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Samar is a unit linked product that provides financial protection and accumulates contribution in Participant Investment Account (PIA) for child’s educational & marriage expenses.
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 is 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.
The Tabarru’ payment is from your PIA fund through cancellation of investment Units.
You can enhance the benefit by attaching optional riders subject to additional payment of Tabarru’.
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Basic Features |
Descriptions |
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Entry Age |
18 – 55 years. |
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Minimum Contribution |
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Mode |
Amount |
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Monthly |
PKR 10,000 |
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Quarterly |
PKR 10,000 |
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Semi Annual |
PKR 10,000 |
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Annually |
PKR 15,000 | |
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Maximum Contribution |
No Limit. |
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Term of Contribution |
10 to 40 years. |
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Maturity Age |
At the expiry of Term or at age 65 years whichever comes earlier. |
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Sum Cover for Accidental Death |
Contribution Term x Annual Contribution |
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Maximum Sum Cover |
Contribution Term x Annual Contribution. (Subject to underwriting.) |
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Benefits on Death of the Participant
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 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 Contribution Term x Annual Contribution. |
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Benefits at Maturity |
Net PIA value available at Maturity
Surplus from the Waqf Fund, if any |
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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. |
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Top Up Contribution |
Additional investment into the PIA is allowed at any time.
Units allocated at prevailing Offer Price |
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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 shall be charged. |
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Change in Contribution |
Contribution can be changed subject to minimum amount.
Changes to take effect from next Certificate anniversary date. |
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Change in Sum Cover |
Sum Cover can be changed subject to Minimum/Maximum limits.
Changes exceeding Non-Medical Limit subject to underwriting.
Changes to take effect from next Certificate anniversary date. |
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Wakala Thrawat Fee |
1.50% per annum of PIA Fund Value. |
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Partial Withdrawal (from PIA) |
Partial withdrawal can be made at any time after two (2) years.
Minimum withdrawal at least PKR 10,000.
Minimum balance at least PKR 30,000 or 20% of pre-withdrawal value whichever is higher.
Withdrawal fee PKR 300. |
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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 |
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Supplementary Riders (Optional) |
Family Protection Benefit (FPB)
Critical Illness (CI)
Total & Permanent Disablement (TPD)
Funeral Expense Benefit (FEB)
Additional Takaful Benefit (ATB) |
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