Noor Education Plus Family Takaful

What is this product about?

Important Notice

Participating In A Family Takaful Plan Is A Long Term Financial Commitment. You Must Choose The Type Of Plan That Best Suits Your Personal Needs. You Should Read And Understand The Takaful Certificate And Discuss With The Agent Or Contact Noor Takaful Directly For More Information.

This plan provides you with protection and long time saving to finance the education of your child. Your child will be provided with a financial benefit in the event you suffer a set back covered under the plan. At the same time, it provides long term savings to finance the education of your child in the form of an education fund.

What are the covers/benefits provided?

Death or Total Permanent Disablement Benefit (TPD)

In the event of death or total and permanent disablement (TPD) of Takaful Participant whichever that occurs earlier before the Takaful Certificate matures, a lump sum payment of the Sum Covered plus the amount accumulated in the Participant Investment Account (PIA), inclusive of investment income from the PIA is payable to the Takaful Participant/ Beneficiary.

However, in the event the named child predeceases the participant, the participant may nominate another child as a new beneficiary or in the absence of another child, the balance in the Participant Investment Account (PIA) will be payable after deduction of the administrative fee

Takaful Certificate Maturity Benefit

Amount accumulated in the PIA, inclusive of investment income from the PIA and distributable mortality surplus from the Participant Risk Fund, if any, is payable upon maturity

Takaful Certificate Surrender Benefit

Amount accumulated in the PIA, inclusive of investment income from the PIA if any, after deducting the administrative fee is payable upon the surrender of the Takaful Certificate.

Cash Withdrawal

Partial cash withdrawal from the balance in the PIA is allowed when the Takaful Certificate has reached the minimum term of three (3) years. For each Takaful Certificate, only five (5) withdrawals are allowed during the lifetime of the Takaful Certificate where the minimum interval imposed is two (2) years between each withdrawal. The amount allowed being withdrawn is subjected to a maximum of 50% from the PIA at such time. Each withdrawal will be subjected to an Administration Fee of N2,500.00 per withdrawal.