Children are the most precious blessings of God. Every parent strives to provide their little ones a perfect life and give them all that they desire. The increasing cost of giving your son quality education or your daughter her dream wedding requires you to have a financial plan well in advance.
It is important to start planning as soon as possible, because the earlier you begin, the more time you allow your money to grow.
Tameer plan is a life insurance product of Adamjee Life Co. Ltd. and MCB Ltd., specifically designed as a saving tool to provide your children whatever they desire even in your absence. The plan assures that whatever happens in the future, your family will always have the means to pursue their goals in life.
Fund Details
Account Value Build up and Unit Accumulation
Basic Premium Allocation and Surrender Charge Structure
Cover Multiple of Basic Premium
Charges
Optional Benefits
Additional Benefits
Access to your Savings
Policy Term & Eligibility
Basic Premium Payment Mode
Disclaimer
Fund Details
To offer steady returns, the portfolio offers investment in a variety of Government and fixed income securities with minimal exposure in equities.
To offer maximum returns, the portfolio is diversified and balanced with a mix of equity investments, real estate, Government and fixed income securities.
A portfolio which offers investment in Shariah compliant equities, Government and fixed income securities.
Account Value Build up and Unit Accumulation
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. Funds are managed by a team of expert investment managers, who adjust the investment mix in light of economic conditions, market trends and investment opportunities.
Basic Premium Allocation and Surrender Charge Structure
Year | % of basic premium allocated to Unit account | Surrender changes as % of unit account value |
---|---|---|
1 | 40% | 100% |
2 | 85% | 50% |
3 onwards | 100% | Nil |
Cover Multiple of Basic Premium
Minimum Cover Limit: | 5 |
Maximum Cover Limit: | 200 |
Charges
Policy Fee | NIL |
Management (& Administration) Charge | An annual charge of 1.75% of the Cash Value deducted on a monthly basis. |
Bid/Offer Spread | 5% of all premiums allocated to the Unit Account | Surrender Charge/ Partial withdrawals | 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. |
Optional Benefits
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death or accidental permanent disability.
The feature guarantees as lump sum amount payable to the chosen beneficiary in case of death of the insured person.
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.
A monthly benefit is paid to you and your chosen beneficiary for the defined term of income benefit rider from the date of death or permanent disability.
Additional Benefits
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 103% in the unit account and can be made & withdrawn anytime during the plan term to boost your accumulated cash value.
The plan offers free look period of 14 days, in which you can cancel your policy by contacting Adamjee Life and get your premium refunded. However, as per law Adamjee Life reserves the right to deduct expenses incurred on medical examinations of the life assured in connection with the issuance of this policy.
As you continue the plan for a longer term through timely payments of at least the initial basic premium without utilization of partial withdrawal, you will gain the higher rewards in terms of Continuation Bonuses. The extra units will be allocated to your account value. This extra units’ allocation is in addition to the basic units of allocations. The Continuation Bonus allocation is as follows.
Policy Year | Continuation Bonus Unit Allocation as % to Basic Premium to Account Value | 05 | 10% |
---|---|
07 | 25% | 10 | 100% |
15 | 100% |
20 | 100% |
Note: Additional benefits are subject to Term & Conditions
Access to your Savings
To make sure that all your urgent monitory requirements are taken care of, the plan offers the option of making partial withdrawals from your account value after the plan has been enforce for 2 years
Partial withdrawals can be taken up to four times in any Policy Year and are limited to 50% of the Net Cash Surrender Value subject to maintaining a minimum Net Cash Surrender Value of Rs. 10,000.
You can take a loan up to 50% of the net cash surrender value, which is the Account value minus surrender charge.
Policy Terms & Eligibility
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 | 40 years or up to age of 85 whichever comes first. |
Basic Premium Payment Mode
Monthly | PKR: 3,000 |
Quarterly | PKR: 8,000 |
Semi-Annually | PKR: 8,000 |
Annualy | PKR: 8,000 |
Disclaimer