20.1. Definitions
Accident means bodily injury which is caused solely by violent,
external and accidental means and resulting directly and independently of all other causes.
Commencement Date means the date on which this scheme starts
or the issue date of the Card, whichever is later.
Death means death due to any cause, except those (expressly
excluded) under the Scheme.
Event means Death or Permanent Total Disability of the Principal
Cardholder.
Permanent Total Disability means a situation where the Principal
Cardholder has been permanently and totally disabled for six (6) consecutive months as a result of an Accident or Sickness which prevents the Principal Cardholder from engaging in any occupation for which the Principal Cardholder is reasonably qualified by training, education and experience and provided that the Takaful Provider is satisfied that such Principal Cardholder is permanently and totally disabled.
Present Balance means the utilised amount of the Card Limit as
shown on the last Card Statement prior to the Event giving rise to the claim plus amount of any authorized Transaction made prior to the Event giving rise to the claim not included in the last Card Statement the aggregate amount of which shall not exceed the Card Limit.
Sickness means a sickness or disease contracted for the first time
after the Commencement Date.
Scheme means Takaful cover for the Card offered by the Bank
through the Takaful Provider.
Takaful Benefit means the amount of Takaful cover provided by the
Takaful Provider to the Bank following the occurrence of an Event to the Cardholder.
Principal Cardholder as contribution for active Takaful coverage and debited by the Bank in the Card Account on monthly basis as shown on the Card Statement.
Takaful Provider means Abu Dhabi National Takaful Co. PSC
providing Islamic insurance cover in accordance with Shari’a rules and principles as determined by the Fatwa and Shari’a Supervisory Board of Abu Dhabi National Takaful Co. PSC.
20.2. Eligibility
20.2.1 All Principal Cardholders whose age is less than 65 years are eligible to be covered under the Scheme. At the age of 65 years the Cardholder’s Takaful cover shall cease to have effect and no Takaful Benefit shall be payable by the Takaful Provider. Takaful Benefits will be applicable only to Principal Cardholders and shall exclude corporate and lodged and Supplementary Cardholders.
Age: Scheme Members eligible to participate in this Takaful Scheme must be between the age of 21 years to 64 years for Death, Permanent Total Disability, Critical Illness and between the age of 21 year to 59 years for Involuntary Loss of Employment.
20.2.2 All eligible Principal Cardholders who have opted in for the Scheme will be covered against Death or Total Permanent Disability for an amount of the Present Balance or the Card Limit, whichever is the lesser amount.
20.3. Takaful Protection Benefits
The following Takaful protection benefits are payable under the Scheme subject to the terms and conditions set out below:
20.4. Death or Permanent Total Disability Takaful
Benefit
Upon the occurrence of an Event the Takaful Benefit payable by the Takaful Provider to the Bank will be the Present Balance.
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20.5. Takaful Protection Contribution Amounts
20.5.1 Each Principal Cardholder eligible and who has opted for theScheme shall pay Takaful Contribution Amount at a rate of AED 0.89 per AED 100.00 of the Present Balance which will appear as a transaction entry in the Card statement for that month.
20.5.2 The Takaful Contribution Amount includes ADIB agency fees that is at a rate of 0.89 per AED 100
.
20.5.3 Payment of Takaful Contribution Amount to the Takaful Provider shall be discontinued temporarily where the previous Card Statement’s “Minimum Amount Due” (as specified in the Card Statement) and any other amounts due and payable thereunder by the Principal Cardholder have not been paid to the Bank on the due date.
20.5.4 The Takaful Provider may at any time vary the Takaful Contribution Amount in the future by giving a sixty (60) days’ written notice to the Principal Cardholder.
20.6. General Terms and Conditions
20.6.1. Commencement of Cover
Each Principal Cardholder shall be covered under the Scheme from the Commencement Date.
20.7. Payment of Takaful Benefits
All Takaful Benefits will be payable by the Takaful Provider to the Bank and the Bank shall apply all such amounts received towards the settlement of the Present Balance. Receipt of such Takaful Benefits by the Bank will discharge the Principal Cardholder from the Present Balance liabilities under the Card.
20.8. Limitations and Reductions
20.8.1 The maximum cumulative amount of Takaful Benefit payable under the Scheme for any one Event shall not exceed the Present Balance or the Card Limit, whichever is less.
20.8.2 Subject to a maximum of AED 250,000, the Principal Cardholder declares that the amount paid by Takaful Provider through Takaful Benefit will be used to settle an amount that is equal to Murabaha original cost (which is the Murabaha instalments amount that is due on the 10th year of the Murabaha Contract), and the Principal Cardholder authorizes the Bank to close the Card Account after the settlement. Takaful Benefit:
Individual Takaful Benefit Amount is now AED 250,000/- (Two Hundred Fifty Thousand Dirhams Only) or on the Date of Event of Involuntary Loss of Employment, the minimum amount due or 10% of Present Balance, subject to a maximum amount of up to AED.4,000/- (UAE Dirhams Four Thousand Only) payable for every month of unemployment after the Deferment Period up to a maximum period of six (06) months or until the time the Islamic Covered Cardholder is Reemployed or until the time the Islamic Covered Cardholder leaves the UAE, whichever is earlier.
20.9. Termination of Cover
20.9.1 The cover provided under the Scheme will cease on the happening of the first of the following:
20.9.1.1 Death or Permanent Total Disability of the Principal Cardholder.
20.9.1.2 The date on which the Principal Cardholder cancels the Card.
20.9.1.3 The date on which the Principal Cardholder reaches the age of 65 years.
20.9.1.4 Non payment of Takaful Contribution Amounts by the Principal Cardholder to the Takaful Provider for a period of thirty (30) days after they have become due. 20.9.1.5 Any other date on which the Principal Cardholder is convicted by a court of law for fraudulent or other criminal offence. Decision of the court shall be final in such cases.
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20.9.1.6 Receipt of written notice from the Principal Cardholder requesting the cancellation of the cover.
20.10. Claims
20.10.1 Written notice of claim must be presented to and received by the Bank from the Principal Cardholder or his/her representatives within ninety (90) days of occurrence of the Event.
20.10.2 All claims shall be subject to such discharge, evidence of claim, proof of age and occupation and other information and evidence as the Takaful Provider may require. The Takaful Provider shall have the right to request any medical examination and/report as often it may reasonably require to establish, verify or support the claim.
20.11. Purchase Protection Takaful*
Any purchase with the Card will automatically protect the Cardholder’s purchases against loss, burglary or accidental damage for 90 days from the date of purchase and up to AED 5,500. * Terms and conditions apply.
* The word ‘up to’ shall depend on the Card