Bancatakaful
Kafeel
Family Takaful Plan
Secure your future without compromising your faith

We understand that the security and well being of your loved ones is your top priority. Keeping your comfort in mind, RBS Islamic Division offers you a specialized plan that helps plan for your tomorrow, today. It protects your future against any financial or life threatening eventualities that may befall upon you or your family, while safeguarding your faith at the same time."

Presenting “Kafeel” - Family Takaful Plan

RBS Islamic Division has tied up with Dawood Family Takaful Limited (DFTL) to bring to you “Kafeel” Plan that offers access to Shariah Compliant investments with an additional advantage of Takaful* cover to protect you and your family’s future.

“Kafeel”-Family Takaful Plan allows you to accumulate your savings for the future and ensures that funds are available for you and your family whenever needed.

“Kafeel” is a Shariah Compliant protection and Investment Plan that not only provides you and your loved ones a comfortable standard of living but financial protection as well in case of natural / accidental death, disablements and injuries to the Participant.

*Takaful-(Islamic Insurance)

Who is the underwriter of the “Kafeel” - Family Takaful Plan?
Dawood Family Takaful Limited (DFTL) is the Underwriter for this plan. DFTL is amongst the pioneers in the field of Takaful, having the highest Paid Up capital in Takaful companies in Pakistan. DFTL believes in delivering the promise of innovative and unmatched service to its valued customers.

What makes “Kafeel” an Islamic Plan?
This plan is created with the Shariah approved concept of Family Takaful and the associated processes have been approved by a Shariah Advisory Committee comprising of a group of respected scholars of international repute. This status can be verified from SECP’s website as well.

Why should I avail the “Kafeel” Plan?
“Kafeel” Plan is especially designed keeping in mind that different individuals have different needs, which change over time. This plan helps you meet all your investment and protection requirements and provides you with an opportunity to invest your money where it grows (from halal sources) much quicker than your expenses.

How are the contributions invested?
Any contributions made by the Participant of this plan will be invested in one of the two or both funds mentioned below, as per the choice of fund(s) you choose.

• Income Fund-Majority of the Investment in selected Islamic debit securities.
• Balanced Fund-Majority of the Investment in Shariah-approved equity related securities.
  

What are the benefits payable under this Plan?

Maturity Benefit
Upon maturity of the “Kafeel“ Plan the Participant will receive an amount accumulated in his Personal Investment Account (PIA), and distributable surplus from WAQF*, in lump sum by the Takaful Operator.

*WAQF - (Fund established by the Takaful Operator, for the purpose of managing the Participant’s risk related contribution pool)

Death Benefit
In case of the demise of the Participant during the term of the plan, Sum Covered* or amount accumulated in the PIA (which ever is higher) will be paid to the beneficiary of the deceased.

*Sum Covered - (an amount payable upon the death of the Paticipant. Sum Cover during this year shall be 110% of the annual basic contribution amount.)

How can you protect your future while enjoying better returns?
This plan allows a bigger portion of your account to be utilized for investment purposes as well.

How are the funds allocated in this Plan?

Illustration of Benefits:
For better understanding of benefits paid under “Kafeel” Plan, please refer to the following sample illustration:

*In case the Participant wishes to go through a medical evaluation, the sum covered can be increased, in the above example to PKR 3,500,000.

In case the Participant outlives the term of the plan, the projected accumulated cash value will be:

• 6% p.a. unit growth = PKR 7,959,189
• 8% p.a. unit growth = PKR 11,602,422
• 10% p.a. unit growth = PKR 18,015,633
  

In case of death in the 5th policy year, benefit payable will be:

• PKR 2,000,000 or (accumulated cash value amount -which ever is higher)

Eligibility Criteria:

• The Participant must be an RBS customer.
• In addition to the above, the following criteria must be met in order to avail this plan:

*Subject to maturity at the age of 75 Years.

What is the frequency of the contribution?
“Kafeel” Plan offers you the flexibility to choose your mode of contributions whether Monthly, Quarterly, Semi-annually or Annually.

Will my investment be professionally managed?
Yes, your contribution will be invested in Shariah Compliant Funds, which are managed by expert investment managers, to ensure optimized return with manageable risk exposure. Investments in this fund are being regulated under the Securities and Exchange Commission of Pakistan under Insurance Ordinance 2000 and Takaful Rules 2005.

Can I make a lump sum contribution other than my regular contributions?
Yes, this plan is a long-term regular savings plan where you have to make pre-defined regular contributions. However, in addition to the regular contributions, you can top up your regular investments by making top up contribution payments. Top up contributions will be allocated at 100% in your cash value.

Can I increase or decrease the regular contributions?
Yes. The Participant has the option of increasing or decreasing the regular contributions into the plan, subject to the Takaful Operator’s approval.

Can I withdraw my funds from this Plan when I need them?
Yes. The funds can be withdrawn from the Participant Investment Value if and when required (after the Free look period*). A minimum amount as determined by the Dawood Family Takaful needs to be kept in order for the Certificate to be active.

*Free look period - (A period of 14 days, from the date of issue, during which you may terminate your contract and receive a refund of your first contribution).

Is my Capital protected?
Providing any sort of capital guarantee is Non-Shariah Compliant, hence “Kafeel” Plan does not provide any such commitment.

What are the charges applicable to this Plan?
The following charges* are applicable on this plan:

• Bid - Offer* spread up to a maximum of 5% for PIA Units
  *Bid-Offer- Price on a particular day at which the Takaful Operator is willing to cancel the units.
• Wakala Tharawat Fee (fund management fee) at 1.50% p.a.of PIA Value
• Mudarib Share - 10% of profit on Shariah Compliant Investments, payable to the Takaful Operator (if there is no profit, then no share)
• Wakala Fee of 65%, 20%, 10% and 2% in 1st, 2nd, 3rd and 4th Year and onward respectively

*All charges are reviewable by the Takaful Operator.

All guarantees mentioned in this brochure are backed by Dawood Family Takaful Limited and the Bank is not liable for the performance of Dawood Family Takaful Limited on this part.

Disclaimer:
The applicant / buyer of this product fully agrees and understands that the Bank shall under no circumstances whatsoever, be responsible nor shall the Bank be held liable to the representation and/or undertaking made by Dawood Family Takaful Limited in relation of this family takaful product and/or any benefit arising out of it. Should the applicant / buyer proceed to subscribing to this family takaful product, he / she shall do so on a voluntary basis at his / her sole risk and the Bank will have no responsibility or liability whatsoever in respect of any disputes and / or claims arising as a consequence of the investment performance of the fund comprising of contributions from the applicant/buyer and/or for any other reason whatsoever. The cash value/ account value and benefits shown assume that contributions are paid in full when due and no withdrawals have been made from participant’s cash value / account value.

Apply now by simply calling 111-06-06-06 and our Relationship Manager will get in touch with you promptly.
For any queries on RBS Islamic Banking and Finance please feel free to schedule a meeting with our Islamic Banking team by calling your Relationship Manager at 111-11-71-72.
You may also call our Customer Interaction Centre at 111-06-06-06.