Takaful Platinum Plus

You can surrender at any time after two membership years, provided at least two full regular contributions have been received and the membership is in force or paid-up.

In the third membership year you receive the carrying value of the PIF plus the reserved amount of the face value from the PREF. From the fourth year onwards you also receive the reserved amounts of declared bonuses from the PREF and the reserved portion of any declared PTF surplus.

If you stop before completing two membership years (after the free-look period), you receive the carrying value of the PIF; the PREF reserves and any reserved PTF surplus are given to the PTF as Tabarru (donation).

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, as long as at least Rs. 50,000 or 50% of its value (whichever is higher) remains. The minimum partial withdrawal is Rs. 10,000.

• Indexation of contributions: your gross regular contributions can rise by 6% on every membership anniversary (compounded). The face value of the plan and of any additional benefits stays as it was at issue.
• Fund Acceleration Contributions: add lump sums at any time while the membership is in force. They are credited at 100% to the PIF after applicable charges. Minimum Rs. 10,000.

• Allocation charge — see the table below.
• Benefits contribution: a set amount is taken from the investment account during the 3-year contribution term for benefit payouts, and a Waqf contribution is deducted yearly over the 10-year cover to fund death benefits. Extra charges for extra mortality or occupational risk apply if relevant.
• Admin charge (Wakala fee): Rs. 1,200 a year, deducted monthly from the investment account. State Life Window Takaful may revise it when required.
• Unit allocation charge: 5% of the remaining contribution (after the allocation charge) used to buy units.
• Fund management charge (investment Wakala fee): 1.5% a year, adjusted daily in the unit price.

• State Life Window Takaful, with the Appointed Actuary and the Shariah Advisor, decides profit distribution fund by fund. Of any distributable profit — surplus in the PTF or bonus in the PREF — 97.5% goes to participants and 2.5% to the Operator Sub-Fund as the Modarib fee.
• Declared bonuses in the PREF are kept while the membership is in force and paid on death, surrender or maturity. Declared PTF surplus is stated in relation to the face value, kept in the PTF and paid on the same events.
• If there is a deficit, the Operator Sub-Fund supports the PTF and PREF with an interest-free loan (Qard-e-Hasna), repaid from future surplus as a first charge.
• The investment part is linked to Shariah-compliant assets in unit-linked funds. The participant bears the investment risk, and actual maturity or surrender values may be lower or higher than those in the benefit illustration.

• Your contribution buys units in a Shariah-compliant fund. The unit value changes daily with the fund’s performance: if the fund grows, your units are worth more; if it falls, they may be worth less. Charges such as the Waqf and admin charges are deducted before the unit value is announced, and updated prices are published regularly.
• Takaful comes from the Arabic word “Kafalah” (guarantee, looking after) and is the Islamic alternative to conventional insurance: participants donate (Tabarru) into a Waqf fund to protect each other, administered by the Window Takaful Operator as Wakeel, with claims paid from that fund and any surplus shared after approval by the Shariah Advisor and 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, qimar and gharar.
• Shariah certificate: Mufti Muhammad Hassan Kaleem, Shariah Advisor of State Life Window Takaful Operations, has certified the plan (as “Tayyab Takaful Platinum Plus”), its riders, documents, processes and Takaful fund investments 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.