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What are the benefits under the plan?
Upon certificate maturity, the accumulated amount in the Participant’s Investment Fund (PIF) with investment profits will be payable to the Participant.
In the event of Participant’s death within the Takaful term, all future contribution will be waived until expiry.
In the event of unfortunate demise of the Participant before maturity, all future contributions will be waived off and settled by the Participant Risk Fund (PRF). Further, the accumulated amount in the PIF will be paid to Executer / Beneficiary on maturity of the certificate.
How Does the Plan Work?
Certificate is to be taken by the child’s Parent/guardian (Participant). Participant may choose a sum covered and contribution based on his/her capability. Participant must pay the contribution regularly till end of the term. Sum covered plus accumulated profit from investments will be payable at the end of takaful term. In case of unfortunate demise of the participant during the term of the Takaful coverage, all future contribution will be waived and upon maturity sum covered with accumulated amount of investment profits will be payable to the beneficiary.
Key Features
Discounts
Illustrative Example
A 30 year old parent takes a certificate of sum covered MVR100 000.
The contribution to be paid and the benefits are as follows:
| Child’s Age | Certificate Term | Monthly Contribution |
|---|---|---|
| 0 | 18 Years | MVR 620 |
| 1 | 17 Years | MVR 660 |
| 2 | 16 Years | MVR 690 |
| 3 | 15 Years | MVR 740 |
| 4 | 14 Years | MVR 780 |
| 5 | 13 Years | MVR 840 |
| 6 | 12 Years | MVR 900 |
| 7 | 11 Years | MVR 980 |
| 8 | 10 Years | MVR 1070 |
Benefits Payable:
n the event of participant’s death within the Takaful term, all future contribution will be waived until expiry and settled by the Participants Risk Fund (PRF).
In the event of unfortunate demise of the Participant, waiver of contribution will apply, and accumulated amount in PIF will be paid on the certificate maturity date to the Executor / Beneficiary.
Upon maturity of the certificate, Participant will receive a lump sum from the accumulated amount from Participants’ Investment Account/Participants’ Fund with profits.
What are the documents required?
Profit from investment is variable and will depend on future performance of Ayady Takaful
Note: Contribution can be paid by Cash, BML’s BillPay or Bank Transfer.
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