Child Education Takaful

Increasing cost is a major obstacle in pursuing higher studies. Hence, a good savings plan to fund education would be a wise move for your child’s future.

What are the benefits under the plan?

Maturity Benefit:
Upon certificate maturity, the accumulated amount in the Participant’s Investment Fund (PIF) with investment profits will be payable to the Participant.
Waiver of Contribution
In the event of Participant’s death within the Takaful term, all future contribution will be waived until expiry.
Death Benefit:
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

Age at Entry (Child): 0 – 10 Years
Takaful Certificate Term (depending on age at entry of child): 8 – 18 Years
Minimum Sum Covered: MVR 50,000


Yearly 2%
Half Yearly 1%
Discount for Sum Covered
MVR 150,000 to MVR 249,999 – 0.1%
MVR 250,000 and above – 0.2%

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 AgeCertificate TermMonthly Contribution
018 YearsMVR 620
117 YearsMVR 660
216 YearsMVR 690
315 YearsMVR 740
414 YearsMVR 780
513 YearsMVR 840
612 YearsMVR 900
711 YearsMVR 980
810 YearsMVR 1070

Benefits Payable:

Waiver of Contribution
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).
Death Benefit
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.
Maturity Benefits
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?

ID cards copy of the Participant (parent), Executor and Beneficiary
3 months contributions (in monthly certificates)
Medical report (if 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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Related Documents

Application Form