Pay Continuation Scheme
Takaful Death & Disability Coverage
This Scheme aims to offer monthly Financial Support for the member or his/her dependents, in case of any untoward eventualities including member’s disability and/or death due to any cause.
Coverage Type:
It is a Compulsory plan, where agreed contribution will be paid by the company.
Eligibility Criteria
Age at Entry
Age at Expiry
Minimum 18 years & Maximum 64 years
Maximum 65 years
Sum Covered Criteria:
Company has the discretion to select the pay continuation plan based on
12, 24, 36, 48 multiples salary or as per any other criteria.
Benefits (As stand-alone product)
Basic Coverage
Death due to any cause
The basic coverage of Group Family Takaful provides protection to participant’s employees in the event of Death due to any Cause (Sickness / Accident).
Supplementary Riders
Accident Death Benefits
Group Accidental Death Family Takaful Benefit doubles the amount of basic death coverage and provides the family an additional amount to ease financial difficulties.
Permanent Disabilities
An accident can be the cause of a disability which is permanent and total. This benefit provides a financial cushion in such situations to an individual where he/she is unable to earn a living for the remaining part of his/her life.
How It Works:
Agreed Monthly Income payments up to specific time period (agreed no. of years) in the event of the member’s death (due to any causes), accidental death (ADB) and or permanent disabilities which may support the member’s family.
Where the company will pay annual contribution to takaful operator as per agreed contribution / rates.
Example
Member Income
Benefit Availed
Sum cover (multiple of salaries)
Total Compensation Plan
50,000
Death due to any cause
24 salaries
50,000*24 = 1,200,000/-
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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)
