Purpose

This Salaam Group is a group protection plan which is intended to secure a benefit to a named participant employee/ member or beneficiary in the event of death of the Participant whilst in the service or of his or her employer or Association. The employer or Association pays the contribution required on behalf of the employee/ member to meet the risks, expenses and reserves on the Group Family Takaful scheme.

Product Features

The cover is a yearly renewable contract that starts on the date of employment/ membership with the employer/ association for new staff members (new entrants) and on policy commencement or renewal date for existing employees/ members.

• The minimum entry age is 18 years, and the maximum life cover age is 65 years. 
• Target Market
• The plan target to provide master cover for;
• Employees of Corporate entities,
• Members of associations, clubs and unions.

Benefit

The benefit payable to the next-of-kin or named beneficiaries of the covered employee/ member might be fixed or defined as a multiple of the employee’ salary* in the year of death and becomes payable in the event of death to the Participant during the course of active employment or membership.

• For example, three (3) or 4(four) times the total annual salary for each employee (this might include Annual Basic Salary, Housing, Transport and other Allowances as may be agreed).
• Surrender Value and Survival Benefit 
• The policy does not provide any surrender value nor any survival benefit.

ProfitSharing

The profit (Mudarabah) from investment returns is shared between the Group Family life Takaful operator and Plan holder at a pre-agreed rate to Salaam Gambia Family Takaful Limited and the remainder is credited to the Participants’ risk fund.

The surplus (if any) from the Participants account is shared proportionately among all participants after deductions for Commissions, Re-Takaful, claims, and reserves.

Contributionpayable

Contribution is payable annually in advance and is charge based on a risk rating determined by and actuary.

Membership requirements

The minimum number of Employee/ Members at the Commencement Date three (3) , all present and future Eligible Employees, shall be included.

Cessation of membership

A Member shall cease to be a member on any of the following:

• the date of his death
• the date he ceases to be in
• the service or membership of the Participant
• the date on which he attains age 65 years (70 years in the case of clubs, associations and unions)
• any other date on which he ceases to be eligible for Takaful