Introduction
The children of today are the architects of tomorrow. This plan is uniquely designed to ensure their financial security. Based on Shariah principles, it provides a dual-layer of protection for both the Takaful Participant (Parent) and the Child.
Core Takaful Terminology
- Takaful Participant: The parent or guardian who joins the fund and pays contributions.
- Contribution: Periodic payments made to secure the child’s future.
- Face Value (FV): The target amount or Sum Covered for the child’s future needs.
- PIF (Participant Investment Fund): The savings component invested in Halal sectors to generate profit for the child.
- PTF (Participant Takaful Fund): The mutual risk-sharing pool used to cover the risks of death for both parent and child.
Key Benefits
- Survival Benefit: Full Face Value plus Accrued Profits are paid at maturity if both survive.
- Parent’s Death Benefit:
- Immediate Waiver of future contributions (PTF covers the rest).
- 1% of Face Value as a monthly stipend until the end of the term.
- Full Face Value and profits are paid at maturity.
- Child’s Death Benefit: If the child passes away before maturity, a percentage of the Face Value (25% to 100%) is paid based on the duration the policy was active.
Features at a Glance
- Term: 10 to 20 years.
- Minimum FV: BDT 50,000.
- Eligibility: Children (6 months–15 years); Parents (20–55 years).
- Tax Benefits: Contribution is tax-deductible; Claim is tax-free.
Child Death Period | Benefit (on face value) |
within 06 months of policy commencement | 25% of face value |
between 12 months and 24 months | 50% of face value |
between 12 months and 24 months | 70% of face value |
after 24 months | 100% of face value |