Noor Group Depositors Plus
Group Depositors Plan essentially is a type of Group Family Takaful Plan designed specifically to cover depositors or bank’s account holders. The plan is used by banks as a mean to attract depositors to open an account with the bank. The plan provides incentive to the depositors in the form of death benefit. The amount of death benefit usually links to the amount of savings deposited with the bank. The higher the savings the more the benefit, thus providing incentive to the account holders to increase their savings with the bank. Examples of the benefit structure which may be provided are as follows:
Example 1:
| Amount of deposits (AED) |
Amount of benefit (AED) |
| Below 10,000 |
Nil |
| 10,000 – 50,000 |
10,000 |
| 50,001 – 100,000 |
50,000 |
| Above 100,000 |
100,000 |
Example 2:
| Amount of deposits (AED) |
Amount of benefit (AED) |
| Below 10,000 |
Nil |
| 10,000 – 50,000 |
20% of the deposit |
| 50,001 – 100,000 |
50% of the deposit |
| Above 100,000 |
equal to the deposit amountv |
In addition to death benefit and to make it more attractive to the prospecting account holders, the plan can be extended to cover:
- Permanent Total Disability (PTD),
- Accidental Death (AD),
- Permanent Partial Disability (PPD),
- Temporary Total Disability (TTD),
- Medical Expenses (ME),
- Critical Illnesses (CI),
- Terminal Illness (TI),
- In-Hospital Cash Allowance (HB),
- Funeral Expenses (FE),
- Repatriation Benefit (RB).
