sometimes even take loans to pay the school fees and arrange for all the opportunities and the resources needed to build their children’s future careers.

Shouldering the entire future of a child upon the life of one man which may fail him at anytime is a risk all too real to be ignored or left unattended to. While loans may serve the purpose in the short-term, it nevertheless puts the parent in the worry of debt repayments later. A better and safer way to secure the continuity of your child’s education is to regularly save from your annual income with our ABC Education Takaful Plan.

The ABC Plan takes into consideration the escalating costs in tuition fees and cost of books and advises all concerned parents to start planning for their child’s higher education from today. It will be the most rewarding gift from yourself to your child that will forever be valued.

Benefits Offers Under the ABC Plan:

1. Takaful Benefits:
The ABC Plan ensures the continuity of the child’s ongoing education in case the sponsor parent passes away and multiplies savings for his/her education in future.

a. When Sponsor Parent Completes Membership:
On completion of the membership term the Net Asset Value of the PIA will be paid as lump sum or in regular installments of your choice to you.
Pak-Qatar Family Takaful Limited manages the investments on behalf of the participants on the principles of Wakalat-ul-Istismar. As the Wakeel of your savings, it is our responsibility to invest prudently and proactively and to generate Halal returns on it

b. If Sponsor Parent passes away:
If God, forbid, this was to happen, we will ensure that his child’s education is not interrupted, by:

i. Paying the Beneficiary a pre-determined regular monthly Benefit, called the Family Income Benefit, as chosen by you, which will cover education related expenses of the sponsored child;

ii. Paying all the outstanding Contributions from the Waqf Fund and into the Participant’s Investment Account (PIA) in order to sponsor the child’s higher education needs the way it was planned by his/her parents, even when they are not around.

c. If Sponsored Child passes away:
If, God forbid, your child, for whose benefit the Plan is secured, passes away, you may continue your ABC Plan Membership for the benefit of another child, or for the benefit of all your family members (without naming a child), or if you don’t feel the need for the Plan, you can simply withdraw it permanently.

2. Withdrawal Options
Although not advisable, but as a member of the ABC Education Plan, you are entitled to make withdrawals from your Participant’s Investment Account (PIA). There are two types of withdrawal options:

a. Permanent Withdrawals
You can withdraw the entire Cash Value at any time before your membership expires. This however will discontinue your membership. The Cash Value is equal to the Net Asset Value of the total number of Units allocated to your Investment Account. No penalty fee for early discontinuation is charged.

b. Partial Withdrawals
You can make partial withdrawals from the PIA on an ad-hoc or on regular basis which can be monthly, quarterly, half-yearly or yearly. If you decide to partially withdraw on an ad-hoc basic, no additional charges will be levied for the first four withdrawals per membership year.
Partial withdrawals are allowed after completion of one year of membership. The Residual Value of PIA should be at least Rs. 25,000 or 20% of the value of PIA when withdrawing. The minimum Partial withdrawal is Rs. 15,000 respectively.