Takaful Cover by Salaam Takaful Limited for Loss of Employment

We are pleased to inform our members that ICAP has been able to arrange a Takaful coverage namely “Loss of Employment Takaful” exclusively for ICAP members to secure from involuntary and voluntary loss of employment.
It is pertinent to mention, that this offer is a first of its kind in Pakistan and is not currently being offered by any other Takaful or insurance company.
Some salient features of this unique offer are:

  • Involuntary Loss of Employment including mass layoffs due to economic recession and forced resignation
  • 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
  • Contribution shall be:
    •  3% (min. Rs. 10,000/- and max. Rs. 36,000/-) of 3 months’ gross salary for involuntary loss of employment;
    • 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;
  • Period of Takaful Policy shall be 12 months;
  • Policy covers 3 months’ Gross Salary of the Member up to the maximum coverage of Rs. 1,200,000/-;
  • Maximum eligible coverage age of Member shall be 55 years;
  • Indemnity shall be payable on monthly basis for a period of 3 months or period of unemployment (after a waiting period of 90 days) whichever is less.
  • 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 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.

Please note that this offer is not obligatory on any of the ICAP Members and it is entirely the Member’s sole discretion to avail this offer or not, based on his/her desire and judgment. Accordingly, ICAP is neither influencing any of its Members to opt for the Salaam Takaful Limited offer nor has any responsibility whatsoever for this relationship between the ICAP Members and Salaam Takaful Limited. Members are advised in their own interest to review the policy document including detailed exclusions, claim procedure and other terms and conditions offered by Salaam Takaful Limited.
Members who wish to find out complete details of the offer, criteria and services may visit Click Here Lost of Employment Takaful
or contact:

Hammad Anis
Salaam Takaful Limited
Hammad.anis@salaamtakaful.com
111-875-111 (Ext 130)

Taha Sharif
ICAP
Taha.sharif@icap.org.pk
021-99251630