Group Family Takaful Credit Protection Scheme – for Employers

Plan Overview / Benefits

Extra conviction needs to be given to employees to enhance productivity and improve retention. Credit protection for employees is a step towards better employer-employee relationship. Under this scheme, the credits provided by the employer to employees for the purpose of housing, transport etc. are covered by the Waqf Fund operated by EFU Life. Providing a unique mix of credit from one’s own company and having it covered as well offers peace of mind to the employee, and further increases the commitment to the company. So let your employees enjoy that new car, luxury home, higher education for children or the family trip to exotic resorts with complete peace of mind.

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

• High value of member’s loyalty and retention may be achieved.
• The contribution is nominal compared to the credit 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 Credit in case death or disability occurs. The family is not burdened with repayments of credit in case of death or disability of the borrower.
• Member shall be covered upto 60 years of age.

Riders

The EFU Group Family Takaful Credit Protection Scheme gives employers 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. This benefit mainly aims to provide a financial cushion to individuals of your group.

• 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. This benefit mainly aims to provide a financial cushion to individuals of your group.

• 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 employer is the list of employees with details regarding names, dates of birth, employee code or any other unique ID, CNIC number and individual credit balance.

This information is required to calculate sums covered and will be required at each renewal date.

New members who availed the facility and members 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.