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Home > INDIVIDUAL TAKAFUL > Salary Savings Takaful Plan

Salary Savings Takaful Plan

This is a unit-linked investment and savings plan designed for salaried or self-employed individual, wishing to secure their retirement through accumulating funds in their working life time. The nature of benefits offered under this plan is similar to our existing Share ‘n Care Savings Takaful.

Salary Saving Plan allows you to save and invest in a Shariah compliant way, whilst enjoying a significant level of Family Takaful Coverage. All regular contributions paid during the tenure of the plan are used to ensure two things:

1) Death Benefit

Beneficiaries will receive a death benefit equal to a maximum of Face Value or Cash Value upon death of the participant, any time during the term of the plan.

2) Maturity Benefit

At maturity, the participant will receive the cash value in his/her investment account.

  • Salary Saving Plan is a high allocation savings/retirement plan. It is specially designed for employees who can mobilize medium size and easily manageable contributions in a timely manner.
  • In the Salary Saving Plan, the employer may deduct contributions from the employees’ monthly salaries and pay the total amount through a single cheque, and may use this plan as a fringe benefit for his employees. The employee can also finance the plan from his provident fund.

Benefits Offered Under Salary Savings Takaful

In an event of Participant’s death during membership term:

The basic plan offers the option of lump sum or periodic payments if, God forbid, any participant passes away during the term of his/her membership. The amount paid is called the Face Amount which depends on the term and the contribution level selected. If, however, the Cash Value is higher than the Face Value, then the Cash Value is paid.

Supplementary Takaful Benefits:

Participants can customize the level of financial protection according to their needs by adjusting the amounts of contribution to the Waqf Fund: 1. Accidental Death and Dismemberment 2. Family Income Benefit 3. Waiver of Contribution 4. Hospital Daily Allowance 5. Critical illness 6. Accidental Death Benefit 7. Permanent Total Disability

Investment Management:

Pak-Qatar Family Takaful has set up three investment fund strategies. In each Fund a different investment strategy is being followed depending upon the participant’s risk-reward appetite. You have the option to switch between these strategies at any time during the year without any charges for up to 3 switches a year.

Fund (Strategy) Potential Reward
Conservative Low Risks and Steady Growth
Balanced Balanced Risks and Balanced Growth
Aggressive High Risks and High Returns

Assumed Particulars:

1. Up to 10 years of your salary replacements in case of death

2. Double amount payable (optional) i.e. up to 20 years of your salary replacements in case of accidental death

3. Monthly deductions directly from your salary at source

4. Partial withdrawals from Fund Value are allowed. First 4 Partial Withdrawals are free in a year

6. Tax Credit: Taxes are excruciating either if you are a salaried individual or self-employed. You can save a considerable amount from your income tax if you invest in the Salary Saving Plan.

7. Tax free returns i.e. No withholding tax

8. Charge Free Modal payment options; annual, semi-annual, quarterly and monthly payments

10. Contribution indexation (of 5%, 10% & 15%) options for inflation protection and to reflect salary increments

11. Takaful coverage indexation (of 5%, 10% & 15%) options to make sure inflation does not diminish value of death benefit

12. Contribution Top-up (single contribution payment) option at any time during policy term to strengthen your Cash Value with an allocation fee of only 5%.

13. This plan could be used to fund your retirement benefit, child marriage and child education.

Age 30 years
Retirement Age 60 years
Policy Term 30 Years
Gross Monthly Salary 100,000
Monthly Contribution 10,000
Fund Strategy Balanced: 100%
Annual increase in Contribution & Face Value (Indexation) 5%
Expected growth rate 9%

Benefits Payable:

On Maturity (Completion of Term) Rs. 20,919,522
On Natural Loss of Life 2,400,000 (minimum)
On Accidental Loss of life 4,800,000 (minimum)

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