SHANDAR PRODUCT

SHANDAR PRODUCT



Product Highlights

A unit linked product that accumulates contribution in Participant Investment Account (PIA) for multiple needs.

TARGET MARKET Need
For Business, Salaried Class and Corporate Customers This product provides Shariah compliant financial protection and investment vehicle to accumulate savings.

BASIC FEATURES DESCRIPTION
Entry Age 18 – 65 years.
Term of Contribution 10 - 40 years.
Term of Cover Minimum Term: 10 Years
Maximum Term: 40 Years, or {75 (minus) Age at Entry}, whichever is less.
*Payment & Coverage Term are independent.
Maximum Entry Age 65 years
Maximum Maturity Age 75 years
Cover Multiple Minimum Cover Multiple: 5
Maximum Cover Multiple: Equal to Payment Term (Subject to underwriting and availability of sufficient contribution to PTF).
Sum Cover from Waqf For Basic Takaful Cover, the Sum Cover = Cover Multiple (x) Basic Contribution.
Maturity Benefit (a) Participant’s Investment Account Value (PIA) Plus
(b) Distributable Surplus from Waqf, if any
Termination/Surrender of Certificate The certificate can be surrendered anytime by the participant, in case of surrender, the following benefits will be payable;
(a) Participant’s Investment Account Value (PIA)Plus
(b) Distributable Surplus from Waqf, if any
Death Benefit In case of the Death of the Participant, following will be payable,
(a) Sum Cover from Waqf or Participant’s Investment Account (PIA) Value (whichever is higher). Plus
(b) Distributable Surplus from Waqf, if any.
The participant will be the owner of PIA value, in case of death in early years where PIA value is less than Sum Cover, the Total Death benefit payable will be equal to sum cover.
Partial Withdrawal Partial withdrawals can be made anytime during the coverage term.
Minimum Withdrawal is at least PKR 10,000.
Minimum Balance after withdrawal must be at least 100,000 or 20% of pre-withdrawal value.
Processing fee PKR 500 (subject to revision from time to time).
Surplus Distribution Mechanism Distributable surplus from Waqf is paid according to following schedule:
YEARS PERCENTAGE PAID
1-4 0%
5-9 80%
10+ 95%
At Maturity (If greater than 10) 100%
Available Funds 3 Funds are available:
Aggressive Fund,
Income Fund, &
Balanced Fund
Participants can choose Investment Fund(s) based on their risk tolerance.
Fee Details 3 Funds are available:
Units will be allocated at the prevailing offer price.
1.5% Tharawat Fee per annum on the Net Asset Value of PIA.
20% Mudarib Share per annum of the investment income in Waqf (PTF).
35% Wakala will be charged from annual PTF contributions.
Certificate processing Fee is Rs.2400 per annum (this includes stamp duties, levies etc.), which will be charged as per payment mode. The Certificate Fee will be increased by an average of 8% each year.
ANF Option Automatic Non-Forfeiture (ANF) Options available are:
Paid Up
Takaful Extension
Fund Switching Option Fund Switching Option is available. One free switching per year and thereafter, a processing fee of PKR. 500 will be charged.
Unit Allocations
YEARS UNIT ALLOCATION PERCENTAGES
1 onwards 100%*
* Units will be allocated after deduction of Certificate fee, Bid-offer and Tabarru charges.
Loyalty Reward On continuing plan for a period of at least 3 years, participants will be entitled to the following additional allocation benefits.
YEARS REWARDS PERCENTAGES
1-3 0%
4-5 3%
6th year onwards 5%
Loyalty reward is payable on above mentioned percentages of annual basic contribution as extra contribution allocation to Participant’s Investment Account (PIA). Loyalty rewards will be payable from SHF.
Additional Riders Accidental Death Benefit (ADB)
Family Income Benefit (FIB)
Funeral Expense Benefit (FEB
Family Protection Benefit (FPB
Critical Illness (CI)
Minimum Annual Contribution PKR 500,000 per annum
Maximum Annual Contribution No Limit
MODE AMOUNT (PKR)
Half-Yearly 250,000
Yearly 500,000
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