Savings towards ones goals and future plans is a universally accepted objective for most people. We look forward to in future spend time with our family and friends comforted in the knowledge that we have cash to cater for our needs during that time.
Financial independence at every stage in our lives is thus a very important objective as it will allow us to enjoy and sustain our standard of living throughout our lives.
ATC recognizes this and will assist you in planning ahead for these future years and financial independence. Al Ahli Takaful Company has a tailor-made Shari’ah compliant Protection and Savings Program. The program is a regular contribution solution designed to help you build savings over time to enjoy those years.
The key to your financial independence is held in your hand and by starting investing today you will ensure an enjoyable retirement.
Key Benefits at a Glance
- Shariah Compliance peace of mind
Fully Shariah complaint - approved by the Shariah Board of ATC which is comprised of:
- Sheikh Abdullah Bin Sulaiman Al Manea
- Sheikh Abdullah Al Musleh
- Sheikh Dr. Muhammad Al Gari
- Flexible and easy Contribution Options
Contributions are flexible and can be set to cater to your budget and needs and you may elect to pay monthly, quarterly, semi-annually or annually, whichever best suits your budget.
Contributions start from as low as SAR. 280 per month and a term of seven (7) years or any combination that fits your budget.
You can even top-up the contributions by paying lump sums at any time subject to the minimums allowed.
- Beneficiary Nominations
Upon death (God Forbid) your nominated Beneficiary/ies will receive the Coverage Benefit as stated in the contract.
- Choice of Investment Strategies
You may choose from AlAhli Multi - Assett range of funds and elect to have your investment in the Conservative, Moderate or Growth Funds. All AlAhli Multi-Asset Funds are fully Shari’ah compliant and approved by the Shari’ah Board of NCB and ATC.
- Eligibility and Period
You are eligible to enroll in the program if you are between the ages of 18 and 60 years old and a policy period of between 7 and 30 years, as best suited to your needs.
- Policy Benefits and Maturity Payout - Illustrations of Benefit
Abdulaziz, a 25 year-old man, selects a Plan for a term of 20 years. The annual gross Contribution to this plan is SAR 18,000 or SAR 1,500 per month. The initial Protection Benefits based on this will be SAR 360,000.
Should Abdulaziz unfortunately die during the Policy period (God forbid) then ATC will pay the nominated Beneficiary/ies the total of all outstanding Contributions from the date of death until the selected Maturity Date.
Should however Abdulaziz survive and reach the Maturity Date then the full amount of the Cash Value (Participant’s Share) at that date , which at a growth rate of 5% p.a. equates to SAR 489,106, will be payable to him either in a Lump Sum or instalments, if this has been requested by him.
- Additional Features and Options
- Partial Withdrawals – for emergency cash
- Surrender – at any time prior to Maturity
- Paid-Up – Cash Value participates in fund; no Cover during this time
- Switching – can switch units between funds
- Redirect – new Contributions to a different fund
- Deferral – upon request, a “payment holiday” of maximum 12 months. Full benefits are applicable during this time
- Reinstatement – can request reinstatement for up to 12 months from date of lapse/ termination (for whatever reason)
- The investment performance of the funds is not guaranteed and neither is past performance a guarantee of future returns.
- These funds can increase or decrease as they are linked to the market performance.
- Due to the fees and charges included in the initial stages of the policy, the cash value upon early surrender may be less than the actual contributions paid to that date.
- Failure to pay contributions on due dates may cause the policy to be terminated without any payout.