Pak-Qatar Regular Takaful & Savings Plan (Kafalah)

Together for the future

You wish to provide the best lifestyle for your family and protect them against any unforeseen events. You wish to meet your financial commitments with ease and flexibility while not compromising on the quality of life that you wish to afford for your family. To meet your financial planning needs while providing you peace of mind, Pak-Qatar Family Takaful Limited, offers Pak-Qatar Regular Takaful & Savings Plan (G6) distributed through your Bank. A BancaTakaful plan allows you to save and invest in a Shariah compliant (Islamic) manner while enjoying a significant level of family takaful coverage.

Allocation of Investment:

In this Plan, you have the following investment strategies to choose from:

*You also have the freedom of switching between the above-mentioned investments strategies for free up to 4 times in a year.

Unit Allocation:

Key Benefits:

• Secure your long-term financial goals; such as children’s education, marriage, retirement planning and/or personal travel.
• Significant level of family Takaful coverage.
• Flexible contribution payment term which allows you to save on a regular basis, while having a choice to select an investment mechanism that suits your risk appetite.
• Regular contributions invested in a diversified portfolio of Islamic investment avenues ranging from Sukuks to Islamic Mutual Fund.
• Lump sum payment upon maturity.
• Management of your investments by professional fund managers.
• Bonus allocation of 5% at payment of Regular Contribution starting from 6th Year.
• Bonus allocation of 1% at payment of Additional Lump Sum contribution.
• Maturity Bonus.
• Additional Benefits: Terminal Illness Benefit, Hajj Benefit, Accidental Death (ADB), Family Income Benefit (FIB) etc.

Free-Look Period:

The Participant can cancel the Membership within fourteen (14) days of the receipt of the Participant's Membership Document (PMD) by the Participant. In case of cancellation during this free look period (subject to Terms and Conditions), paid contribution is refundable.

Policy Eligibility:

This plan is available to all Bank customers from 18 to 70 years of age. Since it is a long-term investment & Takaful product, the minimum duration of the plan is 10 years.

Payment Modes:

• Annually
• Semi-Annually
• Quarterly
• Monthly

Charges:

In addition to reduced allocation in initial years, following charges would apply on the plan:

• Bid / Offer Spread: 5%
• Acquisition Fee:
  • Year 1: 50% of Regular Contribution
  • Year 2: 30% of Regular Contribution
  • Year 3 & Onwards: Nil
• Monthly Membership Administration Fee: A monthly Membership Administration Fee payable at the beginning of each month. The fee amount depends on the size of the annualized Regular Contribution and is mentioned in the Illustration document provided to the Participant.
• Investment Management Charges: 1.5% p.a. of Net Asset Value deducted at every pricing.
• Stamp Duty: PKR 1.2 per thousand of the Face Value is charged at the time of issuance of PMD as chargeable under Stamp Act 1899 (Sindh Province)
• Fund Switching Fee: After 4 fund switches in any year, Takaful Operator / Wakeel reserves the right to impose a switch charge which shall not exceed PKR 1,000 per switch.
• Statement Fee: PKR 500 is payable for additional statements requested by the Participant.
• Wakala Fee: 20% of Takaful donation is deducted as Wakala Fee each month to cover the expenses of underwriting, administration and general management of the Individual Family Takaful Participants’ Fund.

*All charges are reviewable by the Takaful Operator.

Apply for Pak-Qatar Regular Takaful & Savings today

For further details please contact our Bancassurance Sales Manager / Officer, at one of the selected MCB Bank Branches or call 111-000-622.

For brochure kindly refer to: https://www.pakqatar.com.pk/family/bancatakaful/products/

Note

• MCB Bank Limited is acting as a distributor of Pak-Qatar Regular Takaful & Savings Plan on behalf of Pak-Qatar Family Takaful Limited, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.
• Pak-Qatar Family Takaful Limited is registered and supervised by Securities and Exchange Commission of Pakistan.
• All applications are processed and approved by Pak-Qatar Family Takaful Limited, as per their underwriting guidelines. MCB Bank Limited is not responsible for the processing and approval of these applications in any way, whatsoever.
• The aforementioned only provides an introduction to the benefits available under the policy. A detailed description of how the contract works is given in the ‘Terms and Conditions’, which will be provided after the customer(s) avail the service.