Child Education Takaful

Education plays a vital role in shaping your child’s future. In today’s highly competitive job market just having the bare minimum education qualification is not enough. In order to acquire a competitive edge, tertiary studies have become crucial. However, increasing cost is a major obstacle in pursuing higher studies. Hence, a good savings plan to fund education would be a wise move for your child’s future.

What are the benefits under the plan?

Maturity Benefit: Certificate sum covered + accumulated profit from investment is paid to participant at the end of the takaful term.
Death Benefit: In case the participant dies in an unforeseen event, the future contributions for the child education plan would be paid by Ayady and sum covered and profit from investments would be paid to the beneficiary when the certificate matures.

Maturity Benefit:

Sum covered + accumulated profit from investment paid on certificate maturity.

How does the plan work?

Certificate is to be taken by the child’s Parent/guardian (Participant).
Participant may choose a sum covered and contribution based on his/her capability.
Participant must pay the contribution regularly till end of the term.
Sum covered plus accumulated profit from investments will be payable at the end of takaful term.

In case of unfortunate demise of the participant during the term of the Takaful coverage, all future contribution will be waived and upon maturity sum covered with accumulated amount of investment profits will be payable to the beneficiary.

Key Features

Age at Entry (Child): 0 – 10 Years
Takaful Certificate Term (depending on age at entry of child): 8 – 18 Years
Minimum Sum Covered: MVR 50,000


Discount for Contribution Mode
Yearly – 2%
Half Yearly – 1%
Quarterly – nil
Monthly – nil
Discount for Sum Covered
Up to MVR 149,999 – nil
MVR 150,000 to MVR 249,999 – 0.1%
MVR 250,000 and above – 0.2%

Illustrative Example

A 30 year old parent takes a certificate of sum covered MVR100 000.
The contribution to be paid and the benefits are as follows:

Child’s Age Certificate term (Years) Monthly contribution (MVR)
0 18 620
1 17 660
2 16 690
3 15 740
4 14 780
5 13 840
6 12 900
7 11 980
8 10 1,070

Benefits Payable:

Waiver of Contribution – In the event of participant’s death within the Takaful term, all future contribution will be waived until expiry.

Death Benefit – In the event of unfortunate demise of the covered person waiver of contribution will apply and sum cover will be paid on the expiry date to the beneficiary.

Maturity Benefits – Upon maturity of the certificate, participant will receive a lump sum from accumulated amount from Participants’ Investment Account/Participants’ Fund and surplus from Participants’ Risk Fund (if any).

What documents are required for the proposal?

*Profit from investment is variable and will depend on future performance of Ayady Takaful

* Note: Contribution can be paid by Cash, BML’s BillPay or Bank Transfer.