Plan Details
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Plan Benefits
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Charges
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Eligibility Criteria
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Fund Details
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Basic Premium Allocation
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Minimum Basic Premium and Payment Frequencies:
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Continuation Bonus
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Optional Coverage Benefits
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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. You have the option to beat any impact that inflation might have on your investments with a unique inflation protection option that adjusts your premium by 5% or 10% every year.
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.
Charges
Charges
| Management charges | 175 basis points of annual yield (1.75%) |
| Administration Fee | Nil |
| Policy Fee | Nil |
| Bid/Offer Spread | 5% of net regular premium |
| Surrender Fee/ Partial Withdrawal | PKR 350/- |
Surrender Charges
| Policy Year | Surrender Charges as % of unit account value |
|---|---|
| 1 | 50% |
| 2 | 25% |
| 3 & onwards | Nil |
Eligibility Criteria
Eligibility Criteria
| Minimum Entry Age: | 18 years |
| Maximum Entry Age | 70 years |
| Minimum Cover Term | 10 years |
| Maximum Cover Term | up to age 85 exact |
| Minimum Paying Term: | 10 years |
Fund Details
Investment Objectives
Strategically invest in equity and debt markets with the objective of maximizing returns for the investor. Funds are managed by a team of expert investment managers, who adjust the investment mix in light of economic conditions and investment opportunities
Investment Strategy
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.
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.
Fund Options
Investment Multiplier (IMF)
To offer maximum returns, the portfolio is diversified and balanced with a mix of equity investments, real estate, Government and fixed income securities.
Investment Secure Fund (ISF)
To offer steady returns, the portfolio offers investment in a variety of Government and fixed income securities with minimal exposure in equities.
Amaanat (Islamic) Fund:
A portfolio which offers investment in Shariah compliant equities, Government and fixed income securities.
You are entitled to four initial free fund switches in a policy year
Basic Premium Allocation
Basic Premium Allocation
During the course of the policy, your premiums paid will be allocated to the policy account value as per following allocation structure:
| Policy Year | % Allocation of Basic Premium to Account Value |
|---|---|
| 1 | 55% |
| 2 | 85% |
| 3 and onwards | 100% |
Minimum Basic Premium and Payment Frequencies
Minimum Basic Premium and Payment Frequencies
| Mode | Minimum premium per instalment | |
|---|---|---|
| Annual | Rs. 8,000/- | |
| Semi-annual | Rs. 8,000/- | (Rs. 16000/- annually) |
| Quarterly | Rs. 8,000/- | (Rs. 32000/- annually) |
| Monthly | Rs. 3,000/- | (Rs. 36,000/- annually) |
Continuation Bonus
Continuation Bonus
Continuation bonuses are provided at regular intervals during the term of the plan to customers who continue the policy for longer term. Through timely payments of atleast the initial basic premium without utilization of partial withdrawl The bonus which is in form of additional units in your account value which boosts your investment. The continuation bonus allocation is as follows:
| Policy Year | Continuation Bonus Unit Allocation as % to Basic Premium to Account Value |
|---|---|
| 6 | 25% |
| 9 | 50% |
| 12 | 75% |
| 15 | 200% |
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.
Life Saver Rider:
This rider provides an adequate coverage to the policy holder upon being diagnosed with one of the following critical illnesses: Heart attack, Cancer, Coronary Artery Surgery, Kidney Failure and Organ Transplant. This rider would be providing a coverage of up to PKR 500,000/- upon diagnoses of the above illness.
Disclaimer
Disclaimer
- Tahaffuz Plan 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.
- Tahaffuz Plan is a Unit Linked Plan which is subject to investment risk . The investment risk shall be borne by the policy holder and actual maturity and surrender values may be lower or higher.
- Silk 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 Silk 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 Tahaffuz Plan applications are processed and approved by Adamjee Life, as per their underwriting guidelines. Silk 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.
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Last updated on: Jan 23, 2020
