Simple Savings Takaful Plan
No matter what your financial situation, it is important to start saving early so that you could enjoy a better life in the future. It is also wise to save a fixed, small amount of money which can be used should any unexpected financial need arise.
However, we are aware that there may be constraints on the saving amount you may wish to start with. That is why we have introduced theSimple Savings Takaful Plan. With this plan, we offer you a hassle-free solution that gives you the flexibility to regularly save a small amount, while at the same time providing protection in the event that something unexpected happens to you. What’s more, for greater peace of mind, we assure you that this plan is fully Shariah compliant.
So now you can enjoy life today and tomorrow – and take your first step to reach your long-term savings goal!
Benefits at a glance
Peace of mind
You can rest assured that this plan is fully Shariah compliant and it is approved and guided by SABB Takaful’s Shariah Committee. The Shariah Committee members are:
- Sheikh Abdullah Bin Sulaiman Al Manea
- Sheikh Dr. Abdullah Bin Mohammed Al Mutlaq
- Sheikh Dr. Mohammed A. Elgari Bin Eid
No medical check-ups
You are not required to undergo any medical check-ups to be accepted for this plan. To qualify, only the application form needs to be submitted.
Affordable contribution
The minimum contribution amount to this plan is SAR 400 per month or SAR 4,800 per annum.
Flexible term period
The minimum term for this plan is 5 years and up to a maximum of 30 years, subject to a maximum age of 60 years upon maturity.
Family Takaful benefit
The fixed standard entitlement amount for the Family Takaful benefit is SAR 100,000 per plan, subject to a maximum of two plans per applicant.
Protection benefit
In the event of death (God forbid), your beneficiaries will be paid the higher of the Family Takaful benefit or the fund value.
Eligibility
The plan is available to participants between aged 18 and 50 years.
Flexible top-up scheme
Top-up your plan whenever you are comfortable to do so by increasing your regular contribution or by making a lump sum contribution.
Partial withdrawal
You are allowed to make 2 partial withdrawals in any one plan year during the term of the plan, provided that each is a minimum of SAR 1,000 and the value of the balance units after any withdrawal is SAR 5,000.
Option to surrender plan
The plan can be surrendered at anytime. However, a penalty will be imposed on surrender made during the first 10 years of the plan.
Cooling off period
If you are not fully satisfied with this plan, you may advise us in writing within 21 days from the date of delivery to cancel the plan. Any contributions paid, subject to the market value adjustment, shall be fully refunded.
Start your savings plan today!
Contact us for a complimentary personal financial review now.
Contract issue is subject to plan terms and conditions.
* Distribution of the declared surplus is in accordance with the Co-Operative Insurance Companies Control Law of the Kingdom of Saudi Arabia and subject to the approval of the Board of Directors of SABB Takaful Company.
