Investment Takaful

Investment Takaful Plan is designed to enable you build a fund to support you in your old age or before your retirement. It can also be used to provide for family’s needs in the event of your untimely death. Investment Takaful Plan’s key benefit is to provide financial security for you and your loved ones.

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.
Death Benefit:
In the event of the unfortunate death of the Participant before maturity, the sum covered along with the accumulated amount available in the PIF with investment profits will be paid to the beneficiary.

How does the plan work?

Participants may choose a sum covered and contribution based on his/her capacity. Participants must pay the contribution regularly till the end of the term. Sum Covered plus accumulated profit from the investment will be payable at the end of takaful term to the Participant.

In case the Participant dies in an unforeseen event, the Sum Covered and accumulated profit from the investment will be paid to the beneficiary.

Additional benefits available under the plan

By paying an additional contribution the Participant can avail of the following Rider Benefits:
Total Permanent Disability (TPD):
The benefit is payable in an event where the Participant suffers permanent disability due to an accident prior to the expiration of coverage. The Sum Covered shall be payable upon the occurrence of such a situation as per the Takaful contract.
Critical Illness Rider:
The benefit is payable in the event where the Participant is diagnosed of a critical illness prior to the expiration of coverage. The Sum Covered shall be payable upon the first occurrence of one of the specified illnesses in the Takaful contract.
Above benefits are limited to a maximum of MVR 500,000 each.

Key Features

Minimum Term of Cover: 5 Years
Maximum Maturity Age: 65 Years
Takaful Term (depending on Participant’s age): 05 – 55 Years
Minimum Sum Covered: MVR 50,000

Discounts

Discount for Contribution Mode
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 20 year old person takes a certificate of sum covered MVR100,000.
The contribution to be paid and the benefits are as follows:
Takaful Term (Years)Monthly Contribution (MVR)
15730
20570
25470
30400
35350
40310
45280

Benefits Payable:

Maturity Benefits
Upon certificate maturity, accumulated amount in the Participant's Investment Fund (PIF) with investment profits will be payable to the Participant.
Death Benefit
In the event of unfortunate death of the Participant before maturity, the Sum Covered along with the accumulated amount available in the PIF will be paid to the beneficiary.
Profit on investment is variable and will depend on future performance of Ayady Takaful

What are the documents required?

ID cards copy of the Participant and Beneficiary(ies)
3 months contributions (in monthly certificates)
Medical report (if required)
Note: Contribution can be paid by Cash, BML’s BillPay or Bank Transfer.

Related Documents

Application Form