Awaeed & P&S Single Premium

Product Background

AlRajhi bank brings yet another exciting bundle campaign for its customers. Customers can now earn up to 2% separate gift profit on top of existing Awaeed account profit rate upon purchasing Protection & Savings Single Premium product.

What is Awaeed account?

Awaeed is an investment product dedicated to help Alrajhi bank customers to reach their financial goals. It increases the capital in investment in short to medium run with almost non-risky investment. To apply for the bundle campaign, customers must invest deposit for 6 months duration.

For further information, please visit Awaeed Account | Alrajhi Bank

What is Protection & Savings Single Premium product?

Protection & Savings insurance is AlRajhi Takaful’s product. This insurance product provides both protection (the safety net required for family to maintain standard of living in case of death –God forbid) and savings, which helps to prepare for the future.

Single Premium Protection & Savings allows the customer to pay the entire premium payment upfront.

How this bundle works?

1. 1- The customers will invest in a Protection & Savings Single Premium product.
2. 2- The customer will open a 6-months Awaeed account and invest an equal amount in this account.
3. 4- The customer will earn the normal 6-month profit rate with a 2% separate gift profit on the Awaeed account at the end of the 6 months.
4. 5- The customer will afterwards earn normal profit rate post 6-months on the Awaeed account.

Application Process

The customer must fulfill the following steps to apply for the bundle campaign:

1. 1-The customer must visit any AlRajhi bank branch.
2. 2-Ask about the Protection & Saving and Awaeed bundle.
3. 3-The customer will be required to invest equal amounts in a Protection & Savings Single Premium product and then opens a 6-month Awaeed account and fills in the policy number as the name of the Awaeed account in AlRajhi Bank Digital App.  

Terms and Conditions

1. 1-The customer must invest equal amounts in Term Deposit & Protection & Savings Single premium.
2. 2-The minimum investment amount in Protection & Savings Single Premium is SAR 100,000.
3. 3-The customer cancelling the Protection & Savings Single Premium insurance in first 21 days of purchase will not be eligible for a separate gift profit rate.
4. 4- If the customers Awaeed Account is canceled before the end of the term, the customer will not be eligible for the separate gift profit. The basic terms and conditions related to the Awaeed Account apply.
5. 5- The customer is entitled to a separate gift profit for each unique policy on one Awaeed Account only.
6. 6- Upon Awaeed account maturity, the standard AlRajhi bank’s rate will be applicable for new bookings/auto rollover.

This offer applies to Policies and Awaeed Accounts from 14th March.