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Bengal Contribution Back Takaful
This Takaful plan is a shariah compliant mudaraba scheme. It offers considerably low contribution rate allowing anyone can afford this policy. It provides attractive return in accordance with the principles of mudaraba. Allah forbid - if the takaful participant dies anytime within the policy term before maturity, financial assistance will be provided from the tabarru fund to the nominee in accordance with shariah guideline.
This Family Takaful plan is a shariah compliant savings plan. At maturity this Takaful plan offers mudaraba sum with accrued profit grown over the policy term. The fund grows under this plan is free from Riba (interest) and al-gharar (Uncertainty).
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Plan Features, Terms and Conditions of the scheme
| Takaful Term : | 10, 15 and 20 years. |
| Takaful Amount/Face Value : | Any amount but not less than BDT 100,000/- (One Lakh) and grater than BDT 1000/- (One Thousand) Taka only. |
| Mode of payment : | Yearly, Half-yearly, Quarterly or Monthly installments |
| Takaful Term : | (a) Entry age: 18 years to 55 years, (b) Maturity age: Not exceeding 60 years. |
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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:
- PDAB – Accidental Death and Dismemberment Benefit
- DIAB – Double Accidental Death Benefit
- Health Takaful
- Critical Illness Takaful
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Eligibility of Takaful Participant
- Takaful Participant must be in good health.
- Takaful Participant must have regular own income.
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Benefits of the scheme
- Maturity Benefit : At maturity the participant will be entitled to all the mudaraba amount deposited into the PIA with profit/loss as per mudaraba policy.
- Financial Benefit on Death : Subject to takaful being in force, on the death of the participant, all the money deposited in the mudaraba account up to the date of death will be paid to his nominee for distribution among the heirs in accordance with the Shariah, along with the profit as per the principles of Mudaraba. Also, financial assistance will be provided from the tabarru Fund to his nominee for distribution among the heirs according to Shariah as per tabarru policy, excluding the amount deposited in the Mudaraba Fund (including previously withdrawn amount, if any from the 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 sum 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.