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111-1-(HABIB) 42242
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0800 422 42 (HABIB) 111-1-(HABIB) 42242

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(92-21)111-14-14-14

Products & Partners

HABIBMETRO offers the following Bancassurance products in collaboration with EFU Family Takaful:

Asaan Bachat Plan

Asaan Bachat Plan
Type of plan

 

 Unit linked takaful plan
Purpose

 

 Multipurpose savings plan providing Takaful coverage as well as Shariah compliant investment opportunity

 
Applicable Ages and Terms The product is available to anyone between the ages of 18 to 65 years. The minimum term of the plan is 10 years whereas the maximum term is 25 years; subject to a maximum age of 75 at maturity.

 
Basic Plan Contribution –

Minimum and Maximum limits

 

 The minimum contribution for this plan is Rs. 20,000. There is no maximum limit.
Fund Acceleration Contribution (FAC)

 

 

 In case the Participant has extra funds available, the plan provides the flexibility to channel these to the Plan and provide a boost to the savings. These lump sum contributions are called Fund Acceleration Contributions (FAC) and can be paid anytime while the policy is in-force. The minimum FAC amount is Rs. 20,000 per payment
Unit Allocation

 

 

 

 

 

 

 

 

 

 Contributions are allocated to the unit linked fund based on the following percentages:

Year Allocation as percentage of Contribution
1 35%
2 85%
3 95%
4 & 5 100%
6 to 10 103%
11 to 25 105%

FAC Allocation : 100%
Fund Contributions will be invested in the Shariah Compliant Unit Linked Fund: EFU Takaful Growth Fund.
Sum Covered This is the amount payable on death.

The Sum Covered may be selected from a range depending on the age at entry.  The Sum Covered is determined as the Basic plan annual Contribution multiplied by the “Protection Multiple” which can be selected from the following table:

Levels of Coverage
Age based on protection multiple
  Minimum Maximum
18 – 35 5 75
36 – 40 5 50
41 – 49 5 35
50 – 60 5 (70-age)
Surplus from PTF At the end of each year a surplus will distributed from the PTF, which will be shared among the participants in the form of units.
Death Benefit

 

 On death, the benefit payable is equal to

The greater of,

§  Sum covered OR the Cash Value of units allocated against basic Contribution

Plus

§  The Cash Value of units allocated against FAC.
Product Charges

 

 

 1.  Takaful Operator’s Charges (Wakalatul Istismar Fee)

 

a.   Unit Allocation charges:

These charges will be transferred to Takaful Operator’s fund as a percentage of Main Plan Contributions at the inception of the Membership as mentioned below:

Year 1 :65% Year 2 : 15% – Year 3 : 5% – Year 4 and onwards: 0%

 

b.   Other charges:

These charges will be transferred to Takaful Operator’s fund at the inception of the Membership:

Charge Amount/Rate
Administration Charges Rs. 125 per month.
Bid/Offer Spread 5% of the net contributions

 

c.   Unit Linked Fund Charges:

Charges to be transferred to Takaful Operator’s fund for managing Unit Linked Fund:

Charge Amount/Rate
Investment Management Charges 0.125% of the fund value per month
Withdrawal Charges None

 

2.   Takaful Operator’s Charges (Wakala Fee):

 

These charges will be transferred to Takaful Operator’s fund from Takaful Donations:

Charge Amount/Rate
Wakala Fee 25% of the Takaful Donations
Takaful Operator’s share in Investment income from Waqf 0%
Takaful Operator’s share in Surplus from Waqf 0%

 

3.   Participants Takaful Fund (PTF/Waqf) Charges:

An age based Takaful Donations would be charged each year depending on the Sum At Risk.

 
Withdrawal Two types of withdrawals are allowed:

a)   Permanent Withdrawal

The total cash value will be payable. This can be done anytime during the term of the policy.

b)   Partial Withdrawal

This is allowed anytime subject to Rs. 25,000 remaining in the Investment Account. Minimum amount for partial withdrawal is Rs. 20,000.
Optional Riders ·         Takaful Accidental Death Benefit

·         Takaful Accidental Death and Disability Benefit

·         Takaful Waiver of Contribution

·         Additional Term Takaful

·         Takaful Family Income Benefit

 

The contribution for optional riders is charged in addition to the basic plan contribution.

Kamyab Mustaqbil Plan

Kamyab Mustaqbil Plan
Type of plan Unit linked takaful plan
Purpose Savings plan focusing on the needs of child financial planning such as education and marriage. Provides a structured savings mechanism with takaful coverage and Shariah compliant investment opportunity.
Applicable Ages and Terms The product is available to anyone between the ages of 18 to 65 years. The minimum term of the plan is 10 years whereas the maximum term is 25 years; subject to a maximum age of 75 at maturity.

 
Basic Plan Contribution – Minimum and Maximum limits The minimum contribution for this plan is Rs. 20,000/-. There is no maximum limit.
Fund Acceleration Contribution (FAC) – Minimum and Maximum limits In case the Participant has extra funds available, the plan provides the flexibility to channel these to the Plan and provide a boost to the savings. These lump sum contributions are called Fund Acceleration Contributions (FAC) and can be paid anytime while the policy is in-force. The minimum FAC contribution is Rs. 20,000 per payment.

 
Unit Allocation

 

 

 

 

 

 Contributions are allocated to the Unit linked fund based on the following percentages:

Year Allocation as percentage of Contribution
1 35%
2 85%
3 95%
4 & 5 100%
6 to 10 103%
11 to 25 105%

FAC Allocation : 100%
Fund Contributions will be invested in the Shariah Compliant Unit Linked Fund: EFU Takaful Growth Fund.
Protection Benefit Continuation Benefit – The plan is kept in-force with the Company continuing to pay the basic plan Contribution until maturity.
Surplus from PTF At the end of each year a surplus will distributed from the PTF, which will be shared among the participant in the form of units.
Maturity Benefit Cash Value of the units allocated against the Basic Plan contribution PLUS Cash Value of the units allocated against FAC.
Product Charges 1.   Takaful Operator’s Charges (Wakalatul Istismar Fee)

a.   Unit Allocation charges:

These charges will be transferred to Takaful Operator’s fund as a percentage of Main Plan Contributions at the inception of the Membership as mentioned below:

Year 1 :65% Year 2 : 15% – Year 3 : 5% – Year 4 and onwards: 0%

b.   Other charges:

These charges will be transferred to Takaful Operator’s fund at the inception of the Membership:

Charge Amount/Rate
Administration Charges Rs. 125 per month.
Bid/Offer Spread 5% of the net contributions

 

c.   Unit Linked Fund Charges:

Charges to be transferred to Takaful Operator’s fund for managing Unit Linked Fund:

Charge Amount/Rate
Investment Management Charges 0.125% of the fund value per month
Withdrawal Charges None

 

d.   Takaful Operator’s Charges (Wakala Fee):

These charges will be transferred to Takaful Operator’s fund from Takaful Donations:

Charge Amount/Rate
Wakala Fee 25% of the Takaful Donations
Takaful Operator’s share in Investment income from Waqf 0%
Takaful Operator’s share in Surplus from Waqf 0%

 

e.   Participants Takaful Fund (PTF/Waqf) Charges:

An age based Takaful Donations would be charged each year depending on the remaining Membership term.

 
Withdrawal Two types of withdrawals are allowed:

a)   Permanent Withdrawal

The total cash value will be payable. This can be done anytime during the term of the policy.

b)   Partial Withdrawal

This is allowed anytime subject to Rs. 25,000 remaining in the Investment Account. Minimum amount for partial withdrawal is Rs. 20,000.
Optional Riders ·         Takaful Accidental Death and Disability Benefit

·         Takaful Waiver of Contribution

·         Takaful Income Benefit

The contribution for optional riders is charged in addition to the basic plan contribution.

The above is an outline of the product. The product will be governed by the detailed Terms and Conditions of the Agreement.

Optional Rider

The following Optional Rider(s) can be attached with these products to enhance the coverage level on payment of additional premium:

  • Takaful Accidental Death Benefit
  • Takaful Accidental Death and Disability Benefit
  • Takaful Waiver of Contribution
  • Additional Term Takaful
  • Takaful Family Income Benefit

The contribution for optional riders is charged in addition to the basic plan contribution.

Disclaimer:
This product is underwritten by EFU Family Takaful. It is not guaranteed or insured by Habib Metropolitan Bank.