EFU Takaful Savings Plan

In an ever-increasing uncertain world, it is your top priority to ensure that your family continues to enjoy financial security and a comfortable lifestyle even in your absence. Samba Bank in collaboration with EFU Life brings you Takaful Savings Plan which assures financial security for your family while keeping pace with your growing needs, and rewards you for a healthy lifestyle. This plan is a simple and economic way of achieving your financial objective irrespective of what the future has planned for you.

What is Takaful?

 Takaful is a Shariah compliant way of safeguarding yourself and your family against future financial losses. A Takaful product assists participants to share their risk on the basis of cooperation, brotherhood, mutuality and solidarity for the common good.

Samba Takaful Savings Plan

Samba Takaful Savings Plan is a Shariah compliant savings and protection plan by EFU Life that provides flexibility in selecting the level of Takaful cover as per your needs, as well as customizing the solution by including additional protection benefits.

How does the Takaful Membership operate?

EFU Life’s Takaful model is based on the Wakalah-Waqf principle. Individuals in the community come together for a common purpose and contribute into a Waqf Fund operated by a Takaful Operator to protect themselves against future financial losses. The following pictorial representation summarizes how your Takaful membership will operate with EFU Life:

What are the Opportunities for Growth?

Your contributions to the Plan will be utilized to purchase units of EFU Takaful Growth Fund. This is a unit linked fund comprising of Shariah compliant investments. The objective of the Fund is to maximize capital growth by investing in a portfolio spread across a wide range of investments such as Islamic mutual funds, approved equities, term deposits in Islamic Banks and Sukuk bonds. The fund is managed by in-house investment experts who adjust the mix of underlying investments in light of economic conditions and investment opportunities.

What is Surplus Sharing?

Takaful offers a unique feature of Surplus Sharing to the Participants in addition to risk mitigation benefits. By contributing Tabarru (donation) into the Participant’s Takaful Fund (PTF), the participant may be entitled to a share of possible surplus funds. At the end of each year, EFU Life will determine the surplus in the PTF based on the method approved by the Shariah Advisor and Appointed Actuary.

What are the benefits of Surplus Sharing?

A part of the surplus may be distributed back to the participant in the form of Bonus Units through additional unit allocation in the Participant’s Investment Account (PIA). These Bonus Units will enhance the Cash Value of your Takaful plan.

What are the Takaful Benefits?

Death Benefit

In case of an unfortunate event of death during the Membership Term, the takaful benefit will be payable as follows:

  • The Sum at Risk* from the Participant’s Takaful Fund (PTF)


  • The Basic Cash Value of Participant’s Investment Account (PIA)


  • The Cash Value from Fund Acceleration Contributions in the Participant’s Investment Account (PIA).

* (The Sum at Risk is equal to the Sum Covered less Basic Cash Value in PIA).

Maturity Benefit

At the end of the Membership Term and whilst the Participant is alive, the maturity benefit will be payable as follows:

  • The Basic Cash Value of the Participant’s Investment Account (PIA)


  • The Cash Value from Fund Acceleration Contributions in the Participant’s Investment Account (PIA).

Are there any Additional Benefits?

The Plan also offers various supplementary benefits which may be attached to it to enhance the Takaful protection. These supplementary benefits are:

  • Additional Term Takaful
    This benefit increases the level of Takaful cover by providing an additional amount in case of death of the participant.
  • Family Income Benefit
    This benefit ensures that a monthly income is paid to the family in case of the unfortunate death of the Participant during the plan term.
  • Takaful Accidental Death Benefit*
    This benefit provides an additional lump sum benefit on accidental death of the participant.
  • Takaful Accidental Death and Disability Benefit *
    In case of accidental death or disability of the Participant, this rider provides an additional lump sum benefit.
  • Waiver of Contribution
    In case of disability of the Participant due to sickness or accident, this rider waives the contribution of the Basic Takaful plan.

* Note: Only one of the two accidental supplementary benefits can be selected


Who can apply?

  • The participant should be between 18 and 65 years old. However, the maximum age at maturity cannot be more than 75 years
  • The term of the Takaful contract can vary between 10 and 25 years.
  • Minimum Contribution is PKR 20,000 annually

Protection Multiple

The Sum Covered is determined as the Basic Plan Annual Contribution multiplied by the “Protection Multiple”, which may be selected from a range depending on the age at entry as illustrated below. 


Levels of Coverage

based on Protection Multiple



18 – 35



36 – 40



41 – 49



50 – 60



61 - 65



How Contribution is allocated?

Year-wise allocation percentages of the participant’s contribution are shown in the table below:


Allocation as percentage of Contribution







4 & 5


6 to 10


11 to 15


16 to 20


21 to 25



The above percentages are determined after deducting an “Allocation Fee” from the basic Takaful plan contribution. All subsequent charges are deducted from the above mentioned “Allocation Percentage” and the remainder will be allocated to the PIA.

Waqf Donation

Waqf Donation, which depends on the Takaful cover and age of the Participant, will be transferred from Basic Plan Contribution into Participants Takaful Fund.

Fund Acceleration Contributions

In case the Participant has extra funds available, the plan provides the flexibility to channel these to the Plan and provide a boost to the savings. These lump sum contributions are called Fund Acceleration Contributions (FAC) and can be paid anytime during the years where policy is active.

The minimum FAC amount is Rs.20, 000 per payment.

What are the charges?

Following charges apply, on the basic Takaful Plan, are based on the principle of Wakalat-ul-Istismar:

  • An Allocation Fee will be charged, after which the remaining part of the contribution is as per the percentages mentioned above in Unit Allocation Table.
  • An Administration Charge of Rs.1, 500 per annum will be charged.
  • Bid Offer Spread of 5% of net allocable contribution will be charged.
  • Investment Management Fee of 1.5% p.a. of the Fund Value will be applied.

How can I have access to my savings?

If your circumstances change and you have a need for cash, you can encash your Plan for the Total Cash Value in the Participant's Investment Account (PIA), at any time. Please remember that the value in the early years is likely to be low as the Plan is designed for long term financial planning needs.

Alternatively, you may just want a small proportion of the capital you have built up. This Plan gives you the facility to make partial withdrawals at any time whilst continuing to make contributions. This facility is subject to at least Rs.25,000 remaining as cash value after such withdrawals.


  • This product is underwritten by EFU Life – Window Takaful Operations. It is not guaranteed or insured by Samba Bank or its affiliates and is not a product of Samba Bank. Hence EFU Life is responsible for all underwriting risk.
  • Samba Bank is just a promoter and distributor of this product to its valued customers.
  • All Takaful Claims, charges and payments relating to the Takaful Policies shall be the sole and exclusive responsibility of EFU Life.
  • As per the directive of SECP, the values given above are based at assumed rates of return of 7%, 9% and 11% per annum. However, the actual values will depend upon the performance of the underlying investment in the EFU Growth Funds and can be higher or lower than the ones illustrated above. the investment risk of the selected fund shall be borne by the policyholder.
  • The contributions in the plan are invested in the mentioned growth fund.
  • The past performance of fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and neither EFU Life – Window Takaful Operations nor Samba Bank will incur any liability for the same.
  • A personalized illustration of benefits will be provided to you by our consultant. Please refer to the notes in the illustration for detailed understanding of the various Terms and Conditions; you are required to fully understand the illustration and other terms and conditions of the plan.