Tahaffuz Education Plan

Unforeseen situations can be devastating. Especially when you are not prepared to bear with the financial setbacks that follow. Unfortunate events can hit anyone, anytime. It dependsthe individual how well they are prepared for such startling situations. To avoid big blow on your pockets, people try to secure their future
by planning their finances in advance. This helps them secure their future at all times.

Adamjee Life’s utmost motto is to protect its customers at all times. That is why it is introducing “Tahaffuz Plan” which is Adamjee Life’s flagship 10-year plan. It is a product that is particularly designed for the customers where their investments are a prime focus coupled with life insurance benefits and is flexible to address your future financial need.


• Your savings will grow faster with 1st year (55%) investment allocation to your fund, with 100% allocation from 3rd year onwards.

• Enjoy guaranteed loyalty bonuses on 6th, 9th, 12th and 15th year of your policy to maximize returns.

• 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 101%.

• You have the option to choose from two growth funds based on your financial requirements and risk appetite.

• An optional built-in Monthly Annuity Benefit is provided to customers who want to avail their maturity cash value on a monthly basis.

• Monthly Annuity Benefit:

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.

• Choice of Insurance coverage:

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.

• Protection Benefit:

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.

• Plan Maturity Benefit:

At the time of maturity of the policy term the insured will get the amount equal to his/her account value. You have the option to beat any impact that inflation might have on your investments with a unique inflation protection option that adjusts your premium by 5% every year.

Management charges: 175 basis points of annual yield (1.75%)
Administration Fee: Nil
Policy Fee: Nil
Bid/Offer Spread: 5% of net regular premium

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

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 mix of instruments in order to optimize the 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.

Investment Multiplier Fund: is a moderate to high risk profile fund that generates higher returns over the long run with a mix of investments in equities along with money market instruments. (Fund Managed by MCB Arif Habib)

Investment Secure Fund: Up to a maximum of 90% in a mixture of PIB’s T-bills & Fixed Income instruments PLUS upto a maximum of 20% in equities PLUS Upto a maximum of 10% in Real Estate Property, Real Estate Instruments and REITs, with the balance and cash.(Fund Managed by MCB Arif Habib).

Amaanat Fund: is an Islamic fund with up to 100% in Government Securities (Government Sukuks) PLUS up to 20% in Equities (equities present in the Karachi Stock Exchange Meezan Index-KMI 30 as listed on the Karachi Stock Exchange and other exchanges) PLUS up to 20% in Islamic Mutual Funds PLUS up to 30% in Term Finance Certificates (Corporate Sukuks/ Islamic Financial Certificates) PLUS up to 10% in Real Estate property, Real Estate Instruments and REITs with the balance in Cash. Cash means cash and near cash investments like Islamic Cash Managed Funds, deposits with Islamic banks and the like.

• 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.

During the course of the policy, your premiums paid will be allocated to the policy account value as per following allocation structure:

 

Policy Year % Allocation of Basic
Premium to Account Value
1 55%
2 85%
3 100%

Continuation bonuses are provided at regular intervals during the term of the plan to customers who continue the policy for longer term. The bonus which is in form of additional units in your account value which boosts your investment.
The continuation bonus allocation is as follows:
 

Policy Year Continuation Bonus Unit Allocation
as % to Basic Premium to Account Value
6 25%
9 50%
12 75%
15 100%

Following are the key optional coverage benefits that customers can opt to avail with any of their aforementioned plans:

• Monthly Income Benefit:

A monthly benefit is paid to you or to your beneficiary for the defined term of income benefit rider from the date of death or permanent disability.

• Critical Illness Rider (CI):

A lump sum benefit is paid to customers in case they are diagnosed with one of the listed 20 diseases during the term of this rider. This lump sum benefit is additional to your main plan benefits.

• Accidental Death and Accidental Disability Benefit (ADD):

A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death or accidental permanent disability.

• Spouse Protection Rider (SPR):

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.

• Level Term Insurance Rider (LTR):

This feature guarantees a lump sum amount payable to your chosen beneficiary

• Tahaffuz Plan 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.

• TahaffuzPlan is a Unit Linked Plan which is subject to investment risk . The investment risk shall be borne by the policy holder and actual maturity and surrender values may be lower or higher.

• Silk 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 Silk 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 Tahaffuz Plan applications are processed and approved by Adamjee Life, as per their underwriting guidelines. Silk 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.

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