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Bancatakaful - Vaqar

Takaful Vaqar Plan offers you the option of selecting from a range of Shariah Compliant investment strategies that not only provide ease in choosing avenues for your financial objectives, but also peace of mind at all times by keeping you at ease that your loved ones will always have their head held high at all times

Features

  • Minimum Contribution amount option of PKR 1,000,000/-
  • Biannually and yearly-Contribution payment options
  • Free look up period of 14 days allowing you to review your Plan terms & conditions and cancel the Plan, if necessary

Benefits

  • Death benefit: Unfortunate demise of Plan holder, allows the nominated beneficiaries to receive the sum assured or accumulated cash value of the funds (whichever is higher)
  • Maturity benefit: Upon successful completion of the chosen term, you will receive the total amount of funds for the accumulated cash value of funds

Takaful Vaqar gives you the liberty to choose from various additional & optional protection benefits depending on your goals and financial capability
Choose from the various additional & optional protection benefits depending on your goals and financial capability​

Additional benefits

Automatic cover maintenance: In case of non-payment of the Contribution after two years, eligibility for the life protection cover will remain, provided that the plan’s cash value is sufficient to pay for charges made against the Plan
Ad hoc (Top-up Contribution): To invest additional contributions in your plan in any given year, add them on top of your existing Contribution amount to enhance your cash value
Partial Withdrawal: The funds that have been contributed in the form of Contributions (Regular, as well as Top-Up), along with the accumulated amount over time under this plan, can be withdrawn at any time, barring first membership year. This may be subject to a minimum amount withdrawn and a minimum amount of cash value remaining after the withdrawal. Despite partial withdrawals, you will continue to receive the Takaful cover although your sum covered may be reduced by the amount of partial withdrawals
Surplus Sharing: Takaful Vaqar Plan not only provides sharing of risks, but also offers Surplus sharing, a unique feature provided to the participants. By contributing an amount (Donation) as Tabarru, the participant is entitled to possible Surplus sharing from the Waqf Fund. If at the end of the stated period, any excess amount is left after paying off claims and other costs, it is utilized for the following purposes:

  • A portion of the fund would be set aside to strengthen the Waqf Fund for future excessive claims;
  • Remaining surplus may by distributed among the participants, on a fair and equitable basis

In any case the Surplus would not belong to the Window Takaful Operator and would always be used for the benefit of the pool/or the public at large

Optional Benefits

Family Income Supplementary Takaful Benefit: In case of an untimely death of the account holder, additional regular income will be paid for a specified period to the immediate family
Accidental Death Supplementary Takaful benefit: For extra protection against accidental death, an additional amount will be paid under this benefit
Accidental death or dismemberment: An additional amount to be paid in case of death and dismemberment caused by an accident

Contribution Allocation

The Contribution allocated to unit account is provided in the table below:​

Unit Allocation
Unit Allocation
Bonus Allocation
Bonus Allocation
Year 1
60%
Year 5
3%
Year 2
90%
Year 7
7%
Year 3 and Onwards
95%
Year 10
15%
.
.
Year 15
20%
.
.
Year 20
25%
.
.
Year 25
30%

Application Procedure

To apply for this plan, please provide the following documents

  • Eligibility from 18-65 years of age
  • Attested CNIC copy required
  • Completed proposal form with signature
  • Signed direct debit instructions
  • Signed basic fact sheet
  • Signed product introduction document
  • Signed assessment form
  • Signed sample illustration signed

Service Fee

Allocation Fee: Amount of Regular Basic Contributions not allocated to the PIA.
Investment Management Fee: 1.5% p.a. of the Net Asset Value in PIA.
Admin Fee: Rs. 165 per month.
Takaful Contribution: Takaful contribution shall be deducted as filed with the SECP from PIA and credited to IFTPF for the benefit covered to be paid from IFTPF.
Wakalah Fee From IFPTF: 40% of each Takaful Contribution for Benefit Covered under the Supplementary Takaful Benefit documents. 25% of each Takaful Contribution for Benefits covered under Participants Membership Document.
Switching Fee: Rs. 500 per Switch if more than four (4) are availed in a Membership Year
Mudarib Share: The Window Takaful operator (Mudarib) will be entitled to 40% of the Investment Income earned by IFPTF (Rabb ul Maal) on the basis of Mudarabah
Investment Management Fee:1.5% p.a. of the Net Asset Value in PIA.
Switching Fee: Rs. 500 per Switch if more than four (4) are availed in a Membership Year
Mudarib Share: The Window Takaful operator (Mudarib) will be entitled to 40% of the Investment Income earned by IFPTF (Rabb ul Maal) on the basis of Mudarabah

*All charges can be revised by the Jubilee Life Protection


“HBL Bancassurance products are managed by Jubilee Life Insurance and distributed by HBL“.
For further details contact Jubilee Life Protection advisors at HBL branches or call: (021) 111 111 554, SMS: *JUBILEELIFE* to 8398

HBL Vaqar Plan (English).pdf  
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HBL Vaqar Plan (Urdu).pdf  
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