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Afaq Savings Plan

Afaq Savings Plan

Enjoy every moment while saving for tomorrow

An investment opportunity to fulfill your aspirations

Afaq plan offers you two key benefits – Investment & Takaful protection. Today you may be enjoying a steady income, while dreaming of a prosperous future, meanwhile your present financial situation may not be sufficient enough to secure this prosperous future. With proper financial planning, combined with a Takaful plan, you can take joy in accomplishing your aspirations. Thanks to QIB-Medgulf Takaful Shari’a-compliant Afaq Savings Plan, you can plan for the future, today.

Afaq enables you to choose your required Takaful cover and also invest in Shari’a Compliant funds irrespective of the minimum subscription required in each funds. This will give you the flexibility and convenience to grow your savings at a gradual pace according to your financial ability.

Key benefits with AFAQ Savings Plan

  • Potentially higher returns over long term by investing in unit-linked Shari’a compliant funds
  • Flexible investment terms
  • Choice of Shari’a-compliant investment funds with access to global and emerging markets
  • Ability to switch between funds
  • Takaful life protection cover for the participant
  • Full or partial money withdrawal option after the lock-in period
  • Flexibility to increase/decrease life coverage and contributions
  • Available for Qataris and Expats, Salaried & Non-Salaried
  • Flexible payment options (Monthly, Quarterly, Semi-annually, Annually)
Illustration Examples
  Customer 1 Customer 2 Customer 3
Age at Entry 25 35 45
Plan Term 10 Years 10 Years 10 Years
Payment Frequency Yearly Yearly Yearly
Annual Contribution 12,000 QAR 20,000 QAR 30,000 QAR
Total Contribution over 10 years 120,000 QAR 200,000 QAR 300,000 QAR
Benefits Qatari Riyals
Life Cover (Based on 5x AnnualContribution) 60,000 100,000 150,000
Estimated Maturity value at 5% 134,361 223,541 332,031
Estimated Maturity value at 9% 166,233 276,612 411,031

 

Afaq Saving Plan Specifications
Plan Name AFAQ Savings Plan
Description Unit linked plan having focus on saving regularly for the future
Protected Person Own Life
Age at Entry Minimum 18 years
Maximum 75 years
Afaq Plan Term 5 to 10 years
Maximum Maturity Age 85 years
Minimum Takaful Cover Zero
Maximum Takaful Cover
Entry Age
Up to age 40
41 to 50
51 to 60
61 to 65
66 to 75
Maximum Takaful Cover
30 x Annual contribution
20 x Annual contribution
10 x Annual contribution
5 x Annual contribution
Not available
Contribution Details
Frequency Annually, Semi-annually, Quarterly & Monthly
Plan Currency Qatari Riyals (QAR)
Minimum Contribution
Frequency
Annual
Half-yearly
Quarterly
Monthly Qatari Riyals
6,000
3,000
1,800
600
Benefits
Based on the Takaful cover you selected, the benefit will be:
Death Benefit 1. Amount of Takaful cover opted
2. Outstanding value of investment
3. Share on surplus from participant risk fund (if any)
Maturity Benefit 1. Outstanding value of investment
2. Share on surplus from participant risk fund (if any)
Partial Redemptions May be made any time after 2 years subject to maintaining a minimum balance of QAR 3,600 in the contract
Surrender May be done anytime during the contract subject to surrender charges. Surrender charges not applicable after completion of 5 years of contract and payment of related contributions
Other Features Increase and decrease of Regular contribution possible on contract anniversary
Increase (subject to underwriting) and decrease in sum insured possible on contract anniversary

Documentation Required:

  • Customer should have a valid QID & Passport
  • Customer should have a current or savings account with QIB
  • Complete Medgulf Takaful Application form with required documents
  • Fill out QIB Standing Instruction Form
  • Visit your nearest branch or contact your relationship manager at QIB
  • Click here to apply
  • For more information, Call us at 44448444

IMPORTANT NOTICE: The product mentioned in this brochure is designed and underwritten by Medgulf Takaful. This brochure contains only general information. It does not constitute an offer to buy or sell a Takaful plan or service, nor is it intended to provide any financial advice. Any person interested in this plan should read and consider its complete Terms and Conditions before making a decision. Medgulf Takaful shall conduct the underwriting of any contract relating to Takaful Products. The execution of any such contract is subject to Medgulf’s prior approval. Please request further information from your Relationship Manager at QIB.

Medgulf Takaful - QFC Branch Al Emadi Business Center office # 7, Ground Floor, C Ring Road, Doha, Qatar PO Box 200193 Authorized By Qatar Financial Center Regulatory Authority.

Terms & Conditions Apply

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