Al-Ilmu Plan

This is a Takaful savings/investment scheme that is meant to cater for our child’s/children future education. It is specifically designed to cater for the payment of a child’s tuition fees at a target date / dates in the future. During the build-up period, family protection in accordance with the principle of Tabaru is provided to the insured parent or guardian should in case of death. The plan will in turn enable the child to fulfill his/her educational career.


Key Features

  • Regular savings to finance child’s future education
  • Attractive returns by way of profit sharing in line with the principle of Al-Mudharabah;
  • Flexible maturity period ranging from 6years and above
  • Tax relief on contributions
  • Takaful installments not forfeited in the event of cancellation
  • Part-withdrawal allowed
  • A simple and transparent plan
Eligibility

  • Anyone between the ages of 18 and 60;
  • Must be a parent or guardian and the policy must be for the benefit of the child or ward
Minimum Contribution

  • As low as N6000.00 (Six thousand naira) per month
Mode of Payment

  • Cash or Cheque
  • Bank internet transfer
  • Direct debit

Distribution of Contribution

  • A larger proportion of the contribution will be credited into the Participant’s Account (PA) as savings for the child’s education.
  • The account is also credited with the Participant’s share of the profit.
  • The balance (smaller portion) will be credited into the Participants’ Special Account (PSA) as “Tabarru” for the payment of death benefits.

Payment of Benefits

On Maturity:

  • The total amount in the Participant’s Account plus profit sharing;
  • The net surplus if any allocated to the Participant’s Special Account based on the last actuarial valuation

On Death:

  • The total amount in the Participant’s Account plus profit sharing;
  • The total future contributions payable from the date of death to maturity date of the Plan

On Surrender:

  • Payment of the amount in the Participant’s Account plus profit sharing.

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