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What do you want to do?
Why Bengal Mudaraba (Endowment) Takaful?
This Family Takaful plan is a shariah compliant halal mudaraba scheme. At maturity this Takaful scheme offers mudaraba sum with accrued profit grown over the policy term. The fund grows under this plan is free from Riba (interest) and it gives an Islamic Shariah based Takaful solution of savings along with financial assistance.
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This takaful policy is a decent investment vehicle for wealth creation which helps bring ease in the old age or in case of in need. Unlike the takaful participant dies anytime within the policy term before maturity, financial assistance will be provided from the tabarru fund to the nominee in accordance with shariah guideline.
- This takaful policy is a decent investment vehicle for wealth creation which helps bring ease in the old age or in case of in need. Unlike the takaful participant dies anytime within the policy term before maturity, financial assistance will be provided from the tabarru fund to the nominee in accordance with shariah guideline.
Takaful Model: Wakala-Tabarru-Mudaraba Model
The contribution made by the participant will be divided into three parts -namely a) Investment Fund (Mudaraba), b) Risk Fund (Tabarru), c) Wakala Fee (Management Expenses).
Features, terms and conditions of the scheme:
Any amount but not less than BDT 60,000
1,000 (one thousand) only
5 to 35 years
: Yearly, Half-yearly, Quarterly or Monthly
(a) Entry age: 18 years to 60 years, (b) Maturity age: Not exceeding 65 years.
Supplementary (Ezafi) Takaful Benefits
With an additional small contribution, any or multiple of the following supplementary (Ezafi) Takaful benefits can be taken with this scheme:
a. PDAB – Accidental Death and Dismemberment Benefit
b. DIAB – Double Accidental Death Benefit
c. Health Takaful
d. Upon Critical Illness Takaful
Eligibility of Takaful Participant:
• Takaful Participant must be in good health.
• Takaful Participant must have regular own income.
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Key Features*
Maturity Benefit
Subject to takaful being in force, the participant at maturity will be entitled to all the money deposited into his Mudaraba Fund with profit/loss as per mudaraba policy.
Subject to takaful being in force, the participant at maturity will be entitled to all the money deposited into his Mudaraba Fund with profit/loss as per mudaraba policy.
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Maturity Benefit -
Key Features*
Financial Benefit on Death
Subject to takaful being in force, on the death of the participant, all the money deposited in the Mudaraba Fund up to the date of death will be paid to his nominee for distribution among the heirs in accordance with the Shariah, along with the profit as per the principles of Mudaraba.
Subject to takaful being in force, on the death of the participant, all the money deposited in the Mudaraba Fund up to the date of death will be paid to his nominee for distribution among the heirs in accordance with the Shariah, along with the profit as per the principles of Mudaraba.
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Financial Benefit on Death -
Key Features*
Paid-up Option
After at least two (2) years of premium payment, if the Takaful participant cease to pay regular contribution, the policy will be converted into paid-up Takaful. along with the profit as per the principles of Mudaraba.
After at least two (2) years of premium payment, if the Takaful participant cease to pay regular contribution, the policy will be converted into paid-up Takaful.
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Paid-up Option -
Key Features*
Surrender Value
If payment of contribution is ceased within the first year or payment made till 12 months term of the Takaful contract, the entire capital deposited in the Mudaraba Fund (PIF) will be transferred to the PTF as Tabarru on a unilateral promise in writing by the participant.
If payment of contribution is ceased within the first year or payment made till 12 months term of the Takaful contract, the entire capital deposited in the Mudaraba Fund (PIF) will be transferred to the PTF as Tabarru on a unilateral promise in writing by the participant.
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Surrender Value -
Key Features*
Withdrawal of Mudaraba Fund
After full two years of payment of contribution, the Takaful participant can withdraw up to 50% of his deposited Mudaraba fund.
After full two years of payment of contribution, the Takaful participant can withdraw up to 50% of his deposited Mudaraba fund
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Withdrawal of Mudaraba FundKey Features*Income Tax Rebate
Income tax rebate is available on contributions made under this Takaful.
Income tax rebate is available on contributions made under this Takaful.
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Income Tax RebateCheck Eligibility Criteria
Before buying Bengal Islami LifeEndowment Plans Life
ELIGIBILITY CRITERIA
Plan Option
Life & CI Rebalance
Life Protect
Income Plus
Fixed Term
Whole Life
Fixed Term
Whole Life
Min. AGE AT ENTRY
18 years
18 years
45 years
30 years
45 years
Max. AGE AT ENTRY
65 years
65 years for non-PoS
60 years for PoS
65 years
50 years
10 Pay: 50 years
Single Pay,
5 Pay: 55 years
Min. AGE AT MATURITY
28 years
18 years for non-PoS
23 years for PoS
Whole of Life
70 years
Whole of Life
Max. AGE AT MATURITY
75 years
85 years for non-PoS
65 years for PoS
Whole of Life
85 years
Whole of Life
Min. POLICY TERM
10 years
Single Pay :
1 month for Non-PoS
5 years for PoS
Regular Pay : 5 years
Limited Pay : 6 years
Whole of Life
70 years – Age at Entry
Whole of Life
Max. POLICY TERM
30 years
85 years - Age at Entry for non-PoS
65 years - Age at Entry for PoS
Whole of Life
40 years
Whole of Life
PREMIUM PAYMENT TERM
Single Pay, Regular Pay, Limited Pay (5 to any PPT less than PT)
Limited Pay (5, 10, 15 pay)
Single Pay, Limited Pay (5, 10 pay)
Min. BASIC SUM ASSURED
₹ 20,00,000
₹ 50,000
Max. BASIC SUM ASSURED
No limit, subject to Board Approved Underwriting Policy (BAUP)
All ages are expressed as on last birthday. For all ages, risk commences from the date of inception of the contract. For more details on risk factors, terms and conditions, please read the Product Brochure carefully and/or consult Financial Consultant before taking a decisionTerm Insurance is incomplete without riders
Riders in insurance have an important part in contingency planning.
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Bengal Islami Life Income Benefit on Accidental Disability Rider
Get additional income benefits over and above your Sum Assured in the event of total permanent disability due to an accident
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Bengal Islami Life Critical Illness Plus Rider
We pay a lump sum amount equal to the Sum Assured upfront if diagnosed with of any of the specified critical illnesses
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Bengal Islami Life Protect Plus Rider
Get protected with a proportion of Rider Sum Assured in case of accidental death or partial/total disability due to accident or diagnosed with Cancer.
