Group Family Takaful Credit Protection Scheme – For Financial Institutions

Plan Overview / Benefits

Shariah compliant financing, business finance and all such credits help in achieving an individual’s dreams, however, they come with a sense of future insecurity in handling repayments. An illness, injury or death may strike without warning, leaving the debt impossible to recover.

EFU life offers Group Family Takaful Credit Protection Scheme, provides death and disability cover for the customers of a financing institution by ensuring coverage for repayment of credit/debt. So let your customers enjoy that latest car, luxury home, and financial facilities with complete peace of mind.

The following features of the Credit Protection Scheme make it an essential for all credit facilities:

• The contribution amount is nominal compared to the debt amount.
• Contribution rates can be built in the rates charged for the financing facility.
• Contributions are treated as allowable expense for tax purposes.
• Lump sum repayment of debt in case death or disability occurs. The family is not burdened with repayments of outstanding debt in case of death or disability of the client.
• Clients shall be covered upto 60 years of age.

Riders

The EFU Group Family Takaful Credit Protection Scheme gives financial institutions the facility to tailor the package to their specific needs by choosing from a comprehensive range of additional benefits available. All covers are available on a 24-hours worldwide basis and cover both on-duty and off-duty risks.

Even though the additional benefits are subject to some exclusions, the basic death benefit is exclusion free and shall be payable in any case. Acts of terrorism such as fire-arm, murder, assault and assassination are covered as well.

• Accidental Disability Benefit (PTD – own and similar occupation)

The benefit provides for the full payment of the basic sum covered if the permanent and total disability by accident prevents the individual from following his own occupation or any other similar occupation for which he is reasonably suited by reason of education, training or experience.

• Accidental Disability Benefit (PTD – any occupation)

The benefit provides for the full payment of the basic sum covered if the permanent and total disability by accident prevents the member from following his occupation or any other occupation.

• Natural Disability Benefit

This benefit provides for the payment of the full sum covered if permanent disability is caused by natural causes.

Data Requirement

The basic data requirement from the financial institute/bank is the list of customers along with details regarding name, date of birth and CNIC number. The sum covered for each customer shall have to be submitted monthly, which shall be the outstanding credit/debt balance or any other information according to the type of cover extended.

New customers and customers who paid off in full may be adjusted on a monthly basis in the scheme.

Service Standards

At EFU Life we strive to provide you excellent services and serve you beyond your expectations. Having a friendly customer service and a dedicated consultant force, we ensure you the best of our attention at all times.

We have set up stringent service standards so that we may satisfy our customers consistently:

• Claim settlement within 7 days of submitting claim documents.
• Service response to business queries within 3 working days.
• ISO 9001-2008 certified operational procedures to ensure optimal quality services.
• Well-trained staff with strong Takaful background.
• Preparation of quotations within 3 days of quotation request.