Shelter for Life Plus Plan

Fulfilling our responsibilities for our family and for ourselves can be over whelming at times and it may even become a burden on some. Therefore, Adamjee Life Assurance Co. Ltd. through a distribution agreement with Faysal Bank Ltd. brings Shelter for Life Plus Plan that combines long-term & short-term savings and comprehensive life insurance coverages, specially designed for you to focus on your goals and maximize savings for future.

Why Shelter For Life Plus

  • Minimum Premium payment term 5 Years.
  • High Ad-hoc allocation of 102% (Investment Booster) with no maximum limit .
  • Flexibility to diversify your investment according to your preference and risk appetite.
  • Loan Facility of up to 50%.
  • Free of charge 2 fund switches during the policy year.

Plan Details

  • Plan Benefits

  • Tax Rebate for Businessmen and Salaried Individuals

  • Funds Details

  • Optional Coverage Benefits

  • Allocation Structure & Surrender Charges

  • Bonus Structure

  • Policy Term and Eligibility

  • Basic Premium

  • Charges

  • Disclaimer

Plan Benefits

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.

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.

Payment Frequency

Annually, Semi-annually, Quarterly or Monthly. All payments are automatically deducted from your bank account with Faysal Bank Limited.

Loan Facility

Shelter For Life Plus offers a loan facility to fulfil your needs in every possible 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.

Partial Withdrawal

The plan offers the option of making partial withdrawals from your account value after the plan has been enforce for 2 years. Withdrawals can be made 4 times a year and are limited to 50% of the net cash surrender value subject to maintaining a minimum balance of Rs. 10,000.

Policy Surrender

Customer has to pay the 24 months premium in full before surrender of cash value to avoid surrender charge. After the completion of two policy years you will be paid in full the Cash Value of your fund.

Tax Rebate for Businessmen and Salaried Individuals

Tax Rebate for Businessmen and Salaried Individuals

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.


(A/B) x C


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

Funds Details

Funds Options

Dynamic Secure Fund

To offer steady returns, the portfolio offers investments primarily in Government and fixed income securities.

Dynamic Growth Fund

To offer high returns, the portfolio offers investment in a mix of equity investments, Government and fixed income securities.

Investment Multiplier Fund

To offer maximum returns, the portfolio is diversified and balanced with a mix of equity investments, real estate, Government and fixed income securities.

Optional Coverage Benefits

Optional Coverage Benefits

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 in case of death of insured person over and above the sum assured and cash value amount.

Waiver of Premium Rider-Death (WOP-Death)

On death of the insured person, Adamjee Life will pay the initial (un-escalated) basic premiums for the remaining term of the rider. The beneficiary will receive the maturity benefit at the end of the policy term.

Waiver of Premium Rider-disability (WOP-Disability)

On total permanent disability of the insured person, Adamjee Life will pay the initial (un-escalated) basic premiums for the remaining term of the rider. The policy holder or beneficiary will receive the maturity benefit at the end of the policy term.

Allocation Structure & Surrender Charges

Allocation Structure & Surrender Charges

Year % of Basic Contribution Allocated to Unit Account Surrender Charges as % of Unit Account Value
1 80% 25%
2 95% 15%
3 100% Nil
4 100% Nil
5 and onwards 100% Nil

*Customer has to pay the 24 months premium in full before withdrawal of Cash Value to avoid surrender charge

Bonus Structure

Bonus Structure

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 boosts your investment. The extra units will be allocated to your account value, this extra unit allocation is in addition to the basic units of allocations. The continuation bonus allocation is as follows:

Year % of Initial Basic Contribution Allocated to Unit Account
4 3%
5 3%

Policy Term and Eligibility

Policy Term and Eligibility

Minimum entry age 18 years (Age nearest Birthday)
Maximum entry age 80 Years (Age nearest Birthday)
Minimum policy term 05 years
Minimum premium paying term 05 years
Maximum Policy Term 25 years or up to age 85 (whichever comes first)

Basic Premium

Minimum basic premium

Monthly PKR 3,000
Semi-Annual PKR 8,000
Quarterly PKR 8,000
Annual PKR 8,000



Management & Admin charges An annual charge of 2% of cash value to be deducted on monthly basis.
Bid/Offer Spread 5%
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.
Surrender charges / Partial Withdrawal Fee Rs. 350/-



  • 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