Unforeseen situations can be devastating, especially when you are not prepared to bear with the financial setbacks that follow. To avoid any substantial obstruction on your pockets, Adamjee Life has introduced the “Tahaffuz Plan” which is its flagship 10-year plan. It is a product that is particularly designed for the customers where their investments are a prime focus coupled with life insurance benefits and is flexible to address your future financial need
Basic Premium Allocation
Minimum Basic Premium and Payment Frequencies:
Optional Coverage Benefits
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.
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. 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.
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.
|Management charges||175 basis points of annual yield (1.75%)|
|Bid/Offer Spread||5% of net regular premium|
|Surrender Fee/ Partial Withdrawal||PKR 350/-|
|Policy Year||Surrender Charges as % of unit account value|
|3 & onwards||Nil|
|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|
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
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.
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.
To offer maximum returns, the portfolio is diversified and balanced with a mix of equity investments, real estate, Government and fixed income securities.
To offer steady returns, the portfolio offers investment in a variety of Government and fixed income securities with minimal exposure in equities.
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
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|
|3 and onwards||100%|
Minimum Basic Premium and Payment Frequencies
|Mode||Minimum premium per instalment|
|Semi-annual||Rs. 8,000/-||(Rs. 16000/- annually)|
|Quarterly||Rs. 8,000/-||(Rs. 32000/- annually)|
|Monthly||Rs. 3,000/-||(Rs. 36,000/- annually)|
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|
Optional Coverage Benefits
Following are the key optional coverage benefits that customers can opt to avail with any of their aforementioned plans:
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.
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.
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.
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.
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.