| Your Executive Back-Up |
| The daily challenges of running your business don’t go away if you unexpectedly lose your key executives. Executive Care helps you mitigate the impact by providing resources to help you get back to business. |
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| Why Executive Care? |
| Noor Executive Care is a unique Shari’a compliant investment-linked plan that covers your company against the risks arising from death or incapacitation of your key employees, usually senior executives and others who are critical to the success and profitability of your business. |
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| Key employees could be: |
- Someone whose death would negatively impact your company’s credit or financial solvency.
- Business partners that need to be protected in the event of death (in the event of death of one of your business partners, the family members’ share in the company must be purchased).
- Individuals with creative expertise or technical knowledge, such as software developers, inventors scientists - anyone with specialized skills that cannot easily be replaced.
- Top sales professionals that have extensive experience and continually exceed sales goals.
- Executives that are responsible for managing the daily operations of your company, or are responsible for a special project or development program.
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Benefits |
| Core Benefits |
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| Primary Takaful Cover |
| In today’s competitive market place, it is becoming increasingly more and more difficult to attract and retain top talent. Executive Care can help you enhance your key person benefits package to compete much more effectively with the staying power of our takaful products and services. |
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| Consider a few of the following Key Employee Takaful options. |
| Whether your business is a start-up firm needing key person or employee takaful cover or an established company requiring business succession planning, Executive Care provides you with all the business takaful, illnesses and disability cover expertise required to assure that your company gets superior solution at the absolute best value. |
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| Executive Care is subscribed on the life of a key employee, an employer or owner of a company. |
| The intent is to cover expenses incurred as a result of the death of a key employee. |
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| Some examples are: |
- Lost sales or revenue.
- Hiring of interim staff until a permanent replacement is found.
- Costs associated with hiring and training a replacement employee.
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| For example: |
- AED 205,000 estimated lost revenue and sales.
- AED 300,000 independent contractor costs as a temporary replacement.
- AED 500,000 recruiter fees, advertising and training of new employee.
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| would then suggest that AED 1,005,000 of takaful cover should be subscribed on the key person. |
| The Executive Care provides financial security with the return of your investment at the current market value or primary takaful cover whichever is higher. |
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Additional Benefits |
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| Additional Level Term |
| Quite simply, it’s a takaful cover that protects your key person for a specific period of time, or term. |
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| Permanent Total Disability |
| In case a disability leaves your key person unable to work, and earn an income this benefit provides a lump sum payment that will be paid to cover immediate expenses. The maximum benefit available will be up to the total sum of level term benefit and basic takaful cover applied by you. |
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| Accidental Death |
| In addition to the primary takaful benefit covered under the plan, this optional benefit provides cover for death resulting from an accident. |
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| Critical Illness |
| If the key person is diagnosed with a covered critical illness, the takaful plan will pay a cash benefit of up to 50 percent of the primary takaful cover amount, up to a maximum of AED 367,000. |
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Client Illustration |
| Client Age |
: 35 yrs |
| Sex |
: Male |
| Smoker / Non Smoker |
: Non Smoker |
| Term of the Plan |
: 10 years |
| Assumed Growth Rate Plan |
: 5% p.a. |
| Currency |
: AED |
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| Contribution |
Primary Takaful Cover |
Net Value of Investments
at Maturity |
| 1,000 |
1,000,000 |
129,349 |
| 5,000 |
1,000,000 |
712,740 |
| 25,000 |
5,000,000 |
3,574,944 |
| 50,000 |
5,000,000 |
7,213,871 |
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| *Disclaimer: For illustration purposes only |
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Benefit Combination |
| Corel Benefit |
Minimum
(AED) |
Maximum
(AED) |
Term
(Years) |
| Primary Takaful Cover |
1,000,000 |
No Limit |
5-30 |
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Additional Benefit |
Minimum
(AED) |
Maximum
(AED) |
Term
(Years) |
| Accelerated Permanent Total Disability |
5,000 |
No Limit |
5-30 |
| Accidental Death Benefit |
5,000 |
No Limit |
5-30 |
| Additional Level Term |
5,000 |
1,000,000 |
5-30 |
| Critical Illness Benefit |
2,500 |
367,000 |
5-30 |
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*Please refer to the Takaful Certificate for specific terms, conditions and other details regarding the benefits, eligibility and exclusions outlined in this brochure.
Takaful Certificate is available upon request |
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Special Features |
| Noor Executive Care is an attractive business takaful product, designed with your company’s needs in mind to offer the following key features: |
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| Affordability |
- Low acquisition and maintenance costs.
- Opportunity to hire and train replacement employees.
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| Fund Management Support |
- Support and guidance of expert financial planners.
- All funds approved by Fatwa and Shari’a Supervisory Board of Noor Takaful.
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| Employee Retention Benefit |
- Ability to pass along cash benefit of takaful plan to covered employee upon plan maturity.
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| Transparency |
- Regular reports sent to you as a member of the takaful community.
- Ability to track your investment performance on a daily basis.
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Investment Choice* |
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| One of the keys to maximizing your financial returns, is to make an investment choice that is right for you. |
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| Noor Takaful provides a flexible choice of funds. To make it easier for you to assess which funds offer you the right balance between risk and reward, we have handpicked top-performing fund managers that cover a broad range of fund classes including growth, balanced, and secure. All our funds are approved by the Fatwa and Shari’a Supervisory Board of Noor Takaful. |
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| No single investment option will suit every investor. |
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To create an optimal balance of funds that is right for your personal financial goals, we offer you a wide variety of options that help you achieve one of the prime objectives of superior investments – diversification.
Diversification should be viewed in light of each individual’s short and long term financial goals. Some elements of risk diversification to consider include geography, sector, and asset class.
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| Diversification means spreading the investment across different markets, sectors and asset classes, to reduce market risk. This protects investors from short term losses in one part of the portfolio, through exposure to stronger performance elsewhere. Through proper diversification, your investment risk is reduced, and financial returns are maximized. |
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| Fund Management |
| Your fund manager charges a small fee for managing your investment. It is charged on a monthly basis, as a percentage of the Net Asset Value of your investment fund at the time of valuation. The percentage ranges from 0.5% to 2.0%, depending on the nature and complexity of your funds and the charges of any related fund managers. |
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| *Disclaimer: The choice of funds is at the sole discretion of the participant. We can provide information on the range of funds available. However, we are not fund managers or financial advisors. Remember, all investments involve risk. The value of your investment can go up or down, and the returns are not guaranteed |
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Talk to Noor Takaful today and let us look out for you. |
| Book an appointment: |
if@noortakaful.com |
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| Call: |
800-6667 (and select the Noor Takaful option) |
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