Shelter for Life Maximizer

Investment opportunities that best match your requirements are necessary for complete financial security for you and your family. Therefore, Adamjee Life Assurance Co. Ltd. through a distribution agreement with Faysal Bank Ltd. brings Shelter for Life Maximizer that combine long-term & short-term savings and comprehensive life insurance coverages, specially designed for you to focus on your goals and maximize savings for future.


As per section 62 of Income tax ordinance, 2001 income tax laws applicable in Pakistan, a resident individual, who derives income chargeable to tax can under the head “salary” or “income from business”, can obtain tax credit in respect of life insurance premium paid as per the following formula, provided he or she has not claimed any tax credit on purchase of units of mutual funds or newly offered listed equities.

Formula:

(A/B) x C

where

A is the Tax liability of the person before allowance of any tax credit
B is the person’s taxable income for the tax year, and C is the lesser of –
(a) total premium paid
(b) twenty per cent of the person’s taxable income for the year; or
(c) one million rupee

Minimum entry age 18 years (Age nearest birthday)
Maximum entry age 80 years (Age nearest birthday)
Minimum Cover Term 3 Years
Maximum Coverage Term up to age 85 Exact
Minimum Sum assured (Death Cover) Cover multiple 1.25
Maximum Sum Assured (Death Cover) Cover Multiple 10

• Management & Admin charges: An annual charge of 1.75% of cash value to be deducted on monthly basis.
• Bid/Offer Spread: Nil
• Surrender charges: Nil
• Fund Switching: 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.
• Partial Withdrawal Fee: Rs. 350/-

• Highly flexible single payment insurance and investment plan

• Attractive returns with a choice of three different funds to match your risk appetite

• Tax credit on the investment as per the Income Tax Ordinance 2001 and subsequent changes through Finance Act 2012.

• Life protection cover of up to 10 times your investment amount

• There are No redemption charges in this product

• There is no minimum holding period required. However, it is recommended to
invest in the fund for long term.

• Encashment/Redemption can be made within a period of 6 business days.

• Regular fund re-balancing to maintain the correct risk/return characteristics over time.

Unique Cover Multiple Option
The investor has the option to choose his/ her own life insurance coverage amount through the unique cover multiple feature. Customer has the option to take a maximum coverage of 10 cover multiples of investment amount.

No Front End Load
No bid-offer spread of front end load applicable of investment and no back – end load or redemption charges after 24 months.

No Taxation on Capital Gains
In accordance with Income Tax Ordinance 2001, All investments in Insurance are exempt from capital gain tax

Professional Fund Management:
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.

Free-Look Period:
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.

Partial Withdrawal
Partial withdrawals can be made by the investor from his/her fund any time after 6 months of the plan term to fulfill any short term needs. Withdrawals are limited to 50% of the net cash surrender value and can be taken up to 4 times a year subject to maintaining a minimum Net cash surrender value of Rs. 10,000.

Loan Facility
Shelter for Life Maximizer offers a loan facility to fulfil your needs in every way. The amount of loan may not exceed 50% of the amount which, with interest to the end of the Policy year, will equal the Net Cash Surrender Value at the time of the loan being granted.

• Dynamic Secure Fund
Dynamic Secure Fund is a debt fund that offers to invest your allocations up to 90% in a mixture of PIBs, T-bills & Fixed Income instruments with the balance in Cash, PLUS up to a maximum of 20% in equities PLUS a maximum of 10% in Real Estate Property, Real Estate Instruments and REITs; with the balance in cash.

• Dynamic Growth Fund
Dynamic Growth Fund is an equity fund that offers to invest your allocations Up to 90% in a mixture of PIBs, T-bills & Fixed Income instruments PLUS up-to 60% in Equity and Equity-type investments PLUS up to a maximum of 30% to be invested in Real Estate Property, Real Estate Instruments and REITs with the balance in Cash

• Investment Multiplier Fund
Investment Multiplier Fund is also an equity fund that offers to invest your allocations up to 90% in a mixture of PIBs, T-bills & Fixed Income instruments PLUS up to 60% in Equity and Equity-type investments PLUS up to a maximum of 30% to be invested in Real Estate Property, Real Estate Instruments and REITs with the balance in Cash

Year % of Basic Contribution Allocated to Unit Account
1 96% of all investment is allocated to your unit account.
Minimum Premium PKR 25,000
Maximum Premium Unlimited

– Shelter for Life Plans is a Unit Linked Plan which is subject to investment risk and the cash value of the plan will vary directly with the performance of the unit fund.

– Faysal Bank is acting as an agent on behalf of Adamjee Life, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.

– Depending upon the performance of the underlying investments in the fund, the cash values may be higher or lower than the ones shown in the table.

– The past performance of the fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and neither Adamjee Life Assurance Ltd., nor Faysal Bank Limited will incur any liability for the same.

– A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms and Conditions.
– All service charges and taxes will be applicable as per the Bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.

– All Shelter for Life applications are processed and approved by Adamjee Life, as per their underwriting guidelines. Faysal Bank is not responsible for the processing and approval of these applications in any way, whatsoever.

– This brochure only provides an introduction to the benefits available under the policy. A detailed description of how the contract works is given in the ‘Terms and Conditions’, which will be provided after the customer avails the service.

– This product is a long term product that is a combination of investment and insurance. In the event of surrender before maturity period, you will be entitled to the cash value of your policy at the time of surrender net of any applicable charges by the insurance company.

-In case of any grievance regarding your insurance policy, you may contact the Insurance Company on below mentioned contact details or for any service related complaints, you may call our contact centre at 111 06 06 06 or visit your nearest branch

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