Ajyal Scheme
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Features
- Provides protection to both parent and child
- Facilitates regular savings to answer child's higher education and/or marriage needs
- Offers various attractive Shari'ah investment funds from reputable fund managers
- Easy Liquidity - Allows partial and full withdrawals without high charges and penalties
- Flexibility - Accommodates changes to plan to better reflect the Participants changing personal and family situation
Eligibility and Limits
- Ages at Entry: Child - 2 weeks to 15 years; Parent - 18 to 55 years
- Age at Maturity: Child - 18 to 23 years; Parent - Must not exceed 45 years
- Term to Maturity: From 5 years or difference of Child's Age at Entry and Age at Maturity, whichever is higher
- Minimum Contribution:
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Benefits
- Death Benefit:
If Parent passes away: Life Cover plus Share of the Surplus in the Participants Risk Fund (PRF), if any; future Regular Contribution are made from the PRF
If Child passes away: Value of Units in the Participant Investment Account (PIA) plus Share of the Surplus in the PRF, if any
- Continued Protection: This Contract is kept in force by the cancellation of units and the prevailing unit price to make contributions to the PRF, so long as there are units to support such contributions for at least 3 months
- Partial Redemptions: The Participant has the option to make partial withdrawals from the PIA anytime after 2 Contract years, subject to maintaining a minimum account balance of USD 1,000 (BHD 350)
- Surrender: Option to fully withdraw the amount in the PIA anytime during the Contract term, subject to charging the Wakalah Fees and charges payable for the balance term of Contract if done before the completion of 2 Contract years.
- Education Benefit: Value of Units in the PIA can be withdrawn through lump sum or annual installments for 2, 3, 4, or 5 years upon reaching the contract anniversary where the Child and Parent attain their selected Ages at Maturity. The Education Benefits shall be a percentage of the value of the PIA available at the time of payment:
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- Waiver of Contribution Benefit (for Death or Disability): Payment of Regular Contribution falling due during the contribution-paying period in the case of death of parent, or during the uninterrupted continuance of disability in the case of parent's total and permanent disability, shall be waived beginning with the Contribution the due date of which next succeeds the date of such death or the commencement of such disability. Total and permanent disability shall mean the complete incapacity of the parent, resulting from disease or bodily injury, to perform any gainful activity or work, or engage in any business or occupation for remuneration or profit, where such disability has continued uninterrupted for at least 6 months.
