HOW EFU TAKAFUL PLAN MITIGATE YOUR FINANCIAL HIGH RISKS AND ENHANCE SAVINGS

If a family has taken EFU Takaful 25 years Plan of say Rs. 5,50,000/- at age of 35 years, then such a family can mitigate / hedge their future financial high risks and to enhance amount of savings as under:

1.   If having huge bank loan for construction or buying of a properties and paying huge amount of installments to bank. Before refund of complete loan with huge mark up to bank, if Allah forbids such person expires, naturally or accidentally, then family of such person will have atleast Rs. 3.75 crores or Rs. 4.75 crores from EFU Takaful, even in first year of plan, which they can easily pay rest of the installments of bank loan to avoid to be defaulter and loose huge amount;

2.   If having land or property on installments from builders etc and they suddenly demands huge amount due to, for example, House building loan was not sanctioned etc, which is a normal practice of a builders nowadays, to pay with warning that if not pay in due time deal will be cancelled and huge amount will be deducted as default money etc from your paid amount Such person no need to be panic as they can easily pay from cash value of EFU Takaful available at that year without mark up;

3.   At the age of 60 years, if employer gives letter of retirement and family expenses are continuing, then such person will not get financial shock as EFU Takaful will give such person a cheque of Rs. 9.05 crores. Usually a professional person never serve one employer so retirement benefits never be lucrative;

4.   After around 15 years when one’s son or daughter having age for higher education and need huge amount for their education local or abroad, then such person may no need to be financially disturbed as they may easily use available cash value of EFU Takaful say Rs. 2.08 crores without mark up;

5.   After around 20 years when one needs huge amount for marriage of their daughter, then such person may no need to be financially disturbed as they may easily use available cash value of EFU Takaful say Rs. 4.47 crores without mark up;

6.   According to the law of nature, one may be exposed to (1) ‘DISEASE’ CRITICAL, (2) ‘DISABILITY’ DUE TO ACCIDENT OR (3) ‘DEALTH’ UNTIMELY. So if Allah forbids one exposed to accidental disability, such person no need to be worried about their family financial needs, as EFU Takaful will pay Rs. 1 crore and EFU Takaful Plan to continue and all benefits of the Plan will be available to such person and their family;

7.   If Allah forbids one exposed to critical disease, EFU Takaful will pay Rs. 500,000/- after 29 days of diagnose any critical illness or surgery;

8.   If Allah forbids after around 10 years when one become jobless and family expenses are continuing, then such person may no need to be financially disturbed as they may easily use available cash value of EFU Takaful say Rs. 85 lacs without mark up;

9.   Usually employee having non-funded Provident Fund facility from employer. In this case employee can obtain EFU Takaful Plan of their choice and pay yearly or monthly contribution to EFU directly from their employer to enhance value of Provident Fund and avail other huge benefits.

NOTES

10. Employer / Company insurance facilities provided to an employee cover only death, accident and / or hospitalization and will NOT make available cash value to meet huge expenses like children higher education or marriage, loan repayment etc. While EFU Takaful covers all facilities as explained above as well;

11. EFU coverage is basically a family financial protection and secondary as an investment. For example if a Participant has deposited Rs. 500,000/- in a bank saving account and same amount of Rs. Rs. 500,000/- paid as contribution in EFU. If Allah forbids next month Participant expired due to accidental death, then bank will pay to his family Rs. 500,000/- plus one month mark up, while EFU Company will pay sum covered of Rs. 4.75 CRORES. This is called family financial protection.

12. EFU Takaful give maximum benefits / facilities to a planned young family. As age grows Takaful become expensive or sometimes become impossible. I suggest that old age Participants can cover their family financially by taking Takaful in the name of their son or daughter who are salaried working / business partner and pay contribution by parents. Even old age grand parents may gift such EFU coverage to grandchildren for their higher education / wedding by obtaining coverage in the name of their children and pay contribution by grandparent FOR THEIR CHILDREN FINANCIAL BETTERMENT. Nowadays legal income of most of the young sons and sons in laws are not lucrative so it will be a big financial support from parents or grandparents;

13. Enjoy other benefits also; like income tax savings, waiver of yearly contribution, PRIMUS prestigious category.

14. Male or female can obtain EFU Plan at the age between 18 years to 65 years; with annual contribution from atleast Rs.8,500/- to above Rs. 15,00,000/-. Payment of contribution is yearly or in some cases 2 or 4 installments per year is also allowed.

For further details, clarification and queries, please contact : Syed Imtiaz Abbas Hussain, Chartered Accountant. EFU Executive Sales Consultant. Karachi, Pakistan. Cell: 0092-3003572479, or Email: [email protected].