Free Takaful Coverage – FAQs

Who is our Takaful/Insurance provider?

5th Pillar Family Takaful Limited

What is Family Takaful and how is it different from Insurance?

Family Takaful is the Islamic alternative of Insurance. Under this policy, the covered family is eligible for claiming a certain amount of funds after the Takaful Holder’s death. The purpose of such policies is to secure a family’s monetary future in case of a breadwinner’s demise.

What is the nature of coverage under the Family Takaful Plan?

The plan entails free Family Takaful policy provided by UBL Fund Managers, in collaboration with 5th Pillar Family Takaful Limited, for its Eligible Investors (as explained in question 6) in all investment plans* and retirement schemes. The claim is available in case of the account holder’s natural or accidental loss of life.

What level of coverage does the free Family Takaful offer?

The free Family Takaful policy offered by UBL Funds in collaboration with 5th Pillar Family Takaful Limited, offers coverage equal to the cumulative value of your investment as of the preceding month, in its Investment Plans and/or Pension Schemes that are offering this facility. You Takaful coverage grows as your investment grows with a maximum limit of Rs. 5,000,000.

e.g. If you have a total investment of Rs. 1,000,000 in UBL Children Savings Plan and Rs. 500,000 investment in UBL Retirement Savings Fund, then your Takaful Coverage will be equal to Rs. 1,500,000; claimable in case of accidental or natural death.

What if I have investments in multiple investment plans?

Your free Family Takaful will cover up to the cumulative total of your investment in all eligible investment plans and/or pension schemes to a maximum of Rs. 5,000,000.

Will the Takaful amount cover my principal investment only or the total value of my investment in all eligible investment plans?

Your Takaful coverage will be the aggregate of the total value of your investments (i.e. principal contributions + Returns + purchases – redemptions/conversions) in all the eligible Investments Plans and Pension schemes as of the closing of the preceding month.

How will I know if I am an Eligible Investors for the Free Family Takaful plan?

You will be considered eligible for this coverage facility if you fulfill the following criteria:
a. You have invested in one or more of UBL Funds Managers’ Investment plans or Pension Fund schemes covered under the Life Takaful agreement (as cited in question 7)

b. You have a minimum cumulative investment of Rs.1,000 in one or a combination of Investment plans* and/or Pension schemes covered under the Family Takaful agreement as of the closing of the preceding month

c. You are in the age group of 18 to 65 years*

*subject to confirmation of the Health Declaration Form by 5th Pillar Family Takaful Limited.

How can I avail this facility?

If you are an existing eligible investor i.e. you have investment with us (in eligible plans as cited in question 8), you will be registered for the free Family Takaful Policy by default and without any paperwork; if your correct date of birth and CNIC number is available with UBL Funds. To check your data, talk to our representative on 0800-00026.

If you are a new investor i.e. investing after December 31st 2013 and wish to avail this facility, make sure you fulfill all the requirements for meeting the eligibility criteria and fill out the Health Declaration Form (HDF) and submit it with your account opening form.

Which Investment Schemes are covered under the free Family Takaful facility?

Long-term Plans Pension Funds
UBL Mahana Munafa Plan UBL Retirement Savings Plan
UBL Islamic Mahana Munafa Plan UBL Islamic Retirement Savings Plan
UBL Sarmaya Izafa Plan^ UBL Income Payment Plan
UBL Profit+Growth Plan^ UBL Islamic Income Payment Plan
UBL Islamic Profit+Growth Plan
UBL Children Savings Plan*
UBL Islamic Children Savings Plan*
UBL Hajj Savings Plan
UBL Equity Builder Plan
UBL Islamic Equity Builder Plan
UBL Wealth Builder Plan*
UBL Islamic Wealth Builder Plan*

Is the Health Declaration Form (HDF) mandatory for all new investors i.e. those investing after December 31st 2013?

Yes. The “Health Declaration Form” is mandatory for all new investor in Plans / Retirement funds, if they want to enjoy free Takaful coverage. However, if as a new investor you does not fill out Health Declaration Form, your investment account will still be opened, but you will not be able to enjoy free takaful coverage.

Who will be the beneficiary of a Takaful claim for a deceased investor?

The beneficiary of a Takaful claim will be the person nominated in the “succession certificate” of the deceased investor.

How may the claims be filed in case the death of the investor?

In the event of death of a covered investor, the claimants must inform UBL Funds of the death within 90-days of the event. UBL Funds will send an official notification of the event and the claim to the Takaful Provider. UBL Funds will connect the claimants directly the Takaful Provider and the claimants will be responsible for providing the necessary evidence / documentary proofs required by the Takaful Provider as per the due claim-filing process. Upon successful processing of the claim, the Takaful Provider will issue the amount in the claim to UBL Funds to be passed-on to the claimants.

What will happen if I make partial or full redemption of investments from UBL Funds?

The Takaful coverage is dependent on your total investment with UBL Fund Managers. The Takaful Coverage will be adjusted according to your investments’’ balance as of the closing of the preceding month.The basic Takaful requirement is Rs.1,000 in case your total investment amount in the covered plans drops below Rs.1,000 the Takaful coverage ceases till it reaches the minimum requirement again.

Would I get a certificate of insurance receipt from 5th Pillar Family Takaful Limited?

Confirmation on Takaful coverage status will be communicated to you through your account statement as the following statement:

Family Takaful Coverage Applicable: Yes / No

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