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Smart Save

Plan Benefit
 A unit linked Takaful plan with investment opportunity
Minimum Term5 years
Maximum Term25 years
Minimum Age at Entry
18 years
Maximum Age at Entry
64 years
Minimum Sum Assured (Inbuilt)
AED 5,000 or USE 2,500
Maximum Sum Assured (ALT)AED 10 million 
Maturity Benefit
100% of Fund Value at Maturity
Death Benefit (inclusive)Sum assured at the time of death plus Return of the investment at 
current market value
Investment StrategyA choice to select from 38+ Sharia Compliant funds as per risk appetite
Full Surrender of Takaful CertificateChanges depending upon the Payment term and year of encashment
are applicable. Processing Fee of AED 100 is also applicable
 Partial WithdrawalFollowing the payment of two (2) years Regular Contribution the
participants may in writing request a partial withdrawal from the
PIA upto 75% of the Fund Value. The partial withdrawal will be
subject to such minimum and maximum amount as the Company may from time to time determine.

Partial withdrawal can be made on an ad-hoc or regular basis.
Regular partial withdrawals may be taken monthly, quarterly, half- yearly
or yearly, provided the residual value of PIA is enough to pay the monthly
Takaful Contributions to PRA for at least twelve (12) months.

The appropriate number of units equal to the value of the partial 
withdrawal amount and any charges applicable are cancelled using the Bid
Price of the units of the relevant Fund(s) at the valuation date immediately following receipt of the request.

Following a partial withdrawal the Company may at its discretion reduce 
the Takaful Benefits and Supplementary
 Fee Look Period21 days after issuance of Takaful certificate
 Grace Period90 days from the last Contributions due date
Maximum Period for Takaful Certificate Reinstatement24 months from the first unpaid Contribution due date or lapsation
whichever is later
Contribution Holiday After the Takaful Certificate has been in force for three Gregorian
years the Participant may request in writing a Contribution Holiday 
for a maximum period of two years. The Contribution Holiday will be
granted if the value of the PIA is deemed, at the Company's discretion, to be sufficient to fund the payment of Takaful
Contribution together with the Fees and Charges required under this 
Takaful Certificate during the Contribution Holiday period. This option can be availed only twice during the term of this Takaful
Certificate provided the total cumulative Contribution Holiday period 
taken during the term of this Takaful Certificate must not exceed three years.
Scope of CoverWorldwide
 Minimum Contribution500 AED per month

Other Benefits

Supplementary/Rider Benefit Description of Cover
Additional Level Term 
(ALT) 
This is an additional protection above the sum covered amount.
ALT will be payable in case of death in addition to policy benefit
(sum assured or PIA value whichever is higher).
Accidental Death Benefit
(ADB)
This supplementary benefit provides additional cover on death resulting
from accident.
Permanent Total Disability 
(PTD), accelerated benefit
This benefit provides accelerated death benefit in case of total and 
permanent disability resulting from either accident or disease. The 
benefit shall paid in lump sum once the person covered is declared
PTD which  prevents him/her from being employed ever again.

This benefit is paid as part of the Death benefit in advance. Hence, after
payment of a PTD benefit the amount of the cover on death is reduced 
accordingly.
Permanent Total Disability 
(PTD), Additional Benefit
This benefit provides additional death benefit in case of total and 
permanent disability resulting from either accident or disease. The benefit
shall be paid in lump sum once the person covered is declared PTD which 
prevents him/her from being employed ever again.

This benefit is paid in addition to Death benefit. Hence, The benefit paid
under this Rider will not reduce the amount of Death benefit.
Waiver of Contribution
(WC)
This benefit is designed to provide cover against permanent and total
disability, with the Plan Contributions being waived upon the Participant
becoming disabled. On approval of claim under this Rider, all other 
Supplementary Rider Benefits attached to the Takaful Certificate in respect
of the said Covered Member shall automatically cease.

Critical Illness (CI)This benefit is payable as a lump sum if a Participant/ covered member
suffers from one of the covered CI. The amount shall be based on the 
Takaful death benefit and can be at most 50% of the Death benefit. The 
CI benefit is paid as part of the Death benefit in advance. Hence, after
payment of a CI benefit the amount of the actual covered death benefit
is reduced accordingly.

Important Notes

  • Only CBD customers with valid UAE/GCC visa are eligible to apply
  • The Takaful Certificate can be issued in the name of individuals only
  • The Contributions for the Life covered can be paid by a Third Party 

Required Documents

  • Completed and signed application form 
  • Signed Illustration 
  • Passport Copy with valid UAE/ GCC residency visa 
  • Copy of standing order from (for payments by Account Debit) and Credit Card Authorization form (for payments by credit cards)
  • Medical and/or Financial  Questionnaire (If applicable) 
  • Any other document as required by Noor Takaful (as applicable)

Eligibility Criteria

CBD Individual Customers:

  • With valid UAE/GCC nationality or residence visa

How long does it take for a claim to be settled?

Discharge receipt will be issued by Noor Takaful within 30 working days post receipt of the valid documents under all non-early claims. Claim amount will be provided post receipt of the signed discharge form.

What documents are required to settle a death claim if client’s Death occurs outside the UAE?

In case of death claim following documents are required:

  • Copy of Death Certificate (attested by UAE Embassy in the country where the Death has occurred as well as Ministry of Foreign Affairs in UAE)
  • Copy of Police Report (if necessary
  • Copy of Succession Certificate
  • Nominee Details
  • Death Claim Form and other documents as maybe required by the Company case to case basis.

* Noor Takaful may request for originals

Who should be contacted in case of a claim?

You can directly contact Noor Takaful PJSC in case a claim arises. The e-mail id is if.support@noortakaful.com contact no is 8006667.

In case, client leave's UAE, what happens to the Status of the Takaful Certificate?

The cover is worldwide and continues subject to receipt of regular Contribution, if you are planning to leave UAE, you to inform us about your new destination with updated contact details.

What do you mean by cash value of the Takaful Certificate?

The net asset value of all the units allocated to the PIA. The Cash Value at any point in time will be the sum of the value of units of each Fund allocated to the Takaful Certificate. The Cash value can be determined by multiplying the number of total units held by the prevalent Unit Price less the applicable Surrender Charges.

Can I partially en-cash the Takaful Certificate?

Partial encashment is possible after the 2nd year of the Takaful Certificate upto 75% of the Cash Value.

Can I have multiple beneficiaries? Can I change Beneficiary during the Takaful Certificate term?

You can add and change beneficiaries anytime during the Takaful Certificate term; however, in case of minor below 18 years age, guardian must be notified. The beneficiary can also be chosen as per “UAE Shariah Law”.

If the Takaful Certificate lapses, within how many months can it be re-instated?

Reinstatement is allowed within 2 years from the first unpaid Contribution due date

What are the riders currently available?

Following riders are available for Takaful Certificateholder aged 18 years & above at additional cost

  • Accidental death benefit ,
  • Additional Level Term Death,
  • Waiver of Contribution,
  • Perm. Total Disability (Acc.)
  • Perm. Total Disability (Add.)
  • Critical Illness Benefit

What is the grace period if Contribution payments are not made, before the Takaful Certificate lapses?

A period of three (3) months after the Regular Contribution due date allowed for payment of each such contribution, during which the cover will remain in force.

 

Contributions up to 90 days

No Health Questionnaire required

After 90 days but within 180 days

Health Questionnaire

After 180 days before two years

Health Questionnaire + Medical examination as per Underwriting guidelines

What would be the charges if I decide to surrender the plan?

The Participant may withdraw the entire Cash Value by making a written request at any time before the Maturity Date of this Takaful Certificate. The Company will pay the Cash Value of the PIA. The Cash Value will be equal to the total number of units allocated to the PIA. The units are redeemed with reference to the Bid Price of the relevant Fund(s) at the next Valuation Date following the receipt of the request to Surrender. On receipt of such request this Takaful Certificate shall immediately cease. AED 100 will be  a surrender charge

The charges depend on the Contribution payment term that you selected for the plan. For detail, you may contact if.support@noortakaful.com

What will my family get in case of my Death?

Sum assured at the time of death plus the value of units, is paid to the beneficiary. 

How can I pay the renewal Contribution for my Takaful Certificate?

Chose the payment method that suits you, you can pay it by Standing Order, Credit Card, Cheque & Third Party Payments allowed from Parents, Grand Parents, Spouse or Company.

Can I pay all my Contributions in advance for the entire term of the Takaful Certificate?

You have an option to select the Limited Payment terms for 5 year or above or equal to Plan term.

How much life cover does this plan offer?

  • In built Sum Assured is AED 5,000 or USD 5,000
  • Maximum Sum Assured under Additional level Term is AED 10,000,000

What is the minimum Contribution for Noor Smart Save?

Minimum Contribution for Noor Smart Save is 500 AED per month

What is the term of Noor Smart Save?

Minimum plan term is 5 years till you reach the age of 99 years.

What currencies are available in Noor Smart Save?

Noor Smart Save is available in both AED and USD.

What are the benefits of Noor Smart Save?

With Noor Smart Save you will get:

  • Wealth accumulation opportunities through investments in your choice of funds
  • Upfront Bonus as multiple of term. For example: 25 years plan of 5,000 pm contribution will be entitled for a bonus of 75% of the annual contribution which would amount to 45,000 subject to terms and conditions. 
  • Number of additional benefits that can help protect against the financial impact of severe illness and accident
  • Flexibility to change the plan as your circumstances change
  • Contribution payments for a limited period, and life cover and investment opportunity that can be continued for an extended period of time.

What will I get on maturity of the Noor Smart Save?

On maturity of Noor Smart Save you will receive Fund value

How frequently can I make Contribution to Noor Smart Save?

You can make them monthly, quarterly, half yearly or yearly. /Ad-hoc Payments can be made at the time of commencement or any time later for an active Takaful Certificate.

What is the age requirement to apply for Noor Smart Save?

To apply for Smart Save you should be between 18 years to 64 years old at entry and not exceeding 80 years at the maturity of the plan.

What are the eligibility criteria to apply for Noor Smart Save?

To apply for Noor Smart Save you should be CBD customer with valid UAE or GCC residence visa.

What is Noor Smart Save?

Noor Smart Save is a unit linked plan that offers you savings, investment and protection all in one product. This product is designed not only to protect you and your savings during uncertain events, but also to ensure your peace of mind.

What documents are required in case of a maturity claim?

To claim maturity we require:

  • Original Takaful Certificate Document
  • Passport Copy
  • Visa Copy

Disclaimer

This Product is offered by Noor Takaful PJSC for CBD Clients and is subject to their approval. Terms and Conditions of the Takaful Certificate shall apply. The Takaful cover shall only start after the issuance of Takaful Certificate by Noor Takaful. Details presented are for your information only. CBD is neither responsible for, nor guarantees or warrants the quality, fitness for purpose, suitability of the Product / Covers being offered and does not accept any liability and will not be liable for any loss or damage arising directly or indirectly to the client taking the Takaful or beneficiaries or any others.

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