AL-ISTIDAD PLAN
(A FAMILY TAKAFUL PLAN)

“Verily, it is better for you to leave your offspring (heirs) wealthy than

to leave them poor asking others for help”.. “The one who looks after

and works for a widow and for a poor person is like a warrior fighting

for Allah’s cause…”

- Prophet Mohammed (PBUH)

- (Hadith by Sahih al-Bukhari, as narrated by Amir bin Saad bin Abi Waqqas)

Key Features

–Flexible contributions;

–Long-term financial programme to facilitate the creation of personal savings and retirement fund;

–Returns on investment based on the Islamic concept of al-Mudharabah;

–Flexible maturity period;

–Additional cover for hospitalization benefits, personal accident, permanent disability and family income;

–Tax relief on contributions;

–Takaful instalments not forfeited in the event of cancellation;

–Part-withdrawal allowed

–A simple and transparent plan

•Eligibility

–Anyone between the ages of 18 and 55;

–

•Maturity Period

–10 years 15 years

–20 years 25 years

–30 years 35 years

–40 years

•Minimum Contribution

–As low as N1,000.00 (One Thousand Naira) per month

•Supplementary Cover

–Permanent Total Disability

–Personal Accident

–Hospitalization Benefits

–Family Income Benefits

•Mode of Payment

–Cash or Cheque;

–Bank standing instruction;

–Salary deduction

•Distribution of Contribution

–A major proportion of the contribution will be credited into the Participant’s Account (PA) as savings;

–The balance will be credited into the Participants’ Special Accounts (PSA) as “tabarru” for

–the payment of death benefits.

•Payment of Benefits

–On Maturity

•The total amount in the Participant’s Account plus profit sharing

•The net surplus allocated to the Participants’ Special Account based on the last actuarial valuation.

•On Death

•The total amount in the Participant’s Account plus profit sharing;

•The total future contributions payable from the date of death to maturity date of the Plan under the PSA

•On Surrender

•Payment of the amount in the Participant’s Account plus profit sharing.