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Askari Life Barkat Takaful Plan

Askari Life Barkat Takaful Plan

Financial planning is about preparing today for the goals you wish to achieve tomorrow. To live a comfortable and worry-free life, having the right amount of savings at the right time plays a vital role in turning your aspirations into reality.

Askari Life Barkat Takaful Plan is a limited pay Universal Life Family Takaful Plan designed to help you build financial stability for the future. With increasing regular cash payouts, the plan supports your ongoing financial needs while also providing protection against unforeseen events.

The plan features a shorter contribution period along with the flexibility to choose payment and coverage terms according to your budget and savings goals. With Askari Life Barkat Takaful Plan, you can confidently plan ahead for long-term financial security and peace of mind.

Family Takaful is based on Islamic principles where participants mutually support one another by contributing to a WAQF fund. This structure promotes shared responsibility and cooperation while ensuring compliance with Shariah guidelines and interest-free protection.

This Universal Life Family Takaful certificate invests your contributions through Shariah-compliant Islamic financial instruments throughout the certificate term. Profits are credited monthly to the Participant’s Investment Account (PIA), with returns linked to asset performance, allowing your savings to grow steadily over time.
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Key Features
Shariah Compliant Investment Package
Askari Life - Window Takaful Operations has designed a Shariah compliant Family Takaful Certificate that ensures the fulfillment of your changing needs at each life cycle. This family Takaful Certificate provides a long term investment and protection plan with low but shared risks according to the Shariah guidelines. You can be at any stage of your life and find this plan to be understanding of your needs because of its low risk profile and high returns due to the nature of its term.
Flexible Contribution and Coverage term
With Askari Life Barkat Takaful Plan you can design the future you want for yourself! It provides you the flexibility to personalize your plan according to your own goals and family’s unique lifestyle. It provides you the option to customize your own plan, by choosing the savings amount, savings period and coverage period, to best suit your affordability, commitment level and needs., you can also opt from various optional add-ons with the help of our certified financial advisor, who will add more benefit to your certificate.
Moreover, the fund structure offers a wide range of investment in; Upto 100% in Sukuks, Upto 50% in KMI 30 Equities,Upto 30% in Islamic TFCs, Upto 50% in Mutual Funds, Upto 30% in Real Estate and Upto 100% in Islamic Bank /Term Deposits.
Free Hajj Coverage
Our Family Takaful protection ensures the security of the person covered on their walk in the name of God. In case of any unforeseen instance that result in the demise of a the person covered which occurs due to any accident during Hajj, Askari Life- Window Takaful Operations will provide Rs. 2.5 million as coverage to the beneficiary(ies) of the certificate.
Additional Investment Option (Top-Up)
This feature provides additional flexibility to your existing plan. If you have any additional funds available at any stage, you can place them as investment under Askari Life Barkat Takaful Plan during the course of the certificate term that will further enhance your cash value. Many people use this option to make yearly contribution payment by placing additional investment as top-up with their certificate. The minimum amount you can top up your certificate with is Rs. 10,000/- which will be allocated at a 101%.
Protection Multiple (Cover Multiple)
A sudden unforeseen event can affect many connected lives. In that case financial security for your family is of utmost priority. With Askari Life Barkat Takaful Plan, you can ensure desired financial security for your family. You can fix a significant lump sum amount as much as you anticipate from the available maximum cover that would be enough to meet your future financial needs.

Basic Features

How well your future may be planned? Your protection along with your loved ones protection is priceless! Our Family Takaful Protection benefit ensures the financial safety of you and your family in cases of unfortunate events. The Certificate pays the beneficiary(ies) an amount equal to the PIA Cash Value or Sum Covered whichever is higher.

Family Takaful coverage is more than just a safety net for you and your family! The Family Takaful Certificate’s maturity benefit ensures that you receive the amount of your Participant’s Investment Account (PIA) cash value at the completion of your certificate term, allowing you to fulfil all those bigger dreams that you had been putting on hold.

With the benefit of Partial Withdrawals, you can withdraw up to 50% of the net cash surrender value of your PIA provided you maintain a minimum net cash surrender value of Rs. 10,000/- only! With this benefit, your money is never bound and can be accessed with a minimal charge of Rs. 500/-.

Family Takaful Certificate is a long-time commitment towards your goal to provide desired financial security and prosperity to yourself and your loved ones. However, in case you realize that you are not satisfied with the product offering, you need not to worry, as Askari Life-Window Takaful Operations offer a free look period where you can cancel the Certificate within 14 days of the receipt of Participant’s Membership Documents (PMD) and get a 100% refund of contribution.

It’s an unfortunate fact that the money we have is worth a little less every day in this uprising economy. As rising inflation erodes our savings bit by bit, we need a plan to keep our savings intact. Askari Life Barkat Takaful Plan offers this unique feature dedicated to combat inflation with just 5% increment in the contribution every year.

In addition to risk mitigation benefits, Takaful offers a unique feature of Surplus sharing to the Participants. Surplus in the Waqf, if any, shall be determined on individual participant basis at the end of each financial year, after maintaining necessary reserves as per the advice of appointed Actuary and Shari’ah Adviser. The distributable surplus will be allocated to the PIA as per defined manner to the eligible Participants.

Certificate Terms

Minimum Cover Term Maximum Cover Term Minimum Paying Term Maximum Paying Term
5 Years Up to age 70 5 Years 5 Years

As you continue the certificate towards its full term, your Participant’s Investment Account (P.I.A) will be credited with a proportion of Basic contribution that you pay. The proportions allocated to your PIA cash Value will be as follows:


Certificate Year % of Basic Contribution Allocated to Participant's Investment Account (PIA) Surrender Charges as % of PIA Value
1 60% Nil
2 90% Nil
3rd year onwards 100% Nil

Start your path towards financial prosperity with our Exclusive Advance Bonus feature.
Safeguard your future by consistently investing in your certificate, and experience how the bonus enhances your financial profile. This unique reward is not only immediate but also continues to thrive, being allocated to you in the fifth year as a testament to your dedication.


Contribution Year % of Initial Basic Contribution Allocated to Participant's Investment Account (PIA)
1 20%

Certificate Fee
The monthly certificate fee is PKR 200/- only, which will increase by 10% annually.
Investment Management Charges
1.75 % p.a of the account value to be deducted monthly
Contribution Expense
5% of Contribution expense will be deducted from every Contribution
Wakala Fee
Year % of Total Contribution
1 40%
2 10%
3 year onwards 0%
Partial/Full Surrender Processing Fee
Nominal fee of Rs. 500/- will be charged upon Partial Withdrawal/ Full Surrender
Mudarib’s Share
30% on investment return of the WAQF
Additional Optional Benefits
Apart from standard applicable benefits such as protection and investment, Askari Life Barkat Takaful Plan also offers you additional benefits, and the liberty to choose from various optional benefits, based on your goals and financial capabilities subject to additional Waqf Donation.

Education Solution

School Fee Waiver

Education is a privilege that most of us have been blessed with, which becomes a treasure for the one’s mind. Understanding the importance of education, Askari Life- Window Takaful Operations ensure that in case of unforeseen circumstances, your children will never be deprived of this privilege with this exclusive School fee Waiver benefit covering every month’s school fee (upto Rs.100,000/- per month). It also provides you the flexibility to choose the cover term as per your need.

Health Protection Solution

Hospitalization Coverage

Leading a healthy lifestyle in the modern high-stress routines is challenging. Medical emergencies can arise without any intimation. At such times, treatment costs can put a huge financial burden on families. Such huge payments can cause imbalances in your family finances.

To ensure that you are well protected against unforeseen medical expenses, Askari Life Barkat Takaful Plan offers you a unique benefit which offers hospitalization coverage. That promises that in case of hospitalization due to accident for more than 1 day, will cover up your hospitalization expense (Rs. 8,000/ per day) for up to 60 days at any hospital of your choice..

Major Surgery Benefit

Imagine having to worry about your finances in case of under-going a surgery. Such a calamity can create havoc in your family. But with this exclusive benefit, if you undergo a surgery (mentioned in the major surgery provision) during this supplementary benefit coverage, the surgery expense of Rs. 500,000 shall be borne by Askari Life-Window Takaful Operations. Hence no additional burden will be on your family. This benefit acts as a protection for you from substantial amount required for the treatment.

Monthly Income Benefit

If you have chosen the monthly income supplementary benefit, then in case of any unforeseen circumstance in the covered person’s life, Askari Life-Window Takaful Operations will pay a monthly income to the beneficiary (ies) of the certificate for the remaining term of the supplementary benefit.
Protect yourself from unexpected medical costs
Waiver of Contribution Supplementary Benefit (Disability); Special needs, special benefits
If God forbid, the person Covered gets permanently disabled, Askari Life-Window Takaful Operations will bear the annual initial basic contribution for the remaining term of this supplementary benefit, and the basic plan will continue till the maturity of this Supplementary benefit.
Waiver of Contribution Supplementary Benefit (Death)
If you are seeking maximum protection for your family and want your Family Takaful certificate to be active even if you are not there to support them; this benefit is for you! With this add-on, your family will not just receive the lump-sum amount (sum covered) against the coverage you fixed initially to cover up the sudden financial burden, but Askari Life Window Takaful Operations will waive the equivalent of the initial contribution of basic plan for the remaining term up to the maturity of this supplementary benefit.
Accidental Death & Disability Supplementary Benefit
In the journey of life, you always walk an extra mile to provide better future to your family. However, this journey of life is full of uncertainties; you never know how the future will unveil.
In today’s scenarios, with the increase in the number of instances of accidents, it is imperative to shield your family’s future. As a responsible individual you would like to safeguard your family’s future against such eventuality. Askari Life Window Takaful Operations’ Accidental death and disability supplementary benefit offers an additional financial security to your family in the event of an accident that may result in death or disability. With Askari Life- Window Takaful Operations Accidental Protection, you assure that a substantial additional amount is paid to your chosen beneficiary(ies), in case of any unfortunate accident that may result in disability or sudden demise.
Level Term Family Takaful (Additional Coverage Option)
We all aim to ensure that our family is protected and financially secure, both now and in the future. And we do so by financially preparing for all circumstances. But what if we foresee expenses rising and want to suitably increase the protection level (sum covered)? Furthermore, with changing life stages, protection needs might change too; after getting married, becoming a parent or after your parents retire.
This add-on is specifically designed to ensure that the rising expenses of your family are taken care of. If you opt for the basic plan certificate along with this add-on, your nominated beneficiary(ies) will not only get the sum Covered or P.I.A value, but an additional amount benefit (of min. Rs. 1 lac) attached due to this Level term family takaful benefit by paying a nominal fee along with your basic certificate.
Critical Illness (CI) Supplementary Benefit
Everyone looks for medical coverage for the unexpected emergencies and medical help. This is especially important today, when medical care is quite costly and unplanned. A critical illness can put the entire family in huge financial debt and crisis. To combat with all those adverse circumstances.
Askari Life Barkat Takaful Plan offers critical illness supplementary benefit that provides coverage against major life-threatening diseases (mentioned in the CI supplementary benefit provision). In case you are diagnosed with any of the mentioned illnesses a lump sum amount of up-to Rs. 2 million is paid. This lump sum amount is in addition to the main plan benefit.
Askari Life Barkat Takaful Plan
A versatile plan for all times, expertly tailored to your evolving circumstantial needs.


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Disclaimer

Askari Life Barkat Takaful Plan is a Shariah compliant Universal Life Family Takaful certificate which is subject to investment risk and the cash value of the plan will vary directly with the performance of the investment fund.

Bank is acting as a corporate agent of Askari Life-Window Takaful Operations and is not responsible in any manner, whatsoever, to the participants, his/her beneficiary (ies) or to any third party.

Askari Life - Window Takaful Operations shall be the sole responsible with respect to participant’s services, claim lodgements and claim processing.

All Family Takaful applications are processed and approved by Askari Life- Window Takaful Operations, as per their underwriting guidelines.

A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms and Conditions.

Investment Risk shall be borne by participants; actual maturity values or surrender values may be higher or lower than the project figures.

The past performance of the fund is not necessarily a guide or guarantee of future performance.

This brochure only provides an introduction to the benefits available under the Certificate. A detailed description of how the certificate works is given in the ‘Participant’s Membership Documents (PMD), which will be provided to every participant.

The contents herein are the intellectual rights of Askari Life-Window Takaful Operations.

In the event of any discrepancy, ambiguity and conflict in interpreting any information, terms, or conditions in this brochure, the participants membership documents (PMD) shall prevail and supersede.

Publication or duplication of this brochure by any third party is strictly prohibited.