Idhikar Savings Plan
Saving for the future is a wise decision to make, be it for our wedding, a dream holiday, a car, our children's future or even for the almost inevitable retirement.
Achieving any goal requires commitment and discipline. Saving and investment is no exception. Your commitment to save regularly coupled with a smart investment strategy will help you meet all your financial goals. On top of this, you need the knowledge that you can get hold of your money in the event of an emergency.
At Mashreq, we understand what it takes for you to enjoy the combination of having Family Takaful protection and increasing the value of the money you invest. We help you to plan ahead and start preparing for your future rather than leaving things to chance.
Family Takaful Cover: A built-in benefit that provides a lump sum payment if the Covered Member passes away prior to the benefit expiry date of the Plan.
Accidental Death: This optional benefit provides a lump sum payment in addition to the Family Takaful Benefit if the death of a Covered Member arises as a result of an accident within 30 days of the event. If an Accident Death Benefit is paid, the Plan ends.
Permanent and Total Disability: This optional benefit provides a lump sum payment if as a result of a sickness or an accident, the Covered Member becomes permanently and totally disabled, thus losing the ability to work and earn an income for a period of at least 6 consecutive months. If a Permanent and Total Disability claim is paid, the Family Takaful cover will be reduced by the amount paid.
Waiver of Contribution: As an alternative to Permanent and Total Disability (see above), this cover will pay the remaining Regular Contributions on behalf of the Plan Holder if as a result of sickness or accident, the Covered Member becomes permanently and totally disabled for a continuous period of at least 6 months and is usable to perform any occupation.
Critical Illness: This optional benefit provides a lump sum payment if the Covered Member is diagnosed with a specified Critical Illness within the Plan term. We cover thirty six critical illnesses like: cancer, coronary artery disease/bypass surgery, heart attack, kidney failure/renal failure, stroke, aortic graft surgery, blindness and loss of sight, heart valve replacement, major organ transplant, multiple sclerosis and paralysis. If a Critical Illness claim is paid, the Family Takaful Cover will be reduced by the amount paid.
Terminal Illness: This built-in benefit pays a lump sum payment as an accelerated payment of the Family Takaful Benefit if the Covered Member is diagnosed as being terminally ill with a life expectancy of less than 12 months within the Plan term. If a Terminal Illness claim is paid, the Family Takaful cover will be reduced by the amount paid.
Family Income Benefit: This optional benefit provides fixed annuity payments to the family upon death of the Covered Member for a chosen period between 1 and 40 years. The monthly amount required as annuity payments is also chosen by the Covered Member at inception. The annuity payments are payable for the unexpired period of the selected term.
Hospital Cash Benefit: Under this optional benefit a fixed amount is payable for each day (up-to maximum of 30 days per year) in case of Covered Member’s hospitalization for a continuous period of more than 3 days.
Accidental Total or Partial Permanent Disability: This optional benefit provides an additional lump sum payable in the event of accidental bodily injury incurred within 90 days after the accident resulting in total or partial permanent disability such as loss of limbs, loss of eyes, etc. The benefit amount is scaled and is linked to predetermined list of disabilities.