report

1. 1
TABLE OF CONTET
SR.# TITLE PAGE NO.
1. Jubilee Family Takaful’s Profile 2
2. Introduction to Takaful 6
3. Unit Linking System 8
4. Family Takaful Plan 9
5. Jubilee Family Takaful
Supplementary Benefits
12
6. COMMON FEATURES OF
JUBILEE LIFE'S PRODUCTS
17
7. Takaful Marketing Process 19
8. MEMBERSHIP SUBMISSION 20
9. UNDERWRITING 22
10. Individual Life Claim 24

2. 2
Jubilee Family Takaful's Profile
Jubilee Family Takaful is Window Takaful Operations launched by Jubilee Life
Insurance Company on July 07, 2015 (19th of Ramadan 1436 Hijri). The purpose was
to provide Shariah complaint Takaful products to our brethren for overcoming
uncertain situations in life.
All business operations and products of Jubilee Family Takaful are approved and
supervised by its independent Shariah Advisor, Mufti Zeeshan Abdul Aziz, who is an
eminent and renowned Shariah Advisor. An in-house Shariah Compliance
Department supervises the implementation of promulgated Shariah Rulings &
Guidelines pertaining to different operational and investment related issues. An
external Shariah Audit further certifies Shariah Compliance of Jubilee Window
Takaful Operations. Leading family takaful company in private family takaful sector
of Pakistan.
Jubilee Life's Profile
Jubilee Life Insurance Company Limited was incorporated in Pakistan on June 29,
1995 as a Public Limited Company under the Companies Ordinance, 1984. Its shares
are quoted on the Pakistan Stock Exchange. The Company started its business on June
20, 1996. The Company is a subsidiary of Aga Khan Fund for Economic
Development S.A. Switzerland. Jubilee life is also the pioneer of many credit life
insurance schemes prevalent in Pakistan. Jubilee Life has been able to make over
800,000+ individual customers and over 2500 and corporate customers covering over
6.4 Million lives.
Jubilee Life's presence in Pakistan is virtually in every major city with multiple
branches at many locations.
Aga Khan Fund for Economic Development (AKFED)
1. Aga Khan Fund for Economic Development (AKFED) often works in parts of the
world that lacks resources essential to economic development. AKFED operates
as a network of affiliates with more than 90 separate project companies
employing over 47,000 people.
2. For more than 75 years, AKFED has made investments and operated companies
in 18 developing nations of Africa, South Asia and Central Asia.
3. These include industries such as Financial Services, Tourism Promotion,
Industrial and agriculture Development and Media.

3. 3
Jubilee Life's Vision
"Enabling people to overcome uncertainty"
Jubilee Life's Mission
"To provide solutions that protects the future of our customers"
Jubilee Life's Core Values
1) Integrity
2) Passion
3) Excellence
4) Teamwork
Jubilee Life's Strengths
1. JCR-VIS Credit Rating Company Limited has upgraded the Insurer Financial
Strength (IFS) Rating of Jubilee life to "AA+" since 2015. Jubilee life now
enjoys a stable market share in life insurance sector of Pakistan.
2. Re-takaful is the practice of takaful company to share portions of risk portfolios
to other parties by some form of agreement to reduce the likelihood of insolvency
of waqf fund, resulting from a large number of takaful claims. The party that
accepts a portion of the potential obligation in exchange for a share of the takaful
Contribution is known as the re-takaful operator. Jubilee Family takaful has
backing of world's largest re-takaful company I.e. Hanover Re-takaful
Company Bahrain
3. Jubilee Family Takaful has the highest market share in family takaful business in
just few Years and Jubilee Family Takaful highest number of Bancatakaful
Partners i.e. 9 Banks.
4. Jubilee Life has uniquely designed Plans for Direct Sales, Bancassurance,
Family Takaful, Bancatakaful, Franchise Model, Health takaful and Corporate
Takaful. These plans are especially designed to meet different the needs of
customers.
5. Jubilee life is successfully managing the highest ratio of Customer loyalty.

4. 4
Jubilee Life's Sister Concern
 Habib Bank Ltd.
 First Micro Finance Bank Ltd.
 Aga Khan University Hospital
 Aga Khan Health Services
 Tourism Promotion Services (Chain of Serena Hotels)
 Aga Khan Education Services
 Focus Humanitarian Assistance
 Jubilee General Takaful Company
Jubilee Life's International Associates
1. Jubilee Life - Kenya
2. Jubilee Life-Uganda
3. Jubilee Life-Tanzania.
4. Jubilee Life-Burundi
5. Jubilee Life-Mauritius
6. Jubilee Life-Kyrgyzstan
Jubilee Life's Few Corporate Clients
1. NBP Fullerton Asset Management Limited
2. Pharma Pay-con
3. Hasnain Tanweer Associates
4. Central Depository Company
5. Pak Petrochemical Industries Pvt Ltd
6. Education Fund For Sindh
7. Institute of Financial Markets
8. Milestone Icon Blue Zorro (pvt) Ltd
9. ACS Registers Pakistan
10. Lucky Paragon (Ready Mix) Ltd
11. Nelson Paints

5. 5
Jubilee Life's Awards
 Jubilee Life has been awarded "5"FPCCI Achievement Award" on outstanding
services in life saving (Family Takaful) in 2017
 ✓ Jubilee Life has been awarded Brands of the Year Award for 2015-2016 in
the life insurance industry. The much-awaited awards ceremony was held at
Grand Convention Marquee PAF Museum, Karachi.
 Jubilee Life insurance achieved LOMA Excellence in Education (EIE) Award
twice, once for the calendar year 2012-13 awarded In 2013 and for the second
time from more than 1,200 LOMA member companies worldwide, for the
calendar year 2015-16 awarded in 2016 being the only Company in Pakistan for
the current year to bag this prestigious award.
 Jubilee Life has been awarded by the Pakistan Stock Exchange (PSX) with an
award for one of the Top 25 Companies of the Corporate World in Pakistan
for 2014.
 Jubilee Life, achieved Asian Training & Development Leadership Award
2014 at a ceremony held in Dubai. This award is presented to corporate
individuals and their organizations every year that have demonstrated outstanding
achievements and have become exemplary leaders in the field of learning and
development.
 Jubilee Life has been awarded "3" FPCCI Achievement Award" by The
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Jubilee
Life is the only life insurance company to be honored with the prestigious FPCCI
Achievement Award for the third consecutive year. 2012 (For takaful Life and
Savings), 2013 (for introduction of Micro takaful services for low income people
(life and health)), 2014 (for takaful-Life & Savings)
 Jubilee Life secures "HR Leadership Award" for second consecutive year at
the Asian HR Leadership Awards in Dubai (2012-2013).
 Jubilee life won the "Putting the Consumers First" award for Corporate Social
Responsibility (CSR) at the 7th National Awards ceremony organized by
"Helpline Trust".
 Jubilee Life has been awarded the "World Finance Award" for the Best
Takaful Company in 2011 in recognition of the remarkable performance of
Jubilee Life and its contribution to the growth of life insurance industry of
Pakistan.

6. 6
INTRODUCTION TO TAKAFUL
Takaful
Takaful comes from the Arabic root-word 'Kafalah' "To look after or joint guarantee".
Takaful means mutual protection and joint guarantee. The system of takaful is based
on the principles of brotherhood, Taawun (mutual assistance) and Tabarru (Donation)
which is appreciated and encouraged by Shariah. In Takaful, risk is shared
collectively by a group of participants, who by paying contributions to a common
fund, agree to jointly guarantee themselves against loss or damage to any one of them
as defined in the agreement. Takaful is operated on the basis of shared responsibility,
brotherhood, solidarity and mutual cooperation. Taawun is the core element of
Takaful and is basis of many Islamic practices. Islam encourages brotherhood and
their responsibilities for each other.
Risk Mitigation in Islam
Risk mitigation has always been encouraged in Islam, following are the few examples
of risk mitigation in Islamic history.
 Dhaman Khatar-ul Tareeq: Surety was given to the traders against losses
suffered during a journey due to hazards on trade route such as robbery, Person
personally guarantees other person that a particular road is safe to travel and that
the liability of any financial losses that might occur along the way is on him.
 Dhaman Al-D'ark: Guarantee to a buyer that the guarantor will be responsible
for any loss, if the purchased item proved to be faulty/ defective. So in the
scenario of financial loss, the buyer has an option to demand the full payment
either from the seller or from guarantor.
 Aqila: Financial assistance (Diyat) was provided to the victim's family by the
murderer tribe and relatives. Effectively the risk is distributed among the
community or group of people.
 Aqd-e-Muwalat: A person accepts Islam on the hand of other Muslim, and then
has agreement with him that he will be the inheritor of his wealth after his death
and liabilities for wrong will be upon him.

7. 7
Basic Takaful Terminologies
Applicant: An individual who applies for the membership.
Participant/Certificate owner/Member: An individual who make contributions for
the membership.
Life Covered: Whose life is covered against diseases, disabilities and death.
Sum Covered: Benefit payable in case of death
Contribution: The amount payable by a Participant periodically to an Operator under
a Takaful Contract. Usually contribution is paid on annual, semi-annual or quarterly
basis. In some cases, monthly payment is also allowed certain conditions.
Cover Multiples: Range of numbers that decides the amount of protection (Sum
Covered)
Nominee/Beneficiary: To whom the benefit will be paid
Membership Term: Time period/Tenure of the membership.
Maturity: End of membership term or completion of membership term.
Cash Value: Accumulated savings in participant's investment fund
Takaful Operator/wakeel: A Takaful Operator or a Window Takaful Operator, who
manages and administers the operations of takaful.
Takaful Advisor: Who represents family takaful company and make members on its
behalf
Participant's Membership Documents: The documents detailing the benefits and
obligations of a Participant under a Takaful Contract.
Grace Period: Period after the due date of contribution during which membership
remain enforce without penalty
Lapse: Termination of the membership

8. 8
UNIT LINKING SYSTEM
Unit-Linked Takaful Plan is a combination of protection and investment. A portion of
the Contribution paid is utilized for Membership holders' takaful coverage while the
remaining portion is invested in different avenues to maximize profit. Suriah
compliant investment avenues include: stock market, government securities (Sukuks),
TFCs in Islamic banks etc. The funds invested in the pool are collected from multiple
Membership holders in the form of Contributions
Once an investor agrees to pay Contribution, the company offers a certain amount of
units against his/her investment. Each member has the option to select a personalized
investment mix based on his/her investment needs and risk appetite Part of the
Contribution is later invested in the listed avenues. However, since Unit is a
combination of diversified shariah compliant securities (Stocks, TFCs, Govt.
Securities), it has a certain buying and selling price and can only be purchased or sold
back to the company only.
Unit prices however, are variable due to investment in multiple avenues, market
conditions and nature of funds. Therefore, revised offer and bid prices are declared on
daily/weekly basis on company's website and newspaper
Offer Price: The price at which company sells its units to the client.
Bid Price: The price at which company buy units from the client.
Unit linking system is very attractive and beneficial for the Pakistan market. It offers
the following advantages to member
 Transparency of investment
 Fair distribution of investment return
 Easy and instant calculation of Membership cash value
 Protection against inflation

9. 9
FAMILY TAKAFUL PLAN
Family takaful plan has two major benefits of financial protection and investment.
Claims are paid in case of event covered and if covered person survive the term of
plan, he/she receives the investment portion that is the accumulated cash value of plan
 Life Covered should be of age between 18 to 65 years.
 Heshe will pay Contribution against Membership benefits which can be on
annual, semi-annual, quarterly or monthly basis according to particular plan.
 As protection benefit, company will pay Sum Covered (A lump sum amount) to
beneficiaries which can be 5 to 254 times of basic Contribution in case of his/her
death.
 However, if member survives and complete his Membership term then he/she
will get the maturity cash value (investment amount plus profit) for their dreams.

10. 10
Difference Between Takaful and Conventional Insurance
Difference in Rules and Regulation
Takaful Conventional Insurance
 Risk Sharing Mechanism
 Contribution Based Contract i.e.
Aqd-e-Tabarru.
 Funds are only invested in Shariah
Compliant instruments, free from
Riba.
 Surplus belongs to the Waqf Fund
and may be distributed among the
participants.
 Takaful is Shariah Compliant
Risk Transfer Mechanism
Contract of Sale i.e. Aqd-e- Muawaza
Funds may be invested in interest bearing
instruments hence "Riba" is also included
which is forbidden in Islam Surplus
belongs to the shareholders of the
insurance company.
Conventional insurance is Non-Shariah
Compliant.

11. 11
Major Types of Family Takaful
Term Family takaful:
This type of Membership provides the payment of Sum Covered only if death occurs
during a specified period. At the end of the Membership period or on earlier
cancellation, the Membership expires and has no cash value at all.
Whole Family takaful:
This type of Membership provides payment of Sum Covered whenever death may
occur. It has no specified period and does not end until the death of the person
covered, whenever it happens.
Endowment Family takaful:
This type of Membership provides payment of the Sum Covered if death occurs
within a specified period of time. Instead, if the person covered lives up to the end of
Membership period (term), he/she will be paid the maturity amount (Cash Value)
Forms Team Family
Takaful
Endowment
Family Takaful
Whole Family
Takaful
Membership
Term
Fixed Fixed Life time
Sum covered yes Yes Yes
Cash value No Yes Yes
Takaful Interest:
"A person buying a takaful plan on the life of another person should suffer a
genuine/financial loss in case of his or her death."
First Blood Relations: Grandparents, parents, siblings, children and grandchildren.
Related by Marriage: Husband & Wife can have takaful plan for each other
Related by Business: Employer, Creditor, Banker and Lender etc.

12. 12
Jubilee Family Takaful Supplementary Benefits
The supplementary benefit is an addition to the original plan that either expands or
limits the benefits payable under contract. Generally, supplementary benefits are used
to provide some extra benefit to the person covered. supplementary benefits available
with Jubilee Family Takaful's different plans are:
1. Critical Illness (CI)
2. Permanent Total Disability (PTD)
3. Family Income Benefit (FIB)
4. Accidental Death (AD)
5. Accidental Death or Dismemberment (ADD)
6. Waiver of Contribution (WOC)
7. Medipal
Critical Illness (CI)
Life cover is meant to sustain against loss of income on death of the breadwinner.
However, sometimes the need for takaful arises not on death but during life as well
e.g. when one catches an illness which prevents him/her from working. The CI-
supplementary benefit is targeted towards this eventuality on life. Under the Critical
Illness Supplementary benefit, the operator will pay the basic sum covered amount if
the person covered suffers from one of the following diseases:
1. Heart Attack
2. Heart Value Replacement
3. Coronary Artery Disease
4. Aplastic Anemia
5.Stroke
6. Benign Brain Tumor
7. Cancer
8. Deafness
9. Renal Failure
10. End Stage Lung Disease
11. Major Organ Transplant Paralysis
12. Loss of Limbs
13. Blindness
14. Loss of Speech
15. Multiple Sclerosis
16. Major Head Trauma
17. Surgery of Aorta
18. Kidney Failure

13. 13
The basic sum covered is payable in advance, which is on diagnosis of any of the 18
diseases and after that the plan ceases because the benefits payable under this
supplementary benefit are accelerated benefits not the additional benefits. If no
contingent event takes place, then no contribution will be returned. The contribution
and Cl cover, if opted by the person covered, will be indexed in line with the basic
plan. Maximum sum covered must be less than or equal to Rs. 1,500,000/-. In order to
avail the supplementary benefit.
The Critical Illness Supplementary benefit coverage begins 90-days after the issue
date of the plan. The benefit will be payable if the person covered is alive after the
expiry of 30-days from the date of diagnosis or surgery for the diseases listed above.
Eligibility age for this benefit is 18-55 Years. The coverage of Cl-supplementary
benefit will automatically expire when the person covered reaches age 60-years
nearest birthday.
Permanent and Total Disability (PTD)
Permanent and total disability is defined as disability due to bodily injury (accident)
or disease which prevents the person permanently and totally from engaging or being
employed for remuneration or profit in his/her occupation or any other occupation for
which he/she is reasonably suited by knowledge, training and experience, and the
disability must continue uninterrupted for at least 270-days.
The basic sum covered on the main plan will be payable in case of permanent total
disability and after that the plan ceases because the benefit payable under this
supplementary benefit is accelerated benefit not the additional benefit. if no
contingent event takes place, no contribution paid for supplementary benefit will be
returned. The contribution and PTDcover, if opted by the person covered, will be
indexed in line with the basic plan. Maximum sum covered must be less than or equal
to Rs. 1,500,000/-. In order to avail the supplementary benefit.
The PTD supplementary benefit coverage begins 90-days after the issue date of the
plan. Eligibility age for this benefit is 18- 55 Years. The coverage of PTD
supplementary benefit will automatically expire when the person covered reaches age
60-years nearest birthday.
Family Income Benefit (FIB)
A person covered may want to provide his/her nominees an income for household
expenses apart from the basic sum covered which is paid in lump sum as a claim. The
Family Income supplementary benefit will cater this need of the person covered.
The amount for household expenses under Family Income Benefit supplementary
benefit is determined at the onset of the plan. Its rate is minimum 5%, 10%, 15% or
20% of the basic sum covered per year, but it is paid in equal quarterly installments
(Le every after 3-months), which can be utilized to run Household expenses. The
payment will start from the date of the death of the person covered and will continue
until the expiry of the selected term of the FIB-supplementary benefit.

14. 14
The minimum term of the supplementary benefit is 10-years and the maximum term is
25-years. Eligibility age for this benefit is 18-55 Years, supplementary benefit will
automatically expire when the person covered reaches age 70-years nearest birthday.
Accidental Death (AD)
Accidental death means death due to bodily injury caused by violent, external and
visible means which arises directly and independently of all other causes.
The Accidental Death supplementary benefit provides an additional death benefit
amount when the person covered dies as a result of an accident. This means that if the
person covered has taken the AD-supplementary benefit and dies due to an accident,
his/her nominees will receive the benefit of the basic plan and also the AD's sum
covered.
Accidental death benefit is only payable, if the person covered's death occurs within
90 days of the date of the accident. The contribution and the term are fixed separately
for Accidental Death supplementary benefit. Eligibility age for this benefit is 18 -S5
Years, supplementary benefit will automatically expire when the person covered
reaches age 60-years nearest birthday.
There is no minimum amount of sum covered for the AD supplementary benefit; it
can be same as the basic sum covered. The maximum benefit of AD can be up to 2
times of the basic sum covered or Rs. 2,000,000/- whichever is less.
 if sum covered is Rs. 1,000,000 then AD benefit can be up to 2,000,000
 If sum covered is above Rs. 2,000,000 then AD benefit can be up to 1 time of
basic sum covered or Rs. 18,000,000 whichever is less
 The charges for AD supplementary benefit are Rs.125/- per one hundred
thousand.
Accidental Death or Dismemberment (ADD)
Accidental death means death due to bodily injury caused by violent, external and
visible means which arises directly and independently of all other causes. Accidental
Dismemberment means disabilities because of an accident.
The Accidental Death or Dismemberment supplementary benefit provides an
additional death or disability benefit amount when the person covered dies or disable
as a result of an accident. This means that if the person covered has taken the ADD-
supplementary benefit and dies due to an accident, his/her nominees will receive the
benefit of the basic plan and also the ADD'S sum covered.
In order for the accident death or dismemberment benefit to be payable, the person
covered's death or dismemberment must occur within 90 days of the date of the

15. 15
accident. The contribution and the term are fixed separately for Accidental Death or
Dismemberment supplementary benefit. Eligibility age for this benefit is 18-55 Years,
supplementary benefit will automatically expire when the person covered reaches age
60-years nearest birthday.
Waiver of Contribution (WOC)
The Waiver of Contribution (WOC) benefit provides that if the person covered is
unable to perform all the duties of any occupation for which he/she is suited by
education, training or experience for at least 6-months continuously due to sickness or
accident, the contribution due will be paid by the company for as long as the disability
persist or up to age 60-years. The waiver of contribution benefit starts 6 months after
the onset of the disability. WOP rider can only be allowed if cover multiple is greater
than 5 and WOP SA is less than Rs.1,000,000. The charges for WOC are 2% of the
contribution.
Since the company is paying the contributions, the plan builds cash values. Also the
contributions once waived are not charged back to the plan holder and neither are they
deducted from the cash value or the death claim. Eligibility age for this benefit is 18-
55 Years, supplementary benefit will automatically expire when the person covered
reaches age 60-years nearest birthday.
Medipal
i. Medipal provides financial protection in case of illness or accident that leads to
hospitalization.
ii. This supplementary benefit provides immediate support to the life covered and
his/her spouse in case of hospitalization,
iii. The supplementary benefit provides coverage up to the annual limit of Rs.
250,000 per person for in-patient expenses incurred by the life covered or his/her
person covered spouse.
iv. The member has the advantage of obtaining quality medical care services at any
of the Network of 200 Hospitals without having to pay anything.
v. Private room facility is provided under this supplementary benefit.
vi. Members between the ages of 18 to 50 years can opt for this supplementary
benefit, either for themselves or their spouse.
vii. The term of the supplementary benefit is 5 years. Member will have the option to
renew it after the expiry of this initial period subject to terms and conditions
mentioned in the Supplementary contract.
viii. This supplementary benefit does not provide coverage at Non-Network Hospitals
thus no reimbursement is allowed.

16. 16
ix. Supplementary benefit can only be opting by members by paying annual regular
contribution of PKR 50,000 and above.
x. A duplicate card shall be issued in case the spouse is covered.
xi. Annual Contribution is charged per person for this supplementary benefit.
Contribution is based on the age at entry of the member and will remain constant
throughout the term of the supplementary benefit. The rates are as follows:
Contributions of Medipal according to age:
Age Contribution Age contribution Age Contribution
18 4400 29 5500 40 8000
19 4400 30 5800 41 8000
20 4400 31 5800 42 8000
21 4400 32 5800 43 8000
22 4400 33 5800 44 8000
23 4400 34 5800 45 8000
24 4400 35 5800 46 9200
25 4400 36 6300 47 10300
26 4700 37 6700 48 11400
27 5000 38 7100 49 12500
28 5200 39 7600 50 13500
Types of Supplementary benefit
Built-In Supplementary benefit: Customer does not have the option to choose/not
choose the supplementary benefit, it is embedded with the plan.
Optional Supplementary benefit: Customer has the choice to opt the supplementary
benefit but the contribution of supplementary benefit is Built-In.
Additional Supplementary benefit: Customer has the choice to opt for the
supplementary benefit and pay an additional contribution for the supplementary
benefit. Additional contribution depends on the level of benefits customer opt for.

17. 17
COMMON FEATURES OF JUBILEE LIFE'S PRODUCTS
Cash Value:
A family takaful plan, in addition to providing a benefit upon the death of the
Membership holder, also accumulates cash value over time which is paid as Maturity
Benefit or Surrender value. Formula of Cash value is
No. of Units Multiply by Bid Price is equal to Cash Value
Face Amount or Sum Covered:
The Sum Covered or face amount is dependent on the Contribution amount, age of the
member and the level of cover he/she chooses. To calculate the Sum Covered,
multiply the Contribution amount with the cover multiple according to the protection
need of the client.
Contribution Multiply by Cover Multiples is equal to Sum Covered
Indexation:
Indexation is factually an "INFLATION PROTECTION" cover. It provides hedge
against inflation by increasing Sum Covered automatically every year through an
indexation (the Contribution and investment also increased in the same proportion).
The member may have the option to accept paying the increased Contribution and
avail the facility or decline this option and continue the plan on same terms and
conditions as it was before. The partial indexation is also allowed. The indexation
facility can be availed at any time during the life of the plan.
Membership Surrender:
Membership can be surrendered at any time after two years' Contributions (24
Months) have been paid. There is a small cash value after first year Contribution
payment but Membership cannot be surrendered. Surrender value is the cash value of
the plan.
Continuity Bonus:
For continuing a plan (without any break) for a period of more than 6 years, member
will be entitled to Continuity Bonus. This will be in the form of extra units being
allocated to his/her unit account each year. Continuity Bonus also increases, the
longer member continues the plan. With these extra units, investment fund will grow
at a pace faster than what client is paying as Contribution For e.g
Membership year Extra Unit Allocation
6to14: 3%
15onwards: 5%

18. 18
Fund Switching:
Jubilee Life offers the flexibility to manage investment. Initially, Membership owner
can allocate the entire Contribution into one of the funds that are available.
Subsequently, depending on the performance of funds, one can switch between funds.
Four free switches are allowed every Membership year. Charges would be applicable
from the fifth switch and will be deducted from the Cash Value/ Unit Account prior to
the switch.
Investment Top Up/ Adhoc Contribution:
Member may have extra funds available at any stage He/she can top up regular
investments by making adhoc Contribution payments. These contributions would be
invested in Unit Account at the prevailing offer price. Membership holder can pay
extra Contribution during the life of the plan, the extra Contribution known as adhoc
Contribution is invested 95%.
Free look period:
Jubilee Life offers a free look period of 14 days during which member can review
Membership terms and condition and cancel the plan. Contribution will be refunded
on receipt of written request within 14 days from the date of receipt of Membership
documents. Jubilee Life reserves the right to deduct the expenses incurred on medical
examination.
Discontinuance of contribution:
The contribution has to be paid within 30 days of the due date. This period is called
the grace period. If the Certificate contribution is not paid within the first two years,
after the grace period the Certificate will be Lapsed and no benefit will be payable. If
the Certificate contribution is not paid after the Certificate acquires cash value (after
two full years) then the Non-Forfeiture Clause applied for 12 months. Full life cover
continues during Non-Forfeiture, by paying Mortality and Administrative charges.
After 12 months two options are available to the Certificate owner:
Certificate becomes paid up, in which case sum covered is reduced to Zero and
mortality charges are discontinued. However administrative charges are reduced to 50%
per annum to run unit fund.
Full Certificate life coverage continues as long as unit funds are available. The
mortality charges are deducted 100% but the administrative charges are reduced to 50%
Funds Splitting:
Customer can split the investment in different funds such as 50% in Managed and 50%
in Capital Funds.

19. 19
Endorsement :is known as any change in the family takaful plan. It is of two types:
financial (e.g. change in Contribution) and non-financial (e.g. change in nominee)
Renewals are the anniversary of plan
Partial Surrenders is the withdrawal of amount by setting aside specific residual
cash value.
Claim Settlements is the benefit paid against 3Ds
Financial & Non-Financial Endorsement:
Customer can request for Financial/ Non-financial endorsement by using the
Membership Portal Service or through ERF (ERF: Endorsement Request Form is
available on our website under downloads section). Financial Endorsement can only
be processed on Membership anniversary.
Takaful Marketing Process

20. 20
It is a simple and a step by step method to close a sale. If we will learn and perform
every step in a professional manner, then we will be able to close the sales and meet
our personal and professional goals. Our Success depends upon how well we follow
the below process.
MEMBERSHIP SUBMISSION
Mandatory Fields of Proposal Form:
 Particulars of the Life purposed/Membership Owner
 Contact & Communication (Residential Address/Official address)
 Personal Assets & Liabilities as on the date of this proposal form. For
Contribution RS. 250000 and above
 Personal Income & Expenses. For Contribution RS. 250000 and above
 Expenditure/Cost. For Contribution Rs 250000 and above
 Default on Loans. For Contribution Rs. 250000 and above
Prospecting
Pre -
Approach
Approach
Fact Finding
Presenting
Closing &
Objection
Handing

21. 21
 Hazard Occupation & activities
 Required Plan Details
 Supplementary benefit (if additional)
 Details of health Condition
 Details of Family Medical Condition
 Nominee Details & Guardian Details (if required)
 Fund and investment Mix Strategy selection.
 Declaration by life Purposed
 Declaration by Sales Agent
 Check list of proposal submission
Mandatory Documents
1. Complete Filled Proposal Form
2. Signed Illustration English /Urdu
3. Fund Performance
4. Complaints
5. Debit Standing Order
6. Need Analysis Form
7. CNIC Life Covered / Membership Owner
8. Basic Fact Sheet & Product Information
9. Tax Demonstration (Taxation)
10. FATCA & CRS Forms
UNDERWRITING

22. 22
When an takaful company receives an application for takaful, the company must
assess the degree of risk it will be accepting if it issues the takaful plan. The
underwriting is called selection of risk.
Risk Classes:
The Preferred Class designates proposed person covered whose anticipated
mortality is lower than average for the same sex and age group. This class is charged
with lower-than-average Contribution rates to reflect their low level of mortality risk.
The Standard Class designates proposed person covered whose anticipated mortality
is average for the same sex and age group. The mortality risk of this class represents
higher risk than the mortality risk of people in the preferred class but lower than the
mortality risk of people in the substandard class. Therefore, these people are charged
with an average mortality rate.
The Substandard Class designates proposed person covered whose anticipated
mortality is higher than average, but who are still considered to be insurable. The
mortality rates charges to this class is higher than the Contribution rates charged to
people in the standard class.
The Declined Class designates proposed person covered whose impairments and
anticipated extra mortality are so great that the insurer cannot provide coverage at an
affordable cost or whose mortality cannot be predicted because of recent medical
condition. In addition to proposed person covered with a poor health history, those
who engage in exceptionally risk activities, such as sky diving or mountain climbing,
sometime are classified as declined risk.
It is the process of,
 Identifying and classifying the degree of risk represented by a proposed person
covered
 Making a decision to accept or decline the risk
The Underwriters are an takaful company's employees, who are responsible for
evaluating proposed risks, accept or decline takaful applications and determine
appropriate Contribution rate to charge for takaful coverage.
Underwriting Decisions:
Once a proposed person covered is evaluated to be an acceptable risk, the underwriter
must determine the appropriate Contribution rate to charge for the takaful coverage.
The decision regarding classification of a risk and a Contribution rate to charge is
called underwriting decision.
Field Underwriting:

23. 23
The most essential element of this process for the sales person is the display of
accuracy, thoroughness, and honesty when completing the application. Additionally,
the sales person can also help to expedite the underwriting process by the prompt
submission of the application, by scheduling the applicant for any necessary physical
exams, and by assisting the home office underwriter with other requirements.
 Show accuracy and thoroughness when completing the application

 Answers to the questions must be recorded with sincerity
 Nothing should be omitted to facilitate the plan's issuance
 The ethical conduct of the sales person should not be questionable in any case
 The sales agent can also help to expedite the underwriting process.
Operations:
 Direct Sales Business Monitoring
 Direct Sales Business Report
 Maintaining reports of Million Rupee Club Qualifiers
 Validation Promotion Guidelines for Direct Sales Force
Agency (Direct Sales Force)
I. Keep records of Personnel of Direct Sales Force
II. Maintain their business portfolios
III. Release their business commissions
IV. Maintain HR files of Direct Sales Force
V. Maintain contracts of Direct Sales Force
Individual Life Claim

24. 24
Intimation of Claim:
 A claim must be intimated in writing by the claimant / nominees / guardian or by
a close blood relative of the Membership Owner/life covered or by the concerned
Branch In-charge
 Intimation must immediately be forwarded to the Claims Department.
 Investigation and claim examination would be initiated after intimation:
Handling of Claim Notice:
 On receipt of intimation of claim, the Claim Department would verify and
ascertain the validity of the claim. Such as Membership is not lapsed, surrendered,
paid-up, multiple nominees, absence of nominee due to death etc.
 On receipt of intimation of claim and on verification of the validity and
authenticity of the claim intimated
Release of Claim Forms
 The Membership File would be accessed and the claim forms would be released
to the claimant.
 The claim forms would be sent through Courier or 'Registered Post directly to
the claimant.
 Claim papers are not to be handed over to anyone other than the Claimant/
Nominee/Guardia
Claims Investigation/Inquiry
 Claims will be investigated and valid claims in all respects will be presented
before the claims committee for approval.
 A claim may be investigated by competent internal/external expertise as per the
requirements of the case.
Claim Settlement/Rejection
 The claim will be processed in system immediately after receiving the approval
from Claims Committee.
 After processing the claim in the system, the claim will be forwarded to F&A
Department for the preparation of the claim cheque.
 Letter of Rejection/Repudiation would be sent to the Claimant(s)/ Nominee.

25. 25
Advertisement
 Through Television Commercials
 Billboards
 Event Sponsorship
 Newspaper Ad.