SAMAR PRODUCT

SAMAR PRODUCT



CHILD EDUCATION & MARRIAGE PLANS

MAKE YOUR DREAM COME TRUE. GET SAMAR PLAN TO MEET YOUR CHILD’S EDUCATION / MARRIAGE EXPENSES.

Samar is a unique Shariah Compliant plan which accumulates funds for your child’s Education / Marriage and at the same time provides your family the protection in case of an unforeseen event.

START SAVING TODAY FOR A SECURE TOMORROW

Investment

You may decide your regular Contributions subject to minimum amount. This amount will be used to purchase investment Units in our SHARIAH managed funds of your choice; Growth Fund, Income Fund or Balanced Fund. You will have access to your funds including any profits which can be redeemed either through partial withdrawal, surrender, in the event of claim, or survival at maturity. The fund value may fluctuate based on underlying performance and not guaranteed.

Protection

The Waqf provides financial compensation in case of DEATH in consideration of your Tabarru’ (donation) to the Waqf fund, based on compensation desired. You can enhance the benefit by attaching optional riders subject to additional payment of Tabarru’.

PRODUCT FEATURES

View basic features and descriptions below:

Basic Features Description
Entry Age 18 – 55 years.
Minimum Contribution
Mode Amount
Semi Annual PKR 10,000/-
Annually PKR 15,000/-
Maximum Contribution No Limit.
Term of Contribution 10 to 40 years.
Maturity Age At the expiry of Term or at age 65 years, whichever earlier.
Sum Cover for Accidental Death Contribution Term x Annual Contribution
Benefits on Death of the Participant Plan Continuation Benefit
Annual Contribution will continue to be paid by DFTL WAQF on behalf of the Participant. At the end of the Certificate Term, following will be payable:
  • Accumulated Net PIA Value.
  • Surplus from the WAQF, if any.
Family Income Benefit
Annual benefit equal to the basic plan contribution will be paid to the beneficiary from the date of death up to the maturity.
In case of Accidental death
Immediate payment of additional amount equal to the sum cover for Accidental Death.
Benefits at Maturity Net PIA value available at Maturity
Surplus from the Waqf Fund, if any.
Free Look Period Certificate can be cancelled within fourteen (14) days of issuance and refund of Contribution subject to deduction of medical fees, if any.
Contribution Re-direction The choices of Investment Funds into which the Contributions are invested can be changed at any time.
Changes to take effect from next Contribution payment.
Top Up Contribution Additional investment into the PIA is allowed at any time.
The Units shall be allocated at the prevailing offer price.
Fund Switching Units may be switched from one Fund to another at anytime.
The minimum value of Units that may be switched is PKR 20,000 or the entire Units holding in that Fund(s), whichever is lower.
One free switching per year, thereafter a fee of PKR 300 will be applicable.
Change in Contribution Contribution can be changed subject to minimum amount.
Changes to take effect from next Certificate anniversary date.
PIA Fund Management Fee
(Wakala Tharawat Fee)
1.50% per annum of PIA Fund Value.
Partial Withdrawal (from PIA) Partial withdrawal can be made at any time.
Minimum withdrawal at least PKR 10,000.
Minimum balance after withdrawal must be at least PKR 30,000 or 20% of pre-withdrawal value, whichever is higher.
Withdrawal fee PKR 300.
Surrender of Certificate Surrender can be made at any time.
The balance in PIA, if any, shall be payable.
Surplus from Waqf, if any, shall be payable.
Supplementary Riders
(Optional)
Family Protection Benefit (FPB)
Critical Illness (CI)
Funeral Expense Benefit (FEB)
Additional Takaful Benefit (ATB)
Waiver of Contribution (WOC)
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