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Salient Features

Loss of Employment Takaful

Some salient features of this unique offer are:

  1. Involuntary Loss of Employment including mass layoffs due to economic recession and forced resignation;
  2. Voluntary Loss of Employment (subject to 7 years’ continuous employment with same employer) due to relocation against the will, change of ownership of organization, transfer to non-core department and leaving organization on ethical grounds;
  3. Contribution shall be:
    a.  3% (min. Rs. 10,000/- and max. Rs. 36,000/-) of 3 months’ gross salary for involuntary loss of employment;
    b. 5.5% (min. Rs. 15,000/- and max. Rs. 66,000/-) of 3 months’ gross salary covering involuntary as well as voluntary loss of employment;
  4. Period of Takaful Policy shall be 12 months;
  5. Policy covers 3 months’ Gross Salary of the Member up to the max. coverage of Rs. 1,200,000/-;
  6. Maximum eligible coverage age of Member shall be 55 years;
  7. Indemnity shall be payable on monthly basis and shall commence after 90 days from the date of unemployment; and
  8. Loss of employment will need to be reported to Salaam Takaful within 10 working days.

Other value added services which are also being offered to subscribers of this Takaful coverage shall include:

  • Personal Health Takaful at 10% discounted rate;
  • Motor Vehicle Takaful at special rate of 1.5% Net;
  • 25% discount on Salaam Travel Takaful;
  • Domestic Helpers Takaful at 10% discounted rate;
  • Exclusive Access to Takaful Pakistan premier Salaamti App for multiple services; and
  • Nationwide discounts at various outlets.

The above shall be subject to the other terms and conditions contained in the relevant Takaful Policy documents.

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