FAQs

What is Group Life Insurance?

Basic employee benefit under which an employer buys a master policy and issues certificates to employees denoting participation in the plan. Group life is also available through unions and associations. It is usually issued as yearly renewable term insurance, although some plans provide permanent insurance.Employers may pay all the cost or share it with employees.

OR

Group Life is term life insurance offered by an employer to a group of employee in case disability or death due to any cause either Natural or Accidental. The Sum Assured is the amount payable on occurrence of death or disability and this amount can be a fixed amount or variable (if salary based benefit is offered).

What is the Group Life Insurance Rider and what are its supplementary Riders (Benefits)?

Group life Insurance covers only Basic Sum Assured which in another words is the death coverage due to any cause (subject to policy term and conditions). Supplementary Benefits are as follows:
Terminal Illness Rider (free of cost)
Accidental Death Rider
Permanent and Partial Disability (Accidental)
Permanent and Partial Disability (Sickness)
Permanent and Total Disability (Accidental)
Permanent and Total Disability (Sickness)
Temporary and Total Disability (Accidental)
Temporary and Total Disability (Sickness)
Accidental Medical Reimbursement
Critical Illness Rider

Who are eligible under Group Life Insurance?

All employees working for a Company / Group receiving remuneration in the form of a Salary benefit are eligible for Group Life Insurance.

Who is a Policy Holder?

The Master Policy Holder of a Group Life Insurance Plan is basically the Employer and for other groups would be the entity that has an insurable interest in the lives of its members. The Insured comprises of employees of the Master Policy Holder with the insurable interest vesting with the Master Policy Holder.

What should be the minimum number of employees / members for Group Life Insurance?

The Master Policy Holder should have at least 10 members for obtaining Group Life Insurance.

What is Premium Bill?

It is the invoice of the amount that the Master Policy Holder has to pay to the Life Insurer for providing insurance coverage.

Why are reminders issued for outstanding premium?

Reminders are issued if the premium amount is outstanding or the premium cheque remains unrealized.

How is the Premium Calculated?

Premium is calculated separately for Basic death Sum Assured and the respective Rider as per the formula below:
Annual Premium = (Rate x Total Sum Assured) / 1000
Where Rate and Total Sum Assured are separate for Basic Death respective Riders.

What is Grace Period?

Grace Period is a 30 day period provided at the time of submission of Renewal quotation to the PolicyHolder for finalization of the rate and the subsequent premium payment. In the event of non remittance of premium within Grace Period, either an extension of Grace period will be provided to the client as per the request or the policy will lapse.

What is Policy Document?

The Policy Document is a legal contract embodying the agreement between the Policy Holder &Insurer. This Legal Document is issued for a defined term which usually is one year.

What is an Endorsement?

Endorsement means the incorporation of changes / amendments / revisions / alterations in the benefits, rates, age limit, Premium Due Date, Policy Expiry Date or changes in others terms and conditions in the Policy Document.

What is Free Cover Limit?

The Free Cover Limit is the amount of coverage automatically provided to any group member for which a Health Questionnaire and Medical Requirements are not mandatory.

What are Non-Medical Limits?

It means the any Sum Assured is above the Free Cover Limit amount that does not qualify formedical requirement and the coverage can be extended entirely on the basis of Health Questionnaire of Life Assured furnished by the Master Policy Holder to the Insurer.

What are Medical Requirements?

If the Sum Assured requested by the Master Policy Holder above FCL exceeds the Non-Medical Limit,then Medical Requirements are determined on the basis of employee/ member age and sum assured as per Company`s Medical Requirements Chart.

Why is extra premium charged, or, coverage is restricted to Free Cover Limit amount?

Based on the information provided, we categorize Life Proposed in different risk profiles. Thus, on the basis of certain medical findings, the Insurer charges extra premium on the amount above the Free Cover Limit or restricts the coverage up to Free Cover Limit.

What is the maximum and minimum eligibility age limit as per standard terms?

The policy provides coverage to all eligible employees/ members from theminimum age of 18 years & to the maximum age of 60 years.

Does the Policy provide cover to the employees / members up-to 65 years of age?

Yes, the Policy provides cover to the employees upto 65 years of age provided satisfactory evidence of insurability, which may range from Health Questionnaire to comprehensive Medical Examinations, have been provided by the Master Policy Holder to the Insurer.

When should claim be intimated?

In the event of a covered incidence occurring, claim must be intimated to the Insurer within thirty days of such occurrence.

What documents are required for the approval of claim?

Upon intimation of an occurrence, the Insurer will furnish relevant forms for filing proof of loss which are required based on the nature of events. The forms must be completed and returned to the Insurer within 90 days after the loss for which the claim is made.

What is the benefit of investing in a unit linked life assurance plan?
As compared to a term insurance plan which simply expires and offers no benefit at the end of the policy tenure, unit linked life assurance plan being a cash value based product is designed to provide an additional investment linked saving benefit which can be availed either during the tenure of the plan or at the time of maturity.

How many types of unit linked life assurance plans do you offer?
At present Adamjee Life Assurance Company Limited is offering the following types unit linked life assurance plans:
Regular premium plan: This plan allows the policyholder to pay premiums at regular intervals during the tenure of plan such as monthly, quarterly, half yearly or annually. Under these plans the policyholder is obliged to pay the premium year on year till maturity or the end of premium paying term, whichever is earlier.
Single premium plan: This plan allows the opportunity to pay the premium upfront (at the inception of the policy) for the entire life of the plan and is not obliged to make further premium payments.

How is my premium utilized?
As you pay your premiums, a portion of each payment is converted into units on the basis of applicable offer price and the same is transferred to your cash value account. At the first year of a regular premium plan, contribution towards cash value as a portion of your basic plan premium payment, is relatively small, however as you progress through the tenure of the plan the allocation towards cash value increases as defined in the applicable provisions of your life assurance plan.

How many unit linked funds do you offer?
Adamjee Life Assurance Company Limited at present is offering the following five unit linked funds:
Investment Secure Fund: This fund is equivalent to a fixed income fund and is offered with our regular premium plans.
Investment Secure Fund II: This fund is equivalent to a fixed income fund and is offered with our single premium plans.

Investment Multiplier Fund: This fund is equivalent to an asset allocation fund and is allowed to take exposure towards fixed income avenues and listed equities. This fund is offered with both of our regular premium and single premium plans.
Amaanat Fund: This fund is equivalent to an Islamic asset allocation fund and is allowed to take exposure towards Islamic income avenues and Islamic listed equities. This fund is offered with both of our regular premium and single premium plans.

Investment Diversifier Fund: This fund is equivalent to an asset allocation fund and is allowed to take exposure towards fixed income avenues, listed equities and commodities. This fund is offered with both of our single premium plans.

How can I know the bid prize of a fund?
The latest bid prices of the funds offered by Adamjee Life Assurance Co. Ltd can always be viewed at the website of the company ( www.adamjeelife.com )

How can I determine my cash value?
Cash value of a unit linked life assurance plan, also called as cash surrender value, can be easily determined by multiplying your net outstanding units with applicable bid price of the underlying fund of you plan and deducting the applicable surrender charges from the same, if any.

How can I increase the investment in my policy?
If allowed by you chosen life assurance plan, you can anytime increase the investment component of your plan by opting to pay Adhoc premium which is also known as fund accelerated premium.

Is there any tax benefit on the premium I pay for my life assurance plan?
As per 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 amount of tax assessed to the person for the tax year 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 rupees

What do my policy documents consist of?

The policy documents include the following:

Policy Provision & Conditions
Claim Settlement Form
Rider Provisions
Policy Schedule
Non-Financial Alterations Form
Empty envelope

How can I pay my premium?
The premium can be conveniently paid using the following means:

Cheque
Pay order
Cash
Master/Visa card

I live abroad, how can I pay my policy premium?
Customers, who are living abroad and yet continuing policy with us, can conveniently avail e-Services and pay using their own Master/ Visa card.

What is my Policy Number and Client ID?
Policy Number is the unique identity assigns to your policy however Client ID shows the number of policies has been issued on your ownership.

How can I get my contact details (Address/ Contact number/ Email) updated?
You can get your contact details (Address/ Contact number/ Email) updated by sending us the Request Form for Change/ Alteration duly filled and signed by the Policy Owner.

I want to make changes in the plan I bought. What should I do?
You can submit your request to Adamjee Life Assurance Co. in order to customize benefits of your policy.

What is Nomination? And how do I nominate?
Nomination is the process of selecting an authorize person who is entitled to receive sum assured in case of the unfortunate demise of the life insured. The policy owner should nominate the beneficiary details in the proposal form.

How can I change/ rectify the Beneficiary related details of my policy?
Change in Beneficiary
Change in percentage allocation of the Beneficiaries
Correction in the relationship of the Beneficiary with Life Insured
Correction in the spelling of Beneficiary’s name
The Policy Owner can request for the above mentioned Beneficiary related changes by sending us, duly filled and signed copy of Request Form for Change/ Alteration. We will make the requested changes and send you the revised documents.

My name is incorrectly spelled on the policy documents. How can I get it corrected?
In case the name of Policy Owner/ Life Insured is incorrectly spelled on the policy documents; send us the Request form for Change/ Alteration duly filled and signed by the Policy Owner. We will correct the spelling error and send you the revised documents.

My Date of Birth on the policy documents is incorrect. How can I get it corrected?
In case the Date of Birth of Policy Owner/ Life Insured is incorrectly mentioned on the policy documents; send us the Request form for Change/ Alteration duly filled and signed by the Policy Owner along with a copy of CNIC. We will correct the Date of Birth and send you the revised documents.

I want to change my account number which I provided for Auto Debit premium deduction.
For changing the account number provided earlier for Auto Debit premium deduction, send us the Request form for Change/ Alteration duly filled and signed by the Policy Owner along with the revised Auto Debit Instruction for your new account. You can find Auto Debit Instruction form at the respective Bank Branch.

What if I am unable to pay my renewal premium by the due date?
If sufficient premium is not received by the due date, the policy status remains active for the grace period of 30 days.

When does a policy lapse?
If the premium remains unpaid by the end of grace period (30 days from due date), the policy status gets lapsed and all coverage under this policy will be terminated

If the grace period has elapsed how do I reinstate my policy?
The reinstatement of the policy requires initial following requirements.
Outstanding premiums

Declaration of Good Health Form duly signed by the Client/NMQ Form
*Reinstatement is subject to approval by our underwriting department

What if I misplace my Policy documents?
The Duplicate Policy documents can be issued when client submits the following:

Written request for the issuance of policy documents.
Provide an Affidavit on Rs. 100/- bond paper duly signed by the notary (Affidavit Text for Duplicate Documents)
* Requests for duplicate document directly received from the clients will not be entertained.

How can I change my Premium Payment Mode?
Adamjee Life offers Annual, Half-Yearly, Quarterly and Monthly payment modes for your convenience. You can change your Premium Payment Mode any time after the completion of first anniversary (first year of the policy). For changing the premium mode submit the following documents at your respective bank branch:

Request Form for Change/ Alteration duly filled and signed by the Policy Owner
Revised Auto Debit Instruction (Available at Bank Branch)
Declaration of Good Health (Duly filled by the Insured person)

How can I change my Premium Paying Term?
You can make changes to your Premium Paying Term on policy anniversary. For making changes to your Premium Paying Term submit the following documents at your respective bank branch:

Request Form for Change/ Alteration duly filled and signed by the Policy Owner
Revised Auto Debit Instruction (Available at Bank Branch)
Declaration of Good Health (Duly filled by the Insured person)
Upon receiving your request, we will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made). Please send us back the Illustration and Acceptance Letter duly filled by the Policy Owner within 15 days.

How can I reduce my premium amount?
Adamjee Life offers customers an option to continue with their policy with reduced premium in case of financial strain. You can request for premium reduction any time after the completion of first anniversary (First year of the policy). For reducing your premium submit the following documents at your respective bank branch:

Request Form for Change/ Alteration duly filled and signed by the Policy Owner
Revised Auto Debit Instruction (Available at Bank Branch)
Declaration of Good Health (Duly filled by the Insured person)
Upon receiving your request, we will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made). Please send us back the Illustration and Acceptance Letter duly filled by the Policy Owner within 15 days.

Can I Increase/decrease my Sum Assured during my policy tenure?

To make changes to the Sum Assured, you are required to submit the following documents at the respective bank branch:

Request Form for Change/ Alteration duly filled and signed by the Policy Owner
Revised Auto Debit Instruction (Available at Bank Branch)
Declaration of Good Health (Duly filled by the Insured person)

Can I add any Rider(s) during my policy tenure? The riders, applicable to the product, can be added in the policy anytime during the policy term upon getting the request from the client for the Financial Alterations.

I have deposited the required premium amount in my account but it’s not being deducted.
The premium amount is deducted from your respective bank account within 10 days following the due date. However incase the amount is not being deducted contact the respective branch. or send a premium deduction request directly to us

How can I get my policy cancelled?
Adamjee Life offers its customers a Free Look Period of 14 days. After receiving your policy documents you have a reviewing period of 14 days. If during this period you disagree with the terms and conditions stated, you can send us back the documents with ‘Cancel (FLP)’ written on it along with the Cancellation Form duly filled and signed by the policy owner. Your policy will be cancelled and the premium paid will be refunded back.

How can I get the payment receipt for the premiums paid?
System generated payment receipts will be sent to your correspondence address once the payment is received at our end. However, in case the payment receipt is not delivered, you can get payment confirmation by emailing us on help_csd@adamjeelife.com

How can I increase my investment via Ad-hoc?
You can add additional amount to your investment as Ad-hoc. The minimum Ad-hoc amount required varies from product to product while there is no maximum limit to it. You can send us the Ad-hoc amount through cheque, pay order or bank draft. A confirmation letter will be sent to you upon realization of this amount.
*Ad-hoc option is available in selected products.

How can I surrender my policy if I no longer want to continue with it?
In case you no longer want to continue with the policy, we recommend you to contact our Customer Services Department before making any surrender decisions. We will try to address your concerns and suggest you a time frame to surrender where your loss will be minimized. However, if you still want to surrender your policy, submit the following documents at the respective bank branch:

Surrender Form duly filled and signed by the Policy Owner
Original policy documents
Zakat Declaration form
*Surrender cases are subject to Surrender Charges and Surrender Fees. Refer to the Surrender Charges Sheet attached with the Surrender Form.

How the loan is availed on my policy?
You can be granted a loan facility by submitting loan request at you respective bank provided the period for which your policy has been active In-Force.

What is partial withdrawal?
Partial withdrawal is a facility to provide you a part of fund of the policy. You may, at any time after the policy has acquired a Cash Value, request the Company to make partial withdrawal subject to your product terms and conditions.

When to avail maturity benefit?
On survival of the Insured Person to the maturity date whilst the policy is in full force, the company shall pay, as a lump sum, the Maturity Benefit due on that date as shown on policy schedule.

What is Assignment? How do I assign the policy?
Assignment of an insurance policy is a transfer of all rights and liabilities to the insurance policy endorsing to assignee however this facility is not being offered by Adamjee Life Assurance Co. Ltd.

In case of any further queries or concerns, feel free to contact our Customer Services Department via any of the following means mentioned below:
Adamjee Life Assurance Co. Ltd, The Forum, 3rd Floor, Suite #323, Karachi.
111-11-(LIFE) – Help_csd@adamjeelife.com

How do I make a claim?
In the event of a claim during the term of the life insurance policy, the nominee has to intimate the insurance company. For Non Death Claims, insured can contact Adamjee Life by themselves using any one of the following means:

Telephone Call:
Claims Department: 021-38677191 and 021-38677114
Call Centre (Help Line): 021-111-11-5433
Email: help_claims@adamjeelife.com

Written Request:
The Claims Department
M/s Adamjee Life Assurance Company Ltd
Suite No 323, 325, 3rd Floor, The Forum
Plot G-20 Block -9, Clifton
Karachi

Is there any time limitation to submitting claim?

To make sure that the claim is processed as quickly as possible, we do ask that you, or someone on your behalf, let us know of any claim you’re making within 30 calendar days from the date that the incident occurred.

What happens if I submit a claim after the 30 Days time frame?
In such a case a written explanation would also be required to validate the delayed intimation.

What is the claim process of Adamjee Life Assurance Co Ltd Insurance Company?

We have a 4 Step

Claim process

  • Claimant to intimate Adamjee Life Assurance Co Ltdabout the claim
  • Adamjee Life Assurance Co Ltd informs the claimant to complete the documentation for faster claim processing
  • Claimant to submit complete set of the required documents
  • Adamjee Life Assurance Co Ltd to take decision on the claim


From where can I get the Claim Forms?
The claim forms and the claim process are available on our website www.adamjeelife.com and can be downloaded from there.

What are the documents required for the processing of claims:


For Death Claim

Basic Requirements are

  • Claim Forms
  • Death certificates ( NADRA / Union Council and Hospital Death Certificate)
  • Original Policy Documents
  • Attested CNIC Copies of the Beneficiary and the Deceased
  • Police Report and Post Mortem Report (if accidental death).
  • Hospital & Medical Records.


For Disability Claims

  • Claim Forms
  • Hospital /Medical Records, X-rays and other treatment records
  • Disability Certificate
  • Police Report and MLO Report (if registered)

Additional documents may be asked if deemed necessary

How long will claim takes place?
Normally when all the requirements have been submitted, It takes 3-5 working days for the decision of the claim. In case where verification is needed this time could be extended however in such cases the claimant is notified about it.

Who is eligible to receive the Claim proceeds?
The claim proceeds will be paid to the beneficiary who generally is the nominee as mentioned by the Life Assured in the Application Form for Insurance.

How can I know the status of my claim?
You can know the status of your claim or clarify any of your queries by contacting our TOLL FREE 111-11-5433 or email us at Help_Claims@adamjeelife.com or use the Eservices portal to lodge a claim

How will the claimant receive the claim amount?
The company honors claim payments through cheques made in favor of the company.

If the nominee dies during the tenure of the Policy, what action should be taken by the Life Assured?
 
The Life Assured should nominate some other person in place of the deceased Nominee.
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