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Survivors' pension - Survivors pension is provided to the nominees of the insured person in event of death of the insured person. As per Islamic teachings old parents and young widows are included in the survivor pension program. As per EOBI rules, parents of the unmarried employee gets pension for 5 years in case of employee's death.
Pakistan being an Islamic country tends to follow Islamic Inheritance Jurisprudence particularly with regards to the matters of inheritance. According to Sharia, the legal heirs that are blood relations have a right to inherit from the property of the ancestor or a relative after their death. Chapter four of the Quran, called Surah An-Nisa ...
In others, anti-lapse laws only apply if the deceased beneficiary was a blood relative or even someone as close as a child or sibling. Still, others may restrict who can inherit from the deceased ...
Using the same scenario with three beneficiaries (A, B and C) set to receive a $300,000 death benefit, if beneficiary C dies, the death benefit would now be split equally between the two remaining ...
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...
The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti-lapse statute, then that beneficiary's inheritance will return to the residuary estate, to be inherited by the other beneficiaries to whom the residue has been willed.
Pensions in Pakistan are provisions which are provided to retired employees. [1] Because only the retired formal sector mostly benefits from pensions, most of the social schemes and retirement welfare system in the country cover a small proportion of the old-age population, whereas a significant proportion of the elderly population working in the informal sector remains largely unprotected by ...
One very important factor in this regard is the Social Security survivors benefits, essentially a transfer of the deceased’s retirement payout, which a widow or widower can receive once they ...