The ‘Level Term Takaful Plan’ is a Membership designed to essentially provide a lump sum cash benefit to the Beneficiary in the event of death during the term of the plan. If the Participant dies during the term of the plan a lump sum cash benefit equal to the Face Value at that time is payable. If the Participant is alive at the end of the term the plan expires and no benefit payment is
made. However, surplus may be given to the Participant, if any, that has built up in the Participant’s Takaful Fund. Based on an application by the Participant, the Membership is issued by Pak-Qatar Family Takaful Limited and administered in accordance with the rulings of the Shariah Advisor.
The Plan consists of the Individual Family Takaful Participants’ Fund, an established Waqf governed by the Islamic concept of Waqf which will be managed by the Takaful Operator as a Wakeel.