Takaful Ta'awuni Retirement Plan

Are you planning now for retirement… to assure a care - free spiritual and financially independent life?

This all starts with a sound financial plan. No matter when you decide to retire, Bank AlJazira's Takaful ta'awuni retirement plan allows you to achieve both your spiritual and financial goals within a single package of flexible benefits.

What is the Takaful ta'awuni Retirement Plan?

The Takaful ta'awuni retirement plan is a very flexible savings and protection plan, which assists you to realize your predetermined financial goals whilst providing financial protection for your family. Retirement needs and objectives.

The key features of the Takaful ta'awuni retirement plan are:

You choose any duration of your plan from 5 up to 48 years.
You may invest any amount from Sr 200 upwards (or in Us dollars, if your prefer), or an increasing basis, e.g. at 5% p.a. increments to achieve faster investment growth.
You can choose to invest monthly, quarterly, semi-annually or annually, as you wish.
You choose the level or protection you need.
You can elect to make partial withdrawals from your investment funds, to take a contribution holiday or advance the contribution schedule to match changes in your future circumstances.
You can assign any beneficiary to receive the benefits of your retirement plan permissible within Islamic laws.

With these choices you can customize your Takaful ta'awuni retirement plan to address the specific financial objectives you have for yourself and your family.

What benefits are provided by your Takaful ta'awuni retirement plan?

Option one:

One maturity, the value of your investment account becomes totally available to you. You may wish to leave your funds invested with bank al Jazira and thus provide you and your family with an income to draw upon throughout your retirement, or you may withdraw all or part of these funds. The choice is entirely yours, as these are your funds to do with as you please.

Option two:

In the event of death (god forbid) during the term of your plan, your legal beneficiaries will receive the proceeds of the funds in your investment account as well as funds from the Takaful ta'awuni account, equal to the level of protection chosen within your plan, to enable them to maintain their standard of lifestyle.

Other benefits:

· A range of payment modes is available

· Various options such as "contribution holidays" and non-forfeiture options may be elected by you.

Additional options and flexibilities in your Takaful ta'awuni retirement plan…

Although each investment fund is professionally managed, your investment choices and strategy are self - directed… you choose how to invest your long-term retirement funds.
Bonus units are allocated to your account, after an initial period of participation to reward your regular contributions made to the plan
Switches and contribution redirection of investment funds are free in any one-contract year.
An annual surplus if any from the Takaful ta'awuni account, will be returned to each participant on a pro - rata basis and be credited to your Takaful ta'awuni retirement plan account, subject to a wakala performance fee.
You can contribute any surplus that may be distributed on an annual basis to a charity of your choice, which highlights Bank Al Jazira's Takaful ta'awuni concept of community caring.
Various supplementary contracts are available (see following section) which offer additional levels of protection.

What riders and supplemental benefits are available?

Total permanent disability.
Partial permanent disability.
Waiver of contribution due to death and disability
Waiver of contribution due to total permanent disability.

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