Waseela E Zindagi Plus is a specially designed product to fulfill all your insurance needs. Adamjee Life Assurance, in partnership with Mobilink Microfinance Bank has introduced a flexible 5-year investment plan, that offers coverage up to 200 times the premium with the additional benefit of your family’s security.
This product offers you take a loan of up to 50% of net cash surrender value.
This is a value added feature to cover the inflation impact. With this benefit, your premium will increase every year by 5% or 10% of the previous year’s premium.
The customer may make partial withdrawals from their fund after the policy has been inforce for at least 3 years. Partial withdrawals can be taken up to four times in any Policy Year and are limited to 50% of the net cash surrender value subject to maintaining a minimum Net Cash surrender value of PKR 10,000.
You have the option to boost your cash value any time during the term of the plan through ad-hoc investment option. All ad-hoc investments are allocated at a net value of 103%.
Bonus Allocation applies to Policies that have remained inforce through timely payment of at least initial Basic Premium and without utilization of Partial Withdrawal or Loan facility. The extra units will be allocated to your account value. This extra allocation of units is in addition to the basic units of allocations. The continuation bonus allocation is as follows:
|Policy Year||% of Basic Premium Allocated to Fund|
Strategically invest in equity and debt markets with the objective of maximizing returns for the investor. Funds are managed by a team of expert investment managers who adjust the investment mix in light of economic conditions and investment opportunities.
Optional Coverage Benefits
Policy Terms And Eligibility
Basic Premium Payment Modes
Basic Premium Allocation
A low to moderate risk fund that invests up to 90% of fund value in Government Securities , up to 20% in equities , up to 20% in mutual funds (other than equity mutual funds) , up to 30% in term finance certificates , up to 10% in Real Estate , and up to 100% in bank/term deposits
A moderate to high risk profile fund that generates higher returns over the long run with a mix of investments of up to 90% of fund value in Government Securities , up to 60% in equities , up to 60% in mutual funds , up to 30% in term finance certificates , up to 30% in Real Estate , and up to 100% in bank/term deposits.
An Islamic open-end asset allocation/ investment fund, which seeks to achieve its objective of stable yet aggressive returns through investing in a portfolio of Shariah compliant investments diversified through the capital market. The fund primarily invests up to 100% in Government Sukuks, up to 20% in Shariah compliant Equities, up to 20% in Shariah compliant Mutual Funds, up to 30% in privately placed Sukuks, up to 10% in Real Estate and up to 100% in Islamic bank/term deposits.
Optional Coverage Benefits
The feature guarantees as lump sum amount payable to the chosen beneficiary in case of death of the insured person.
A monthly benefit is paid to you and your chosen beneficiary for the defined term of income benefit rider from the date of death or permanent disability.
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.
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.
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.
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. The lump sum benefit is additional to your main plan benefit.
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death or accidental permanent disability.
In case the policy owner dies during the plan term, the sum assured or the accumulated account value whichever is higher, less any partial withdrawals and indebtedness, will be paid to the beneficiaries.
You have the option to choose from the different levels of life insurance through protection multiple for the same amount of premium.
At the time of the maturity of the policy term, the insured will get the amount equal to their account value (less any indebtedness)
The plan offers free look period of 14 days, in which you can cancel your policy by contacting Adamjee Life and get your premium refunded. However, as per law Adamjee Life reserves the right to deduct expenses incurred on medical examinations of the life assured in connection with the issuance of this policy.
Policy Terms & Eligibility
|Minimum Entry Age||18 years|
|Maximum Entry Age||60 years|
|Policy Term||05 years|
|Premium Paying Term||05 Years|
Basic Premium Payment Mode
Basic Premium Allocation
|Policy Year||% Allocation of Basic Premium to Account Value||Surrender Charges as % of unit account value|
|Management Charges||160 Basis points of Annual yield (1.6%)|
|Bid/Official Spread||5% of all premiums allocated to the unit account.|
|Surrender Charges||PKR 350/-|
|Fund Switching Charges:||The first two switches in a Policy Year are free. A charge of Rs. 300 will be made for any further switches in that Policy Year.|