Cover for Life is a holistic plan which caters to the financial and investment needs. It is designed to enable individuals to build their savings for future financial responsibilities which may arise. It offers unique benefits for each of the following needs:
The key feature of this product is the built-in insurance cover and it also gives the Policyholder access to professionally managed diversified Unit Linked Funds. This ensures that your family and loved ones are protected and cared for even in case of your demise.
Contributions made towards the plan are invested in various investment vehicles including equities, fixed interest, bonds etc. Diversification is achieved by selecting mix of instruments in order to optimize the returns. The two investment fund options for cover for life customers are:
Investment Secure Fund: A moderate to low risk profile fund that generates stable & secure returns by balancing the investment in long term Money Market instruments including Govt. securities, bonds and cash
Investment Multiplier Fund: A moderate to high risk profile fund that generates higher returns over the long run with a mix of investments in Capital Market and Money Market instruments.
Basic Plan Requirement
Minimum Entry Age 5 Years
Maximum Entry Age 70 Years
Minimum Premium Paying Term 5 Years
Minimum Cover Term 5 Years
Maximum Policy Term (Expires) 85 Years
Protection or Rider Requirement
Minimum Entry Age 18 Years
Maximum Entry Age 60 Years
Maximum Coverage Expiry 70 Years
Mode Annual Semi Annual Quarterly Monthly
Minimum Premium Per Installment Rs. 8,000/- Rs. 8,000/- Rs. 8,000/- Rs. 3,000/-
(Rs. 16,000/- annually) (Rs. 32,000/- annually) (Rs. 36,000/- annually)
Policy Year % of Basic Premium Allocated to Unit Account Surrender Charges as % of Unit Account Value
1 40 100
2 80 50
3 100 25
4 & Onwards 100 Nil
Policy Year % of Initial Basic Premium Allocated to Unit Account
AGE (YRS) ACCEPTABLE COVERAGE LEVEL
5-12 Cover Multiple 1
13-17 Cover Multiple 1
18-59 Cover Multiple 1-30
60-65 Cover Multiple 1-10
66-70 Cover Multiple 1-2
*Non- Medical limit of up to 4 million from 18 – 45
*All cover multiples are subject to medical and financial underwriting if exceeding the non medical limit.
*Company reserve the right to decrease sum assured to protect insurable interest.
Death Claim Value:
Sum Assured or Account value whichever is higher less any partial withdrawals and Indebtedness.
Account value less any indebtedness.
Net Cash Surrender Value:
The unit account value at bid price on the valuation date following the date of surrender less a surrender charge less any partial withdrawals and Indebtedness.
Paid Up Value:
The basic plan will continue as long as the net cash surrender value is sufficient to cover the monthly deductions and cover charge in the basic plan.
Customer can take loan up to 50% of the net cash surrender value.
After 3 yrs partial withdrawals can be taken up to 50% of the Net Cash Surrender Value subject to maintaining a minimum Net Cash Surrender Value of Rs. 10,000.
Investment Booster (Ad-Hoc):
Ad-hoc premiums can be made and their unit account value withdrawn at any time during the policy term.
Minimum & Maximum Ad-hoc Premium Minimum is 10,000/- Maximum unlimited
Allocation of Ad-hoc Premium 103% of each ad-hoc premium is allocated to the Policy Unit Account
5% annual increase in basic premium to cover inflation.
Policy Fee Nil
Management & Administration Charge No Admin charges with only 1.6% management fee
Policy Surrender Charge Rs. 350/=
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.
*Adamjee Life retains the right to change these charges.
Free Look Period: 14 days
• Death due to HIV
• Active Participation in Terrorist activities
• Suicide during the first 2 years
• Preexisting Illness
• Participation in any criminal act
Documents required for Adamjee Life
• Signed Application form
• Signed Illustration in case of endowment product
• Stamped and signed Payment Advice / ADI Form
• Copy of Clients CNIC
Policy Welcome Pack send to Client
• Welcome Letter
• Policy Provisions(Contract)
• Policy Specification Schedule(PSS)
• Policy Administration Guideline(Information Page)
• Policy Alteration Form (Change Form)