While you save to assure your family’s financial security, what you need is an investment opportunity that helps you shoulder your responsibilities towards your family; you need a plan that fosters your financial growth while giving you complete life cover that secures your family’s future. Faysal Bank in association with Adamjee Life brings Shelter for Life Plan that combines long-term savings and comprehensive life insurance coverage, specially designed for you to focus on your goals and maximize savings for future. Shelter for Life is a unique life insurance plan that offers you a combination of investment and protection solutions and the flexibility to customize your plan to cater to your specific needs.
Basic Premium Allocation
Policy Term, Eligibility and Other Details
Basic Premium Payment Mode
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.
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.
At the time of maturity of the policy term the insured will get the amount equal to his/her account value.
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 a mix of instruments which also optimize returns. There are three funds options, Dynamic Secure Fund, Dynamic Growth Fund, and Investment Multiplier Fund. You can choose to invest fully in one of the funds, depending upon your investment strategy. 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.
The plan offers the option of making partial withdrawals from your account value after the plan has been in force 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.
At the time of surrender, you will be paid in full the Cash Value of your fund. There will be no Surrender Value in the first one years. After one years, it will be equal to the Cash Value of the policy. However, surrender in early policy years may result in Lower Cash Value.
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
You can enhance the growth of your savings through Saving Booster by depositing minimum payment of Rs. 10,000 (over and above the regular premium) into your plan. Saving Booster payment will be allocated at 102% in the unit account and can be made & withdrawn anytime during the plan term to boost your accumulated cash value.
You are entitled to two initial free fund switches at any time in every plan year and each subsequent switch would be charged at Rs.300.
Basic Premium Allocation
As you continue the policy towards its full term, your account value will be credited with a proportion of basic premiums that you pay in. The proportions allocated to your account value will be as follows:
|Premium Policy Year||% of Basic Premium Allocated to Unit Account|
|3 & onwards||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 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:
|Policy Year||Continuation Bonus Unit Allocation as % of Basic Premium to Account Value|
A built-in 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.
A lump sum benefit is paid to you in case you are diagnosed with one of the listed 20 diseases during the enforce term of this rider. This lump sum benefit is additional to your main plan benefit.
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death or accidental permanent disability.
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. The feature is aimed at providing complete family coverage to the insured person’s family.
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.
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.
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.
Policy Term, Eligibility and Other Details:
|Minimum entry age||18 years (Age nearest Birthday)|
|Maximum entry Age||70 Years (Age nearest Birthday)|
|Minimum policy term||10 years|
|Minimum premium paying term||10 years|
|Maximum Policy Term|| 25 years.
or up to age 85 (whichever comes first)
Basic Premium Payment Mode
All payments are automatically deducted from your bank account with FBL.
|Management charges||175 basis points of Cash value annual yield (1.75%)||Administration Fee||Nil||Policy Fee||Nil||Bid/Offer Spread||5% of net regular premium|
|Surrender fee/ partial withdrawal:||Rs. 350/=|
|Premium Policy Year||Surrender Charges as % of Unit Account Value|
|3 & onwards||Nil|