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EducateSecura

​​​Rest Assured with EducateSecura
Saving plan for your child’s education

One of the best investments you can make is in your children’s future. With EducateSecura, you have the flexibility of choosing a fund that’s convenient for you, along with features that assist you in planning and securing your child’s future.

Why EducateSecura?

  • Takes care of planning for your child’s education / marriage.
  • Covers the life of the parent from any unfortunate event.
  • Structured educational benefit options available.
  • A wide range of funds (fully Shari’ah compliant) available for investment.
  • Provides Cover Continuance Benefit.
  • Easy liquidity options available after the lock-in-period.
  • Booster Contribution can be made at anytime.
  • Waiver of BBK’s internal standing order charges for the periodic transfers of contributions from your bank account to the Medgulf Allianz Takaful account.
  • Waiver of BBK’s minimum balance charges for your bank account that is linked to the Medgulf Allianz Takaful account.

FAQ

  1. What is the eligibility to apply for EducateSecura?
     If you are a parent between 18 years to 55 years and your child’s age is between 0 years (2 weeks) to 15 years, you are eligible to apply for EducateSecura.
  2. What should be the maturity age of the child for him/her to avail the education benefit from EducateSecura?
     You as a parent can choose an age between 18 years to 23 years as the maturity age of your child. Your age as a parent should also not exceed 60 at maturity. Upon attaining the maturity age you can avail the investment fund value as a lump sum or spread it over 2 years to 5 years.

  3. How is the term of the plan calculated for EducateSecura?
     The term of the plan is calculated as higher of (a) the difference between the chosen maturity age and the current age of the child, or (b) 5 years.

  4. What are the minimum and maximum life covers I can choose from in EducateSecura?
     The minimum life cover that you can avail in EducateSecura is 5 times your annual contribution and the maximum you can avail is 20 times your annual contribution.

  5. What is the minimum contribution for EducateSecura?
     The minimum contribution is BHD 500/- per year for BHD currency plan and USD 1,500/- per year for USD currency plan. However, on monthly mode, the minimum contribution is BHD 50/- per month for BHD currency plan and USD 150/- per month for USD currency plan. Other payment modes are also available such as quarterly (BHD 125/USD 375) and semi-annually (BHD 250/USD 750).

  6. What is the benefit for my family in case I meet with any unfortunate event (God forbid) if I have EducateSecura?
     As a participant, in case you meet with an unfortunate event of death (God forbid), your family would get (a) paid the life cover amount immediately, (b) all the future contributions to be paid by you are waived, and (c) the takaful fund will continue the contributions on your behalf till maturity of the plan thereby increasing your child’s education benefit at the time of maturity.
     However, in the unfortunate event of total permanent disability, (a) all the future contributions to be paid by you are waived, and (b) the takaful fund will continue the contributions on your behalf till maturity of the plan thereby increasing your child’s education benefit at the time of maturity.

  7. In case I need money in an emergency, can I withdraw it from EducateSecura?
     Yes. You can withdraw money partially or fully. Partial redemption is available anytime after the completion of 3 years, subject to maintaining a minimum of BHD 350/- or
    USD 1,000/- in the account.
     However, full surrender is available anytime during the policy term, subject to surrender charge equal to the wakala fees payable for the balance term of the policy if the surrender is made before the completion of 3 years and payment of related contributions.

  8. What is Cover Continuance Benefit in EducateSecura?
     Cover Continuance Benefit is a unique feature that provides you continued protection, even if you stop paying your regular contributions. Your policy shall be kept in-force by cancellation of units at the prevailing unit price to make your donations to the takaful fund, so long as there are units to support such contributions for at least 3 months.

  9. What is Booster Contribution?
     Booster Contribution is an option that allows you to invest surplus money at anytime to make it grow faster. The minimum Booster Contribution should be BHD 175/USD 500.
    10. What are the other benefits I can get from EducateSecura?
     The other benefits that you can avail are (a) funds switching (6 times free every year), (b) contribution redirection to different funds, (c) increase and decrease in regular contribution on policy anniversary, and (d) increase and decrease in life cover on policy anniversary.

An illustrative example of EducateSecura
Annual Contribution : BHD 2,500
Parent’s Age at Entry : 30 years
Child’s Age at Entry : 3 years
Child’s Maturity Age : 18 years
Plan Term : 15 years
Life Cover : BHD 25,000
Payment Frequency : Annual

 

End of Policy Year   Attained Age   Accumulated Contributions (BHD)   Assumed Fund Value (BHD)
@5% p.a.  @10% p.a.
12,500  11,965 13,706
10   13  25,000  29,563  38,622
15 18  37,500  52,012  78,737

 


The given illustrations are for a healthy male. The given maturity values are net of all charges. Since your plan offers variable returns, the given illustration shows two different rates (5% p.a. & 10% p.a.) of assumed future investment returns.

Adherence to your principles
Takaful, which means “guaranteeing each other”, observes the rules and regulations of Islamic law (Shari’ah). BBK’s partnership with Medgulf Allianz Takaful means that this Secura plan is built on the principles of mutual cooperation and shared responsibilities. By securing a Medgulf Allianz Takaful product through BBK Secura, you cooperate with other Participants for the common good. You, therefore, contribute positively to providing quality of life for all and upholding the dignity of individuals, families, and our society in general.

As a participant to the mutual system, you may be eligible to receive a share of any declared surplus from the Participants Takaful Fund. Distribution of the surplus is in accordance to Medgulf Allianz Takaful’s Surplus Policy as approved by its Shari’ah Supervisory Board.

We are at your assistance

We know that choosing the right investment product is not an easy task. Hence, our expert Financial Consultants are available to assist you in structuring a proper financial plan that meets your financial objectives. You can also feel free to contact our Customer Service Personnel anytime for assistance. We are happy to assist you.

Important Notice:
This brochure contains only general information. It does not constitute an offer to buy or sell a Takaful plan or service nor is it intended to provide any financial advice. Any person interested in this plan should read and consider its complete Terms and Conditions before making a decision. Please request the same from our authorised Financial Consultants.

For more details on SECURA, please visit any BBK branch, www.bbkonline.com, or contact us on any of the following:
BBK Contact Centre: 17207777, Email: [email protected]

Rest Assured with EducateSecura

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