Pay Continuation Scheme

Guaranteed Financial security during unforeseen circumstances
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Comprehensive Financial Security for Employees

Pay Continuation Scheme is a Group Family Takaful plan designed to provide financial stability to employees and their families in the unfortunate event of untimely death or permanent disability. Based on the principles of Takaful, this Shariah-compliant plan ensures mutual support and financial protection, offering ease of mind to both employers and employees.

Core Benefits

Monthly Income Support

In case of death or disability, the scheme provides agreed monthly payments

Compulsory Coverage

The scheme is mandatory, with contributions paid by the employer

Flexible Sum Covered

Coverage is based on multiples
of the employee's salary

Eligibility

Age at Entry: 18 – 64 years
Coverage expires at age 65

Supplementary Takaful Benefits

You can add any of the following Takaful Benefits in addition to the main plan

Basic Coverage

Death due to Any Cause: Financial protection for employees' families in case of death caused by sickness or accidents

Supplementary Rider

Accidental Death Benefit (ADB)

Supplementary Rider

Permanent Disability Coverage

What is Takaful?

Takaful is a Halal and ethical way to fulfill your financial protection and savings needs which serves as an Islamic alternative to conventional insurance.

Contributions are distributed into two components, Participant’s Investment Fund (PIF) for investment and Waqf Fund for protection against Wakalah fee(s). The amount in PIF is invested in Shariah-compliant business avenues to generate Halal profits. Contribution pooled in Waqf fund is considered Tabarru & is used to pay claims.

How It Works

  • The Company / Employer pays an annual contribution to the Takaful Operator.

  • In the event of an employee’s death or permanent disability, the employee’s family receives monthly income payments for the agreed time period (e.g., up to 24 months).

  • Payments are calculated based on the selected salary multiple.

A Simple Example

Member Income

PKR 50,000

Benefit Availed

Death due to any cause

Death due to any cause

24 salaries

Total Compensation Plan

50,000 x 24 = PKR 1,200,000/-

In case of a member’s death, his/her family is eligible to get monthly compensation of PKR 50,000 up to 24 months.
Note: Above mentioned sum covered is for illustration purpose only. The actual illustration will be provided based on your data inputs by our financial advisor / agent.

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Disclaimer

This is a Family Takaful product which has two distinct elements i.e., financial protection and investment. The investment component is linked to the performance of underlying assets under unit linked fund(s)

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