JS Taleem Takaful
JS Taleem Takaful is an education plan ensuring and protecting the continuity of your child’s education for a brighter future, resulting in a rewarding gift from yourself to your child. The plan takes into consideration of escalating tuition fees and advises you, as a concerned parent, to start planning your child’s higher education from today. JS Taleem Takaful plan is underwritten by Pak-Qatar Family Takaful Ltd.
What is Takaful?
Takaful is an Islamic way of safeguarding yourself and your family against future financial losses. Takaful is a community pooling system based on the principles of brotherhood and mutual help, wherein participants contribute in a fund to help those who need it most in times of financial difficulties. In practice, Takaful serves as a Halal risk-mitigation tool.
Features of JS Taleem Takaful
Ensuring higher education through savings: As parents, you can regularly contribute your savings to build JS Taleem Takaful plan, which by the time the term ends, accumulates into a considerable sum of money, ensuring higher education planned for your children. The JS Taleem Takaful plan ensures the continuity of the child’s ongoing education in case the sponsor parent passes away and multiplies savings for his/her education in future.
When Sponsor Parent Completes Membership:On completion of the membership term the Net Asset Value of the Participant Investment Fund (PIF) will be paid as lump sum or in regular instalments of your choice to you.
If Sponsor Parent Passes Away:
- Beneficiary is entitled to regular monthly benefit from Family Income Benefit.
- Payment of all outstanding contributions from the Waqf Fund into the PIF, in order to sponsor the child’s higher education needs, the way it was planned.
- At the end of the term, a lump sum amount would be made available to cover the cost of higher education.
If Sponsored Child Passes Away:The plan can be continued for the benefit of another child or you can simply withdraw the funds permanently.
Additional Benefits of JS Taleem Takaful
- Takaful Accidental Death & Dismemberment
- Takaful Permanent Total Disability-Sickness
- Takaful Waiver of Contribution
- Takaful Hospital Daily Allowance
- Takaful Critical Illness
- Takaful Accidental Death Benefit
- Takaful Additional Term
The minimum basic plan contribution for the JS Taleem Takaful is Rs. 25,000 per annum.
Funds Management & Strategy
The task of investing funds in Shariah approved andfinancially viable businesses is carried out by a team of investment specialists at Pak-Qatar Family Takaful Limited.
Funds Withdrawal Opportunity
Although not advisable, but as a member of the JS Taleem Takaful Plan, you are entitled to make withdrawals from your Participant’s Investment Fund (PIF). Your options are as follows:
- Full withdrawals.
- Partial withdrawals: Minimum withdrawal of Rs. 15,000 from PIF on an ad-hoc or on regular basis which can be monthly, quarterly, half-yearly & yearly. Upon withdrawal, the Residual Value of PIF should be at least Rs. 25,000 or 20% of the value of PIF., whichever is higher.
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 maturity age of the participant is 85 years.
- The contributions received with respect to the Takaful Policies are invested by Pak-Qatar Family Takaful Limited (the insurer) as per the laid down terms and conditions.
- This Takaful product is underwritten by Pak-Qatar Family Takaful Ltd. It is not guaranteed by JS Bank Limited or its affiliates and is not a JS Bank product.
- Growth in the value of the participant’s contributions depends on the performance of the fund.
- Pak-Qatar Family Takaful Limited (the insurer) is registered and supervised by Securities and Exchange Commission of Pakistan (SECP) and JS Bank Limited (the corporate agent) is regulated by State Bank of Pakistan.
- All investments made in the fund are subject to market risks. The past performance of the fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the fund and neither Pak-Qatar Family Takaful Ltd nor JS Bank Limited (the corporate agent) will incur any liability for the same.
- A personalized illustration of benefits will be provided to the participant by the JS Bank Limited sales representative. Please refer to the notes in the illustration for detailed understanding of various relevant terms and conditions.
- Service charges and taxes will be applicable as per the Bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.
- JS Bank Limited reserves the right to levy such additional charges as may be required, to facilitate the making of contribution in the plan, in the event that the arrangement between JS Bank Limited and Pak-Qatar Family Takaful Limited is discontinued.