Unlike most types of life insurance that require ongoing premium payments for the policy to remain in force, with Adamjee Life Super Sarmaya Plan you are only required to make a single premium payment and the plan will remain valid for 80th birthday whichever comes first. You do have the option to make additional premium payments to increase your coverage, but it is not mandatory.
Super Sarmaya Plan generates consistent income through superior yields on its investments at moderate levels of risk through a diversified investment approach. Keeping in mind your risk appetite and return expectation, Super Sarmaya gives you flexibility to allocate your premium among single or multiple combination of investment instruments. In case your needs and goals change, you may modify the composition of cash value at any time without any tax consequences.
Additional Benefits to Investors
Is a moderate to low risk profile fund that generates stable & secure returns by balancing the investment in long term money market investments including with up to 90% in a mixture of PIBs, T-bills & Fixed Income instruments with the balance in Cash.
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 with up to 30% in equity type investments and up to 60% in a mixture of PIBs, T-bills & Fixed Income instruments with the balance in Cash.
Is 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 in high quality SUKOOK/ Islamic bonds (100%), strong Shariah compliant equities (30%) and the balance in cash (30%) offering higher comparative returns.
Adamjee Life Assurance Company Limited
Rated A (With Positive Outlook) by PACRA
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 three investment fund options for customers are:
You are entitled to two initial free fund switches at any time during every plan year and each subsequent switch would be charged at Rs. 300.
AMCB-Arif Habib Savings and Investments Limited – a subsidiary of MCB Bank Limited.
Arif Habib Investments Limited is a non-banking finance company incorporated in Pakistan under the Companies Ordinance, 1984 and has been licensed by the Securities and Exchange Commission of Pakistan to provide asset management, investment advisory and pension fund management services in Pakistan. Arif Habib Investments Limited has been assigned a reputable Asset Manager Rating of “AM2+” with Stable Outlook by PACRA. Assets under Management (AUM) of Arif Habib Investments Limited are approximately Rs. 70.69 billion as at November 30, 2015.
|Minimum Investment:||PKR 200,000|
|Surrender Charge||PKR 350|
|Minimum Sum assured (Death Cover):||Cover multiple 1.25|
|Maximum Sum Assured(Death Cover):||Cover Multiple 10|
Additional Benefits to Investors
Convenient, hassle free single payment option with the added advantage of life insurance.
Complete Riba/ interest free investment/ saving opportunity in-line with Islamic principles and beliefs keeping in mind the recent increase in demand of shariah compliant investment vehicles.
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.
Partial withdrawals can be made by the investor from his/her fund anytime 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.
The Policyholder may make partial withdrawals from his/her fund with applicable surrender penalty in the first 30 months thereafter it can be withdrawn without any penalty.
When a partial withdrawal is made, the amount of partial withdrawal will be deducted from both the Net Cash Surrender Value and the Sum Assured of the Policy.
No bid-offer spread of front end load applicable of investment and no back – end load or redemption charges after 30 months.
In accordance with Income Tax Ordinance 2001, All investments in Insurance are exempt from capital gain tax
According to the current provisions of Income Tax Ordinance 2001,a salaried individual can avail a tax credit of up to PKR 100,000/- in respect of any life insurance premium paid on a life insurance plan held for a minimum period of 1 year subject to annual taxable income exceeding PKR. 4.55 million. The non-salaried/ self-employed investor can also avail the tax credit up to 125,000/- where the taxable income for the year exceeds Rs. 1.5 million, provided that the total insurance premium does not exceed 15% of the person’s taxable income for that year. Investors are advised to consult their tax advisor prior to making an investment decision.
The customer is entitled to full refund of premium (less any expenses incurred by Adamjee Life in connection with your medical or clinical examinations) in case he/ she decides to cancel the policy within 14 days of issuance.
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.
A well-diversified investment portfolio with any amount of investment.
Ease of choosing and monitoring one fund instead of multiple investments.
Regular re-balancing to maintain the correct risk/return characteristics overtime.
|Min entry age||18th Birthday|
|Max entry age||75th Birthday|
|Max age of cover||80th Birthday|
Hundred percent of all investment is allocated to your unit account without any deduction. Deductions are only made on redemption during first 30 months.
Management & Admin charges: An annual charge of 1.75% of cash value to be deducted on monthly basis.
|Plan Month||Surrender/ redemption Charges as % of Unit account|
|1st to 11th||3%|
|12th to 23rd||2%|
|24th to 30th Month||1%|
|30th Month Onwards||0%|
Super Sarmaya is a unique investment cum protection plan that provides you a hassle free one time investment option. In addition, it gives you the freedom of choosing your own investment mix, from the available multiple investment Strategies, as per your risk and return appetite while the protection feature of the plan provides you life insurance coverage from the moment you invest in the plan.
Anyone between the age ranges of 18 to 75 years is eligible for this ideal investment package.
100 % of your investment is used to buy units of the chosen Investment Strategy and Fund at the applicable Offer Price. The fund management charges and cost of insurance (if any) are deducted on a monthly basis from your Account Value. The process will continue till the end of the elected term.
On completion of term – the maturity date – accumulated account value will be paid to you in a lump sum.
No front end load or bid offer spread is applicable on Super Sarmaya.
If you cancel your plan within the free look period of 14 days from the plan issue date, you are entitled for a full refund of premium less any expenses incurred by Adamjee Life in connection with your medical or clinical examinations.
Minimum acceptable investment amount is PKR 200,000. There is no limit of maximum fund contributions; hence you can plan your financial objectives with complete freedom.
If the customer redeems his invested amount before 11 months a charge of 3 % of invested amount is applicable, 2% from 12th to 23rd month,1% from 24th to 30th Month and no redemption charges are applicable after 30th month.
You have the right to encash all the units in your Account Value any time after the plan becomes effective. In such an event, the units will be encashed at Bid Price and the plan will be terminated. But it is preferable to hold your investment for at least 2.5 years.
Adamjee Life would deduct annual management and redemption charges.