Child Education Security Plan
This Takaful plan is designed to be the ideal tool for securing your child's education, offering attractive benefits to support them through every stage of growth.
|
Category |
Requirement |
Details |
|---|---|---|
|
Policy Holder / Payor |
Age at Commencement |
20 years to 60 years |
|
Age at Maturity |
Maximum 70 years |
|
|
Insured Child |
Age at Commencement |
1 month to 15 years |
|
Age at Maturity |
Maximum 25 years |
|
Feature |
Details |
|---|---|
|
Policy Term |
From 10 to 25 years |
|
Sum Assured (Minimum) |
BDT 100,000 |
|
Sum Assured (Maximum) |
Any amount, subject to Akij Takaful underwriting guidelines. |
|
Mode of Payment |
Monthly, Quarterly, Half-Yearly, or Yearly |
|
Mandatory Documents |
NID Copy and 1 Passport Photo of Applicant and Nominee. Proof of income required for Sum Assured > BDT 10 Lacs. |
|
Investment |
Premiums are invested in profitable, Shariah-compliant sectors. |
A. Maturity Benefit
If both the Policy Holder (Payor) and the Insured Child survive until the end of the term, the Policy Holder will receive the Full Sum Assured along with the accrued bonus (reflecting actual profit or loss).
B. Death Benefit of Policy Holder (Guardian/Parent)
In the event of the Policy Holder's demise, the beneficiary child will receive the following critical security facilities:
- Stipend: A monthly stipend equivalent to 1% of the Sum Assured will be provided to the child until the plan's maturity.
- Premium Waiver: All future premiums will be waived (the policy remains in force).
- Maturity Payment: The Full Sum Assured, including the accrued bonus, will be paid to the designated legal guardian at maturity.
C. Death Benefit of the Insured Child
In case of the insured child's death before the Policy Holder, the Takaful Sum Covered will be paid out based on the child's age at death:
|
Child's Age at Death |
Percentage of Takaful Sum Covered |
|---|---|
|
Between 3– 6 months |
25% |
|
Between 6 – 12 months |
50% |
|
Between 12 – 24 months |
75% |
|
After 24 months |
100% |
Note: If the child dies after the death of the Policy Holder (during the stipend/benefit period), the monthly stipend payment will be discontinued. The Takaful Sum Covered and earned bonus will be paid to the nominee(s) on behalf of the legal heirs.
|
Feature |
Description |
|---|---|
|
Surrender Value |
Available after paying premiums for a minimum of 2 years. |
|
Paid-up Value |
Acquired after continuing the policy for at least 2 years. Payable with accrued bonus at the end of the policy term. |
|
Karje Hasana (Interest-free Loan) |
Up to 90% of the net cash surrender/surrender value can be availed as an interest-free insurance loan. |
|
Automatic Policy Loan (APL) |
Prevents policy lapse by automatically utilizing the policy's cash value to cover a missed premium payment (Terms & Conditions apply). |
|
Income Tax Rebate |
Policy Holders are eligible for a 15% income tax rebate on the premium paid annually, as per government policy. |
|
Tax Exemption |
Death and living claim amounts are completely tax-free. |
You have the option to enhance your basic Takaful plan with one or more of the following supplementary riders:
- Akij Health Care Assure Plan (HI)
- Akij Critical Illness Care Plan (CI)
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