TAKAFUL REGULAR SAVINGS PLAN Save and Invest with Peace of Mind
2 3 MUTUAL SUPPORT FOR A STRONGER FINANCIAL FUTURE What would you like to save for? Al Hilal Bank Al Hilal Bank is truly a bank like no other. It sets itself apart by making the Islamic banking experience smarter, more personal and a whole lot more exciting. We believe in blending performance with consistency, while always remaining faithful to genuine Islamic values. Our offering features a variety of products and services that cater to all of your financial needs. In other words, Al Hilal Bank puts you at the center of everything it does. There are many important goals in life worth saving for your retirement, your children s marriage, or building your dream home. Whatever your goal for saving is, the can help you plan and strengthen your financial security while safeguarding your future. You will also gain additional peace of mind by knowing that your loved ones are taken care of with family Takaful benefits. What is Takaful? Takaful comes from the Arabic verb Kefala, which means taking care of one s needs. Takaful is based on the principles of solidarity, mutual help and brotherhood, as well as cooperation among members or participants. They agree to share the risk of any financial losses, which are paid out of defined resources/assets. This system serves the interests of all participants, and aims to diminish and spread out losses resulting from unforeseen events. Takaful is an alternative to the conventional/western style of insurance. According to its principles, policyholders extend mutual support to each other for their common good, without taking advantage of one another. A portion of each policyholder s contribution is allocated to a solidarity fund, which is used to pay benefits in case of untimely death or accidental injury. This concept is based on Shari ah principles that encourage helping those in need.
4 5 PRODUCT FEATURES TAKAFUL REGULAR SAVINGS PLAN With Dynamic Protection Program Eligibility Open only to AHB account holders aged 18-60 years at contract start date (not more than 70 years of age at maturity) Tenure Min. 10 years Max. 30 years Payment Mode Monthly or Annually Contribution Mode Payments collected on contract start date (1 st of next month) Minimum Contribution Monthly AED 500 Takaful Cover Selection 100% or 60% of Total Contribution Beneficiaries Up to 4 Beneficiaries per plan Other Features - Simple application process and quick policy issuance - No medical examination; only simple health declaration for up to AED 1.55 million Takaful Benefits - Annual Takaful Solidarity Fund surplus distribution - No case is declined
6 7 Maturity Benefits Payable upon maturity; comprises the protected unit price or the market unit price, whichever is higher Takaful Benefits in case of death Cover selected or cash value, whichever is higher Supplementary Takaful Benefits Payable upon death between time of contract activation and contract start date (payment of first contribution) BENEFITS Protection Protects your family against mishaps with our Takaful cover Approval Immediate approval & issuance of policy Medical Examination No medical required (this applies to 98% of our cases) Transparency Peace of mind in awareness of the Takaful Covers from contract start date
8 9 Paid-up Can be availed after 18 months, provided the cash value is above AED 10,000 Restart You may restart your policy after Paid-up. Subject to underwriting process if after 6 months and above Continuing After Maturity You can continue participation in investment strategies after maturity without Takaful Benefit * Terms and Conditions apply please refer to the GTC & PINS OPTIONS* Increase of Regular Contribution Min. monthly increase is AED 300 No change in Takaful Benefits Decrease of Regular Contribution* Min. monthly decrease is AED 500 after 1 st contract anniversary Additional Lump Sum Contribution Minimum AED 3,000 No change in Takaful Benefits Partial Withdrawal Possible at anytime before maturity without penalties, provided that participant s share value doesn t fall below AED 10,000 Deferral of Contribution After 18 months you may defer your regular contributions for a maximum of 12 months with Takaful Benefits Change in Payment Frequency Possible after 1 st year of the Plan Surrender At any time with no additional surrender fees
10 11 DYNAMIC PROTECTION PROGRAM In light of their long-term increase in value, Shari ah-compliant funds have been very important investment instruments in the past. The developments in the stock market over recent years have, however, also shown the risks to which participants may be exposed in the event of a declining market and fluctuations in equity values due to volatility. At the same time, cash does not represent a real alternative for midterm or long-term investments, while participants also tend to be afraid of missed chances. What s more, traditional risk balancing by adding bonds to the investment portfolio is not Shari ah-compliant either. As such, and in partnership with an international bank (rated A+ by an international credit rating agency), the plan includes a Shari ahcompliant Dynamic Protection Program (DPP), which is aimed at providing breakthrough solutions to these issues. Start Saving Today! For more information, or to apply for the, please call 800 66 66 66 or visit your nearest branch. DISCLAIMER Any and all insurance Takaful policies provided in relation to this program are issued by the Dubai Islamic Insurance and Reinsurance Company (AMAN), a company incorporated under the laws of the United Arab Emirates, having its registered office at Dubai PO Box 157 and acting as the issuer and operator of the Takaful insurance in accordance with the terms and conditions of the relevant Takaful policy to which this program relates and the principles of the Islamic Shari ah approved by the Shari ah Board of AMAN. Accordingly, Al Hilal Bank P.J.S.C. shall in no way be bound to any matter or thing under these Takaful insurance polices. Al Hilal Bank P.J.S.C. is only a distributor of the plans