Addressing the needs of every household, Adamjee Life introduces Khidmat Education and Marriage Plan. A plan enabling you to meet your ﬁnancial objectives for two major family milestones i.e. Higher Education for Children and Marriage.
With Khidmat Education and Marriage Plan, you can now ensure that your funds are saved and they grow in accordance with your ﬁnancial objectives, all the while giving you and your family the protection and coverage that they need with life insurance packaged in.
With a minimum payment of Rs. 10 ,000, Khidmat Education and Marriage Plan enables customers to boost their investments. These payments are 100% allocated to the savings portion resulting in the required fund growth. You can also choose to adjust regular premiums from top-up cash value subject to sufﬁcient units being available in the top-up account value.
Khidmat Education and Marriage plan allows you to take a loan of up to 50% of the net cash surrender value, which is the Account value minus surrender charge.
This is a value-added feature to cover the inﬂation impact. Your basic premiums will increase every year by 5% or 10% of the previous years’ basic premiums with this option. The cash value will also increase accordingly.
Policy Terms & Eligibility
Basic Premium Payment mode
Premiums paid for Khidmat Education and Marriage plan are invested either in Investment Secure Fund, Investment Multiplier Fund or Amaanat (Islamic) Fund. You can choose to invest fully in one of the funds that suits your investment strategy. The returns earned after deduction of risk charges, monthly admin and investment management charges are credited to the unit account balance and accumulate as the policyholder’s cash value.
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.
You are entitled to two initial free fund switches at any time, each subsequent switch would be charged at Rs.300.
Khidmat Education and Marriage Plan rewards Regular premium payments and plan continuity in the form of continuation bonuses. The extra units are allocated to your account value. This extra unit allocation is in addition to the basic units of allocations. The Continuation Bonus allocation for Khidmat Education and Marriage plan is as follows:
|Policy Year||% Allocation of Basic Premium to Account Value|
The bonuses are payable subject to timely payment of premiums no less than the initial basic premiums, given that no partial withdrawals or loans are taken during the term of the policy.
In case of demise of the insured during the plan term, the sum assured or the Account Value whichever is higher less any indebtedness will be paid. The sum assured can vary from 5 and up to 200 cover multiples of the basic annual premium, depending upon insured’s age at entry.
At the time of maturity of the policy term the insured will get the amount equal to his/her account value less any indebtedness.
With a host of options to enhance your savings, Khidmat Education and Marriage plan enables the investors to save as per their requirement.
You can enjoy the beneﬁts of Tax savings on life insurance by investing in Khidmat Plan.
To make sure that all your urgent monetary 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 at least 3 years. Partial withdrawals are limited to 50 % of the Net Cash Surrender Value, subject to maintaining a minimum Net Cash Surrender value of Rs. 10,000/-.
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||25 years or upto age of 85 whichever comes first.|
|Max Paying Term||Equal to Cover Term|
Basic Premium Payment Mode
|Payment Mode||Min Basic Premium|
|Semi Annual||25,000 (Rs. 50,000/- annually)|
|Management Charges||160 Basis points of Annual yield (1.6%)|
|Bid/Official Spread||5% of all premiums allocated to the unit account.|
|Surrender fee/ partial withdrawal:||Rs. 350/=|
Khidmat Education and Marriage plan is a unit linked plan offering life insurance protection and savings in your choice of fund.
You can subscribe to Khidmat Education and Marriage plan with a minimum of Rs. 50,000 annual or Rs. 25,000 semi-annual premium.
Khidmat Education and Marriage plan is available at selected National Bank of Pakistan Branches. National Bank Account holders who fall between the age limits of 18 – 70 years can apply for the plan. The maximum coverage age is 85 years.
For further queries you can contact Adamjee Life Assurance at (+922) 111-115-433
Khidmat Education and Marriage plan offers a free look period of 14 days starting from the time the policy documents are received by the Insured.
Khidmat Education and Marriage plan is being offered by Adamjee Life Assurance Company which is one of the leading life insurance companies in Pakistan
On death of the insured person during the inforce term of this rider, the rider sum assured is payable.
On death or permanent and total disability of the insured person during the inforce term of this rider, a ﬁxed monthly amount is payable for the remain- ing term of the rider.
On permanent and total disability of the insured person, Adamjee Life will pay the initial (un-escalated) basic premium for the remaining term of the rider.
Accidental Death & Disability Rider: On accidental death or permanent and total disability by accident of the insured person during the inforce term of this rider, the rider sum assured is payable.