Name of the Organization : Kuwait Finance House
Type of Facility : Rafaa Marriage Investment Plan
Country : Kuwait
Website : http://www.kfh.com/en/banking-services/Long_Term_Investment/Rafaa.aspx
“Rafaa” Marriage Investment Plan :
Because important and big steps require early planning, KFH designed the “Rafaa” long term investment plan for your children to help you cover the expenses of their marriage & to be ready for the happiest moments in your life.
Related : KFH Al Sundus Program For Ladies : www.statusin.org/5934.html
“Rafaa” offers a plan based on monthly savings, while earning higher investment returns on your savings, in addition to having a Takaful coverage. When your children reach the pre-determined age, the total amount saved added to the investment profits will be available to cover the expenses of their marriage.
All you need to do, is open the Marriage Investment account “Rafaa” and determine the total targeted amount you want to reach at the end of plan, and leave the rest to KFH.
Benefits of “Rafaa” Marriage Investment Plan:
** Flexible Investment Plan.
** Higher Investment Returns.
** Guaranteed Takaful Insurance.
How can I open “Rafaa” Marriage Investment Plan:
** The parent should be less than 61 years old.
** The son/daughter should be less than 20 years old.
** “Rafaa” Investment plan will be opened under the parent’s name along with a Takaful Insurance coverage that is issued automatically.
** Target saving amount ranges between KD 5,000 to KD 120,000
** Saving period ranges between 4 years to 25 years (according to the Son/daughter’s age)
** Automatic monthly transfer of the saving amount from your KFH account to “Rafaa” investment account.
Takaful Coverage:
“Rafaa” investment account, when opened will be automatically covered by “Rafaa” Takaful (insurance) policy. The policy will cover the unpaid savings due to death or total disability (sickness or accident) during the saving period, or a fixed cover amount.
Plan Maturity Date:
Upon completion of the saving period, the targeted saving amount and the accumulated profits during the investment period will be available.
Other Benefits:
** The target amount or monthly saving amount can be modified at any time.
** The customer can increase the monthly investment amount automatically once every two years.
** The customer can deposit fixed amounts in addition to the monthly saving amounts without affecting the schedule of the plan.
** The customer can choose the fixed Takaful Cover (Fixed Amount determined by the client in the plan) or variable Takaful Cover (The Targeted Amount minus the paid monthly payments).
** Withdrawal up to 40% of the saved amount by the end of the 2nd year.
** Withdrawal up to 30% of the saved amount by the end of the 5th year, 10th year and 15th year.
** “Rafaa” plan can be closed at any time. All the saving and declared profits in “Rafaa” account will be refunded.
For more information, please call Allo Baitak (180 33 33) at anytime, or visit the nearest branch.