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Bengal Pension Takaful
This Takaful Pension Plan guarantees to the pensioner a care-free peaceful retired life. This scheme shall never allow to cease your income as long as you survive. Besides, it guarantees ten years of pension to the beneficiary of the policy if the participant dies soon after the pension resumes. May Allah forbid, if the takaful holder dies within the policy term 10 times of the face value will be paid to the heirs to distribute among the heirs in accordance with the Islamic Shariah Law. This Takaful plan is a shariah compliant halal mudaraba scheme. All the fund grows under this plan is free from Riba (interest) and purified in accordance with Islamic Shariah law.
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 : | Minimum 10 years. The Takaful term will be the difference between the age at commencement of pension and the entry age at commencement of the policy. |
| Takaful Amount/Face Value : | Any amount but not less than BDT 24,000 |
| Mode of payment : | Yearly, Half-yearly, Quarterly or Monthly installments |
| Takaful Term : | (a) Entry age: 20 to 50 years, (b) Maturity age: 55 to 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: a.Health Takaful and b. Critical Illness Takaful
- 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 : On survival of the participant till maturity, pension will be paid in monthly instalments as long as the participant survives. Pension is guaranteed for ten years to the nominee in case of death of pensioner before ten years of pension period. The above benefits will be paid from the mudaraba fund according to its principle. a.Participant, if willing, also can waive future support by accepting 50% cash value of pension..
- Financial Benefit on Death : : The nominee will receive – a)Participant’s all contribution to the Mudaraba Fund (PIF) with accumulated profit/loss in accordance with the Mudaraba Principles till death; b)Adjusted Face Value (FV-Deposited Contribution in the Mudaraba Fund) from Tabarru as per Principles of Tabarru Fund
- 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.
- 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.