Takaful Golden Endowment

Allowed after two membership years, provided at least two full regular contributions have been received. You can withdraw from the carrying value of your Participant Investment Account (PIEA), as long as at least Rs. 50,000 or 50% of the PIEA value (whichever is higher) remains. The minimum partial withdrawal is Rs. 10,000.

You can surrender the membership once at least two full years’ regular contributions have been received.

In the third membership year you receive the carrying value of the PIEA plus the reserve value of the sum covered on the date of the request. From the fourth membership year onwards you receive the carrying value of the PIEA plus the reserve values of the sum covered and of declared bonuses.

• Indexation of contributions: your regular contributions can rise by 6% on every membership anniversary (compounded). The sum covered, including any additional benefits, stays the same.
• Fund Acceleration Contributions: add lump sums at any time while the membership is in force to boost your savings. They are credited to the PIEA after applicable charges. Minimum Rs. 10,000.

• Allocation charge — see the table below.
• Golden Endowment Waqf contribution: deducted monthly from the PIEA. Extra charges for extra mortality or occupational risk apply if relevant.
• Admin charge (Wakala fee): Rs. 1,200 a year, deducted monthly from the PIEA. State Life Window Takaful may revise it when required.
• Unit allocation charge: 5% of the portion of the contribution used to buy units.
• Fund management charge (investment Wakala fee): 1.5% a year on the Participant Investment Endowment Fund, adjusted daily in the unit price.

• If the Participants’ Takaful Fund has a distributable surplus, 97.5% is distributed to participants as bonuses and 2.5% goes to the Operator Sub-Fund as the Modarib fee.
• If there is a deficit, the Operator Sub-Fund supports the Participants’ Takaful Fund with an interest-free loan (Qard-e-Hasna), repaid from future surplus as a first charge.
• The investment part is linked to a balanced fund with medium risk. The participant bears the investment risk, and actual maturity or surrender values may be lower or higher than projected.

• Takaful comes from the Arabic word “Kafalah” (guarantee, looking after). It is a cooperative risk-sharing arrangement used as the Islamic alternative to conventional insurance, based on mutual cooperation and brotherhood.
• Participants pay a contribution as a donation (Tabarru) into a Waqf fund to protect each other. As Wakeel (agent), the Window Takaful Operator administers it as the Individual Family Participant Takaful Fund (IFPTF), and claims are paid from it. Any surplus may be distributed to participants after approval by the Shariah Advisor and the appointed Actuary.
• Money is invested only in Shariah-compliant instruments — Islamic equities, Sukuk, Islamic term certificates, Islamic mutual funds and placements with Islamic banks — free of riba (interest), qimar (gambling) and gharar (uncertainty).
• Shariah certificate: Mufti Muhammad Hassan Kaleem, Shariah Adviser of State Life Window Takaful Operations, has certified the plan, its riders, documents, processes and the investment of all Takaful funds as Shariah-compliant under the Wakalah–Waqf model.
• The brochure only introduces the benefits available under the plan. A detailed description of how the contract works is given in the Terms & Conditions attached to the Participant Membership Document (PMD), provided after the certificate is issued.