100,000 +
Families Covered
1 Billion
Corporate Claims Paid in last 5 Years
Basic Benefit
Under Group Credit Takaful, each borrower of the Participant is covered
for the outstanding balance of financing. The compensation payable to the Participant
is the scheduled outstanding amount as on the date of death of the borrower.
Plan Suitability
This plan is suitable for banks, financial institutions, and corporates which provide
financing facilities for house building, purchase of conveyance, household items, or
for any other financing purposes.
It provides financial security to lending institutions against the risk of untimely
death of an indebted borrower, relieving the creditor from recovery hassles and
avoiding financial hardship for the bereaved family.
Admissible Ages and Terms
Minimum Entry Age: 18 Years
Maximum Entry Age: 64 Years
Minimum and Maximum Sum Covered
Minimum: Outstanding loan balance at the time of entry.
Maximum: Subject to company underwriting limits.
Benefits Payable on Death During Coverage
In the event of death of the covered person during the coverage period, the
Sum Covered (Outstanding Loan Balance) will be payable to the
employer / participant.
Accidental Disability Benefit
Under Accidental Disability if any person covered sustains bodily injuries effected solely through external, violent and purely accidental means, and within ninety (90) days after such injuries are incurred, shall suffer losses, compensation will be paid to the Participant for the benefit of the person covered as per the following schedules.
Permanent Total Disability
If a covered member sustains bodily injuries and suffers losses which are ‘permanent and total’ the following compensation will be paid to the Participant for the benefit of the covered member
Loss of both hands or amputation at higher sides – 100%
Loss of hand and foot – 100%
Double amputation through leg or thigh – 100%
Loss of eyesight preventing essential work – 100%
Very severe facial disfigurement – 100%
Natural Disability Benefit
Under Natural Disability if any person covered, suffers ‘permanent total disability’ due to natural causes which renders such person incapable of performing his duties and being gainfully employed otherwise, the full sum covered will be paid to the Participant for the benefit of the covered member.