Get coverage built to protect your family
Protect what matters most with Crown Takaful’s Shariah-compliant protection plans designed to give your family financial security and peace of mind. Our package provides ethical coverage for health, education, savings, and unforeseen events through a cooperative system built on mutual support and shared responsibility, ensuring your loved ones are protected in a way that aligns with Islamic values. your family. With 24/7 claims support and reliable service, protecting your most valuable asset has never been easier.
Group Life Family
Group Family Takaful is a yearly renewable Family Takaful product which is designed to provide protection for a group of people under one Master certificate. Group Term Takaful responds upon Death from any causes.
What are the covers/benefits provided to the member?
This certificate covers:
Death (All causes);
Riders Available:
• Group Personal Accident Benefit • Burial Expenses
• Critical Illness
Education Family Plan
This plan provides you with protection and longtime saving to finance the education of your child/children. Your child/children will be provided with financial benefit in the event you suffer a setback covered under the plan. At the same time, it provides long term savings to finance the education of your child in the form of education fund.
Covers / Benefits provided
a.
- Death – In the event of death of Takaful Participant before the Takaful Certificate matures, a
lump sum payment of the Sum Covered plus the amount accumulated in the Participant Fund Account (PFA), inclusive of investment income from the PFA is payable to the Takaful Participant/ Beneficiary.
- However, in the event the named child/children predecease the participant, the participant may nominate another child as a new beneficiary or in the absenceof another child, the balance in the PFA will be payable after deduction of administrative fee.
b. Takaful Certificate Maturity Benefit Amount accumulated in the PFA, inclusive of investment income from the PFA and distributable mortality surplus from the Participant Risk Fund, if any, is payable upon maturity.
c. Takaful Certificate Surrender Benefit – The Participant may elect to surrender the Certificate. Upon such surrender of the Certificate, the Participant shall receive the balance due to him from his Participant Fund Account (PFA).
d. Partial withdrawal from the balance in the PFA is allowed when the Takaful Certificate has reached the minimum term of two (2) years. For each Takaful Certificate, only five (5) withdrawals are allowed during the lifetime of the Takaful Certificate where the minimum interval imposed is two (2) years between each withdrawal. The amount allowed being withdrawn is subjected to
a maximum of 50% from the PFA at such time.
How much Takaful Instalments do I have to pay?
The total Takaful Instalments that you have to pay depends on the participant’s income.
Minimum instalment – N10,000.00 on monthly basis
Minimum Duration – Five (5) year
Credit Life Family
This product provides protection on Death or Permanent Total Disability of the Participant (who is the recipient of the financing amount) on the outstanding financing amount financed by BANK XXX.
Covers / Benefits provided?
Death or Permanent Total Disability- In the event of death or total permanent disability of the Participant, the outstanding Sum Covered as at the date of occurrence of the event stated above as per the Takaful Certificate shall become payable to BANK XXX.
The contribution to be paid is a function of the underlisted items:
Date of Birth of the participant Financing Amount
Expected Profit Rate Financing Term
Group Credit Life Family
This product provides coverage to pay off the outstanding financing amount (outstanding Sum Covered) to any institution (Master Takaful Participant) in the event of death or total permanent disability of the Person Covered (who is the recipient of the financing amount).
Covers / Benefits provided?
Upon death or Total Permanent Disability of the Person Covered, the outstanding Sum Covered is payable to the institution (master Takaful participant) where financing is arranged.
Hajj and Umrah Family Takaful
This Plan offers a combination of takaful protection and investment for persons who intend to proceed on pilgrimage in the near future. The benefit is payable upon total and permanent disability before age 70 or death during the term of the certificate or at the maturity date of the certificate.
What are the covers/benefits provided?
a) Upon Death
• Death Benefit is equal to Sum Covered plus balance in Participant Investment Fund (PIF)
investment returns inclusive.
b) Upon Total Permanent Disability
- Total Permanent Disablement Benefit is equal to Sum Covered, balance in PIF and invest returns from PIF. However, there are fixed percentage in respect of some Total Permanent
Disability. OR
- Substitution of another person to embark on the pilgrimage on behalf of the disable participant.
c) Upon Maturity
• Amount accumulated in the PIF, inclusive of investment income from the PIF and distributable
mortality surplus from the Participant Risk Fund (PRF), if any, is payable upon maturity.
d) Takaful Certificate Surrender Benefit Amount accumulated in the PIF, inclusive of investment income from the PIF is payable upon the surrender of the Takaful Certificate.
NOTE:
Minimum Takaful duration: two (2) years
Minimum Takaful instalments – N10,000.00 monthly
Nikkah (Wedding) Family Takaful Plan
This plan is specially designed for persons who work on a tight budget but desire to make provision for Wedding (Nikkah) in the near future by saving towards their plan and also have security against death/permanent total disability.
Covers / Benefits provided?
a) Death or Total Permanent Disablement Benefit (TPD)- In the event of death or total permanent disablement (TPD) of Takaful Participant whichever that occurs earlier before the Takaful Certificate matures, a lump sum payment of the Sum Covered plus the amount accumulated in the Participant Investment Fund (PIF), inclusive of investment income from the PIF is payable to the Nominee.
b) Upon Maturity – A lump sum payment of the amount accumulated in the PIF, inclusive of investment income from the PIF and distributable mortality surplus from the Participant Risk Fund is payable to the Takaful Participant.
c) Takaful Certificate Surrender – upon termination, benefit amount accumulated in the PIF, inclusive of investment income from the PIF is payable upon the surrender of the Takaful Certificate.
Umrah & Ziyarah Family Takaful Plan
The scheme compensates Person covered should he/she dies or becomes permanently disable as a result of violent, accidental, external and visible means.
Covers / Benefits provided?
This scheme covers:
i. Accidental death
ii Permanent total disablement
Student’s Welfare Family Takaful
This product provides coverage to pay off the outstanding School Fees (outstanding Sum Covered) to the school (Master Takaful Participant) in the event of death or total permanent disability of the Person Covered (named parent/guardian) during the period of takaful to ensure that the education of the affected student is not distorted or stop.
Covers / Benefits provided?
– Death or Total Permanent Disablement Benefit (TPD)- Upon death or Total Permanent Disability of the Person Covered (named parent/guardian), the outstanding school fee (Sum Covered) is payable to the school (master Takaful participant) where the affected student attends.
Target Savings Family Takaful
The Target Family Takaful Plan is a Shariah-compliant savings and protection solution designed for individuals and families who wish to plan financially towards a specific future goal. Whether it’s for a child’s education, family vacation, home renovation, project execution, or equity contributions, this plan helps Participants achieve their financial targets with discipline, structure, and peace of mind.
What does it Cover?
Upon Death/TPD:
The outstanding installments (Contribution) from the date of death/TPD of the Participant to the maturity date of the policy.
Upon Maturity:
A lump sum payment of the accumulated amount in the Participant’s Risk Fund (PFA), plus investment income from the PFA and distributable mortality surplus is payable.
