Bengal Child Protection Takaful

Supplementary (Ezafi) Takaful Benefits With an additional small contribution, any or multiple of the following supplementary (Ezafi) Takaful benefits can be taken with this scheme: a.Health Takaful and b. Critical Illness Takaful

• Health Takaful
• Critical Illness Takaful

Eligibility of Takaful Participant

• Takaful Participant must be in good health.
• Takaful Participant must have regular own income.

Benefits of the scheme

• Maturity Benefit : On survival of payor: Payor will receive or on death of payor: Child will receive- (a)participant’s all contribution to the Mudaraba Fund (PIF) with accumulated profit/loss in accordance with the mudaraba principles after adjusting the earlier payment(s); Adjusted Face Value (FV-Deposited Contribution in the Mudaraba Fund) from Tabarru Fund (PTF) as per Principles of Tabarru Fund.
• Financial Benefit on Death
  • On death of payor before maturity date, payment of future contribution shall cease and the assured child will be paid
  • monthly stipend @ 1% of the face value (FV) starting from the month following such death till maturity date from the tabarru fund and
  • If the child dies, the Payor will be paid as per the schedule below:

    Policy term completed at the time of child’s death	Benefits*
    Not more than 6 months	25% of the basic face value
    More than 6 months but not exceeding 12 months	50% of the basic face value
    More than 12 months but not exceeding 24 months	75% of the basic face value
    Not more than 24 months	100% of the basic face value

• Paid-up Option : After at least two (2) years of premium payment, if the Takaful participant cease to pay regular contribution, the policy will be converted into paid-up Takaful. The participant will receive the Mudaraba amount deposited at the end of the term with profit as per the Mudaraba policy while the participant is alive or in case of death of the participant the Mudaraba share with profit (if any) and assistance from the tabarru fund excluding the mudaraba portion from the paid-up value as per the Tabarru Policy will be paid to the nominee to distribute to the heirs in accordance with the Shariah law.
• Surrender Value : If payment of contribution is ceased within the first year or payment made till 12 months term of the Takaful contract, the entire capital deposited in the Mudaraba Fund (PIF) will be transferred to the PTF as Tabarru on a unilateral promise in writing by the participant. Unlike the yearly policy, if the contract is terminated due to not paying the contribution before completion of the second year i.e. 24 months, 50% of the capital deposited in the Mudaraba Fund will be paid to the participant based on a unilateral undertaking by the participant and the balance will be transferred to the PTF as Tabarru; After full two years of payment of contribution, the participant can get all the capital deposited in the Mudaraba Fund along with accrued profit any time he applies.
• Withdrawal of Mudaraba Fund : After full two years of payment of contribution, the Takaful participant can withdraw up to 50% of his deposited Mudaraba fund showing valid reason on condition that the participant will contribute an additional 12% of this withdrawn amount to the Tabarru Fund within a maximum of three years from the date of withdrawal on the basis of a written unilateral undertaking by the participant.
• Income Tax Rebate : Income tax rebate is available on contributions made under this Takaful.