Tharaa Scheme

Everyone dreams of a future enjoying the best that life has to offer. Now you can start to take the steps to safeguarding your plans - through good times and bad. In life, our personal circumstances and financial affairs never stop changing, but today we can offer you a saving scheme which acts as a reassuring constant.

Allianz Takaful Tharaa Scheme is a Shari'ah compliant investment plan that puts you in control of your way of life. For as little as BHD50 a month (the equivalent of BHD1 per day), you can jumpstart a savings and investment program to help you fulfill your aspirations. We also offer the option to add insurance protection for you and your family.

From small beginnings, great things can happen. So today, with whatever you can afford, start securing your future.

• Makes savings and investment easy
• Offers attractive Shari'ah compliant funds with access to global and emerging investments markets
• Investment Boosters - Additional investments can be made at any time
• Allocation charges at the initial year(s) only
• Easy Liquidity - Allows partial and full withdrawals without high charges  and penalties
• Flexibility - Accommodates changes to plan to better reflect your changing personal and family situation

Your regular as well as booster contributions, after deduction of minimal Wakalah fees, go into your own account called the Participant Investment Account or PIA. Your account's value is based on one or more underlying investment fund(s) of your choice. Units to your PIA are allocated depending on the price of units for each underlying fund. The cash value of your policy is, therefore, the total value of units that you hold in your Participant Investment Account.

On a monthly basis, you donate part of your contributions to a common takaful pool called Participants Risk Fund. This is done through cancellation of units from your Participant Investment Account. Your selected benefits, including Life Cover, are paid from said Participants Risk Fund. The Wakalah fees for policy administration and fund management are priced in the unit prices.

Takaful, which means "guaranteeing each other", observes the rules and regulations of Islamic law (Shari'ah). Allianz Takaful plans are built on the principles of mutual cooperation and shared responsibilities. By securing an Allianz Takaful product, you cooperate with other Participants for the common good. You, therefore, contribute positively to providing quality of life for all and upholding the dignity of individuals, families, and our society in general.

Two death benefit options are available:

• Death benefit equals the amount of Life Cover plus the outstanding value of Participant Investment Account (PIA) and share on surplus on the Participants Risk Fund (PRF), if any
• Death benefit equals the amount of Life Cover or the outstanding value of PIA, whichever is higher, plus the share on surplus on the PRF, if any.

You never know when you may require money for some emergency expenditure. Allianz Takaful Tharaa allows you the option to make partial withdrawals from your Participant Investment Account (PIA) anytime after completion of 2 policy years and payment of 2 annual contributions, subject to maintaining a minimum PIA balance of USD1,000 / BHD350.

You also have the option to fully withdraw the amount in the PIA anytime during the policy term. But if such a request is made before the completion of 2 policy years and payment of 2 annual contributions, Allianz Takaful reserves the right to charge the Wakalah fees payable for the balance term of your policy.

Tharaa Scheme provides you a unique feature of continued protection, even if you stop your regular contributions. Your policy shall be kept in-force by cancellation of units at the prevailing unit price to make your donations to the Participants Risk Fund, so long as there are units to support such contributions for at least 3 months.

Allianz Takaful offers you a wide array of investments funds that are all Shari'ah compliant. You can choose to invest fully in any one fund or allocate your contributions into the various funds in a proportion that suits your investment needs.

Allianz Takaful offers optional riders that can be attached to and made part of your Tharaa Scheme plan, including the following:

1. Accidental Death Benefit
2. Critical Illness Benefit
3. Permanent Partial Disability Benefit (PPD)
4. Permanent Total Disability Benefit (PTD)
5. Waiver of Contribution Benefit in case of Permanent Total Disability (WOC)