| 01 |
If the policyholder (payor) dies at any time, during policy term, no premium shall have to be paid for rest of the period of policy term. |
| 02 |
The assured child shall get yearly 12% of sum assured for the rest of the policy term as stipend. |
| 03 |
At maturity the assured child shall get money deposited in mudaraba fund alongwith profit (If any). |
| 04 |
If the child dies before maturity, the policyholder (payor) shall get the benefit as per the following schedule:
| Completion of period of policy at the time of child’s death |
Benefit payable |
| Not more than 6(six) months |
25% of Sum assured |
| More than 6(six) months, but not more that 12 (twelve) months |
50% of Sum assured |
| More than 12 (twelve) months, but not more than 24 (Twenty four) months |
75% of Sum assured |
| More than 24 (Twenty four) months. |
100% of Sum assured |
|
| 05 |
If both the payor and assured child survives at maturity, the money deposited in Mudaraba fund shall be refunded with profit. |
| 06 |
After the death of the payor, if the assured child dies at any time during stipend period, the stipend shall be stopped immediately, but the guardian of the nominee shall get full sum assured with profit after completion of policy term. |
| Calculation of Sum at risk |
| 01 |
A = 12% of sum assured |
| 02 |
P = Yearly Premium |
| 03 |
Factor = as per the table stated below:
| Term of policy (Year) |
Factor
| Term of policy (year) |
Factor
| Term of Policy (year) |
Factor |
| 5 |
4.62990 |
6 |
5.45182 |
7 |
6.24214 |
| 8 |
7.00205 |
9 |
7.73274 |
10 |
8.43533 |
| 11 |
9.11090 |
12 |
9.76048 |
13 |
10.38507 |
| 14 |
10.98565 |
15 |
11.56312 |
16 |
12.11839 |
| 17 |
12.65230 |
18 |
13.16567 |
19 |
13.65930 |
| 20 |
14.133494 |
21 |
14.59033 |
22 |
15.02916 |
| 23 |
15.45112 |
24 |
15.85864 |
25 |
16.24696 |
|
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