Product Offerings

Group 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

The total contribution that a member has to pay, and the certificate terms may vary depending on the underwriting requirements of the Takaful Operator:

• The estimated total contribution that a member has to pay depends on the age next birthday (ANB), Sum Covered.
• Contribution duration: Yearly renewable up to the age 65 years old.
  
  

Credit 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
  

Educational 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 absence.
  of 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) years