The one thing that connect us all is the aim for a securer future for our loved ones. Khushali Bank in partnership with Adamjeelife has come up with the simplest plan that has all the potential to satisfy your future needs. Be it your daughter’s wedding, child education or any other savings need, it brings a complete peace of mind and comfort for a secure future for you and your family.
This is our regular premium investment-linked plan that offers two-in-one; a comprehensive protection plan against unexpected events with a long-term investment growth potential at the same time. It’s the ideal plan to meet both your wealth protection and wealth accumulation needs at the same time.
Basic Premium Allocation
Policy Term and Eligibility
Basic Premium Payment Modes
On survival of the insured till maturity of the policy, the Monthly Annuity Benefit will be given as per the term selected by the insured. The term can be 5, 10, 15 or 20 years. The units will remain invested and will grow over the annuity term as well.
You have the option to choose from the different levels of life insurance through protection multiples with the same premium amount. The maximum coverage can be up to 200 times your premium amount.
In case the policy owner dies during the plan term, the sum assured or accumulated account value whichever is higher less any partial withdrawals and indebtedness, will be paid to the beneficiary(ies). The plan has a built in 5 cover multiples feature.
At the time of maturity of the policy term the insured will get the amount equal to his/her account value.
Contributions made towards the plan are invested in various investment vehicles including equities, fixed interest instruments, bonds and other money market instruments. Diversification is achieved by selecting a mix of instruments which also optimize returns. The returns earned after deduction of risk, monthly administration and investment management charges are credited to the unit account balance and accumulate as the policyholder’s cash value. Funds are managed by a team of expert investment managers at Adamjee Life, who adjust the investment mix in light of economic conditions, market trends and investment opportunities.
The plan offers the option of making partial withdrawals from your account value after the plan has been enforce for 3 years. Withdrawals can be made 4 times a year and are limited to 50% of the net cash surrender value subject to maintaining a minimum balance of Rs. 10,000.
After the completion of one policy year in which you have made on time full premium payments, you can surrender your policy. At the time of surrender, you will be paid in full the Cash Value of your fund. There will be no surrender penalty after the completion of 1st year. A surrender penalty of 100% will be charged if the policy is surrendered in the first year.
Adamjee Life offers a free look period of 14 days during which you can review your policy terms and conditions and cancel the policy if needed. Your premium will be refunded on receipt of written request within 14 days from the date of receipt of the policy document. Please note that Adamjee Life reserves the right to deduct the expenses incurred on medical examination.
Is a low to moderate risk profile fund that generates stable and secure returns with investments up to 90% of fund in Government Securities, up to 20% in Listed equities, up to 20% in mutual funds, up to 10% in term finance certificates, up to 10% in Real Estate, up to 100% in bank/term deposits. Cash balances not more than 10% of fund value.
Is a moderate to high risk profile fund that generates higher returns over the long run with a mix of investments up to 90% of fund in Government Securities, up to 60% in Listed equities, up to 60% in mutual funds, up to 30% in term finance certificates, up to 30% in Real Estate, up to 100% in bank/term deposits. Cash balances not more than 10% of fund value.
The first four switches in a Policy Year are free. (1 switch at the end of every quarter).
Basic Premium Allocation
As you continue the policy towards its full term, your account value will be credited with a proportion of basic premiums that you pay in. The proportions allocated to your account value will be as follows:
|Policy Year||% Allocation of Basic Premium to Account Value|
Continuation bonuses are provided at regular intervals during the term of the plan to customers who continue the policy for longer term through timely payments of at least the initial basic premium without utilization of partial withdrawal. The bonus which is in form of additional units in your account value boosts your investment. The extra units will be allocated to your account value, this extra unit allocation is in addition to the basic units of allocations. The continuation bonus allocation is as follows:
|Policy Year||Continuation Bonus Unit Allocation as % of Basic Premium to Account Value|
A lump sum benefit is paid to you in case you are diagnosed with one of the listed 20 diseases during the enforce term of this rider. This lump sum benefit is additional to your main plan benefit.
Accidental Death and Accidental Disability Benefit (AD and D):
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death or accidental permanent disability.
In the unfortunate event of the death of the insured person’s spouse during the enforce term of this rider, the rider sum assured is payable. The feature is aimed at providing complete family coverage to the insured person’s family.
This feature guarantees a lump sum amount payable to your chosen beneficiary in case of death of insured person over and above the sum assured and cash value amount.
On death of the insured person, Adamjee Life will pay the initial (un-escalated) basic premiums for the remaining term of the rider. The beneficiary will receive the maturity benefit at the end of the policy term.
To provide adequate coverage to the policy holders upon being diagnosed with one of the following critical illness.
Rider will provide coverage of up to Rs. 500,000/-
On death or permanent and total disability of the insured person during the inforce term of this rider, a fixed monthly amount is payable for the remaining term of the rider.
On total permanent disability of the insured person, Adamjee Life will pay the initial (un-escalated) basic premiums for the remaining term of the rider. The policy holder or beneficiary will receive the maturity benefit at the end of the policy term.
On accidental death or permanent and total disability by accident of the insured person during the inforce term of this rider, the rider sum assured is payable to the insured or the beneficiary.
Policy Term and Eligibility
|Minimum entry age||5th Birthday (Age nearest Birthday)|
|Maximum entry age||70 Years (Age nearest Birthday)|
|Minimum policy term||10 years|
|Minimum premium paying term||10 years|
|Maximum Policy Term||25 years or up to age 85|
All payments are automatically deducted from your bank account with Khushali Bank.
|Management charges||Annual yield (1.75%)|
|Bid/Offer Spread||5% of net regular premium|