You can get your contact details (Address/ Contact number/ Email) updated by completing the “Particulars” section in the Alteration form and submitting the signed form at your parent bank/agency branch.
You cannot switch to another plan within the existing plan which has been taken up by the client at the time of purchasing the policy. However, you can switch to another fund by filling in the “Change in fund” section in the alteration form and submitting the form directly at your parent bank/agency branch.
Nomination is the process of authorizing person(‘s) who will be entitled to receive sum assured in case of the unfortunate demise of the life insured. The Policyholder should nominate the beneficiary by filling in the beneficiary details in the proposal form.
Correction in the spelling of Beneficiary’s name, The Policyholder can request for the above-mentioned Beneficiary related changes by sending us the duly filled and signed copy of Alteration Form for Change/ Alteration. We will make the requested changes and send you the revised documents. (Only blood relatives are allowed to be benefiaries)
In case the name of Policy Owner / Life Insured is incorrectly spelled on the policy documents, send us the Alteration form duly filled and signed by the Policy Owner. We will correct the spelling error and send you the acknowledgment letter.
In case the Date of Birth of Policy Owner/ Life Insured is incorrectly mentioned on the policy documents; send us the Alteration Form duly filled and signed by the Policyholder along with a copy of CNIC. We will correct the Date of Birth and send you the revised acceptance letter, if required, which will be signed by the policyholder. Upon completion of documents, a revised policy schedule will be sent to you for your records.
For changing the account number provided earlier for Auto Debit premium deduction, send us the Alteration Form duly filled and signed by the Policyholder along with the revised Auto Debit Instruction for your new account. You can find Auto Debit Instruction form at your respective Bank Branch.
Adamjee Life offers payment modes subject to policy anniversary, for your convenience. You can change your Premium Payment Mode after the completion of first policy year. For changing the premium mode please submit the following documents at your respective bank branch:
You can make changes to your Premium Paying Term on policy anniversary subject to the specifications of the product you have opted. For making changes to your Premium Paying Term submit the following documents at your respective bank branch:
Upon receiving your request, we will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made). Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days.
Adamjee Life offers customers an option to continue with their policy with reduced premium in case of financial strain. You can request for premium reduction on policy anniversary. For reducing your premium submit the following documents at your respective bank branch/Agency office:
Upon receiving and reviewing your request the policy will be underwritten again. We will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made) subject to the conditions that the request is approved and within the parameters of the product specifications. Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days. After which further requirement may be called for finalization of the request.
Answer: To make changes to the Sum Assured on policy anniversary, you are required to submit the following documents at the respective bank branch / agency office:
Upon receiving and reviewing your request, the policy will be underwritten again. We will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made) subject to the conditions that the request is approved and within the parameters of the product specifications. Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days. After which further requirement may be called for finalization of the request.
The riders, applicable to the product, can be added in the on policy anniversary, you are required to submit the request at the respective bank branch/ Adamjee life branch. Upon receiving and reviewing your request, the policy will be underwritten again after which further requirement may be called for finalization of the proposed changes.
The premium amount is deducted from your respective bank account within 10 days following the due date. However, in case the amount is not being deducted contact your respective branch or you can send premium deduction request directly to us at help_csd@adamjeelife.com
You can add additional amount to your investment as Ad-hoc. The minimum Ad-hoc amount required varies from product to product while there is no maximum limit to it. You can send us the Ad-hoc amount through Cheque, pay order or bank draft. A confirmation letter will be sent to you upon realization of this amount.
Adamjee Life offers its customers a Free Look Period of 14 days. After receiving your policy documents, you have a reviewing period of 14 days. If during this period you disagree with the policy terms and conditions stated, you can send us back the original policy documents with ‘Cancel (FLP)’ written on it along with the Valid CNIC copy and Cancellation Form duly filled and signed by the policy owner. Your policy will be cancelled and the premium paid will be refunded back.
In the event of a claim during the term of the life insurance policy, the nominee has to intimate the insurance company. For Non Death Claims, insured can contact Adamjee Life by themselves using any one of the following means:
To make sure that the claim is processed as quickly as possible, we do ask that you, or someone on your behalf to let us know of any claim within 30 calendar days from the date that the incident occurred.
In such a case a written explanation would also be required to validate the delayed intimation.
We have 4 Steps
Claim process:
The claim forms and the claim process are available on our website www.adamjeelife.com where you may download them.
Please refer to the website for downloading the claims forms heading to the claims page and following the procedure
They can be downloaded from here:- https://www.adamjeelife.com/claim-procedure/
For Death Claim
Basic Requirements are:
Additional documents may be asked if deemed necessary.
For Disability Claims
Additional documents may be asked if deemed necessary.
Normally when all the requirements have been submitted, It takes 3-5 working days for the decision of the claim. In case where verification is needed this time could be extended however in such cases the claimant is notified about it.
The claim proceeds will be paid to the beneficiary who generally is the nominee as mentioned by the Life Assured in the application form for Insurance.
You can know the status of your claim or clarify any of your queries by contacting our 111-11-5433 or email us at Help_Claims@adamjeelife.com or use the E-Services portal to lodge a claim for non-death claims.
The company honors claim payments through cheques or online fund transfers to your account .
Cash value of a unit linked life assurance plan can be easily determined by multiplying your net outstanding units with applicable bid price of the underlying fund of your plan. You can view your cash value for the day by checking your policy details by logging in to your e-services mobile application or through our website.
The policy documents include the following:
The Duplicate Policy documents can be issued when client submits the following at their parent bank/agency branch:
The indemnity bond format for duplicate documents can be found under the downloads section:https://www.adamjeelife.com/type/customer-servicing-forms/
As compared to a term insurance plan which simply expires and offers no benefit at the end of the policy tenure, unit linked life assurance plan being a cash value based product is designed to provide an additional investment linked saving benefit which can be availed either during the tenure of the plan or at the time of maturity.
At present Adamjee Life Assurance Company Limited is offering the following types unit linked life assurance plan:
Adamjee Life Assurance Company Limited at present is offering the following five unit linked funds:
For further information please refer to the Historical Investment Performance at https://www.adamjeelife.com/type/fund-performance/
The latest bid prices of the funds offered by Adamjee Life Assurance Co. Ltd can always be viewed at the website of the company ( www.adamjeelife.com )
You can increase the investment component of your plan anytime by opting to pay Adhoc premium which is also known as fund accelerated premium.
As per income tax laws applicable in Pakistan, a resident individual, who derives income chargeable to tax can under the head “salary” or “income from business”, can obtain tax credit in respect of life insurance premium paid as per the following formula, provided he or she has not claimed any tax credit on purchase of units of mutual funds or newly offered listed equities.
Formula:
(A/B) x C
where
A is the amount of tax assessed to the person for the tax year before allowance of any tax credit
B is the person’s taxable income for the tax year, and C is the lesser of –
You can be granted a loan facility by submitting loan request which include written request and Valid CNIC copy at your respective bank provided that your policy is active In-Force. Please note that the loan is subject to the terms and conditions of the company as specified in the policy provisions and may vary for different products. The loan amount is disbursed after the company receives loan acceptance letter duly signed by the policy holder
On survival of the Insured Person to the maturity date the policy is in full force, the company shall pay, as a lump sum, the Maturity Benefit due on that date as shown on policy schedule.
In order to claim your maturity benefit, you are required to submit the following documents at your parent bank/agency branch. The payment instrument is issued subject to the policy holder’s consent to the communicated maturity cash value subjective of market performance. The documents required are as follows:
The zakat declaration needs to be typed on Rs. 100/- bond signed and stamped by oath commissioner issued by the notary public.
Partial withdrawal is a facility to provide you a part of fund of the policy. You may, at any time after the policy has acquired a Cash Value, request the Company to make partial withdrawal subject to your product terms and conditions. Policy holders who have invested in Adhoc can similarly request for Partial Adhoc withdrawal. The documents required are the same as regular partial withdrawal.
In order to request for partial withdrawal from your policy you are requested to send your Valid Cnic copy, Surrender form and zakat declaration (if applicable)
If sufficient premium is not received by the due date, the policy status remains inforce for the grace period of 31 days after the passage of due date.
When the premium is not paid within the days of grace provided after the due date, the policy lapses. The grace period is of 31 days.
The reinstatement of the policy requires initial following requirements.
*Reinstatement is subject to approval by our underwriting department
You can renew your policy from your Adhoc fund subject to sufficient balance by submitting us the filled and duly signed Premium adjustment form.
The premium can be conveniently paid using the following means:
Customers, who are living abroad and yet continuing policy with us, can conveniently avail e-Services payment gateways and pay using their own Master/ Visa card.
System generated payment receipts will be sent to your correspondence address once the payment is received at our end. However, in case the payment receipt is not delivered, you can get payment confirmation by emailing us on help_csd@adamjeelife.com
Assignment of an insurance policy is a transfer: for of all rights and liabilities to the insurance policy endorsing to assignee. This facility is being offered by Adamjee Life Assurance Co.Ltd.
To inquire about the assignment or in case of any further queries or concerns, feel free to contact our Customer Services Department via any of the following means as mentioned below:
Adamjee Life Assurance Co. Ltd, 3rd & 4th Floor, Main I.I Chundrigar, Karachi.
111-11-(5433) – Help_csd@adamjeelife.com
In case you no longer want to continue with the policy, we recommend you to contact our Customer Services Department before making any surrender decisions. We will try to address your concerns and suggest you a time frame to surrender where your loss will be minimized. However, if you still want to surrender your policy, submit the following documents at the respective bank/agency branch:
*Surrender cases are subject to Surrender Charges and Surrender Fees. Please refer to the Surrender Charges Sheet attached with the Surrender Form. The policy may be surrendered on any monthly due date, upon request by the policy holder. The amount payable on surrender shall be the net cash surrender value of the policy. The payment instrument is issued subject to the policy holder’s consent to the communicated surrender cash value subjective of market performance
The procedure is the same as surrender request.
Policy Number is the unique identity assigns to your policy however Client ID shows the number of policies has been issued on your ownership.
On survival of the Insured Person to the Maturity Date stated in the Policy Schedule and whilst the Policy is in full force, the Company shall pay, the Cash Value less any Indebtedness or recoverable amount.
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay according to the policy terms and conditions. Policy documents are required to be submitted at the time of surrender, cancellation and for lodging benefit for claim. Therefore, the documents must be retained in safe custody.
The person applying for cover on the life of the Life Insured Person. An insurable interest has to exist between the policyholder and the insured person. In addition, if you are not the main insured person you need to have been given permission by the main insured person to take out a policy on the life of the Main insured person ,Spouse or children of the main insured person or spouse.
The person on whose lives the cover under this Policy is affected. This Policy may provide cover only in respect of a Main Insured Person or a Spouse or Child of the Main Insured Person where applied for by you in terms of this Policy. No Spouse or Child will be covered unless nominated by you and listed in the Policy Schedule. Persons who are not nominated in the Policy Schedule will not be covered in terms of this Policy. All nominations will remain in force until you notify the Company in writing of any change.
Proposal for insurance is the application made on prescribed company perform by the Policyholder/ life assured for a life insurance policy from the company.
The sum assured is the amount of money an insurance policy guarantees to pay upon the death of the insured person. This is also known as the cover or the coverage amount and is the total amount for which an individual is insured.
Premium is an amount paid periodically to the insurer by the policyholder for covering his risk. For taking this risk, the insurer charges an amount called the premium.
A life insurance policy “illustration” is a set of projections, prepared by the actuarial department of the insurance company. These projections forecast the expected returns on investment (which is the term premium paid on renewal date) tabulated under the surrender cash value column per year. (illustration values may vary). Plan illustration is to be signed and submitted by the policyholder with proposal for insurance at the time of applying Life Assurance policy.
Once your proposal for insurance has been accepted, a short message service (SMS) alert would be sent to your provided contact number. You will also receive your policy documents through courier at your registered mailing address.
Adamjee Life offers its clients the option to increase their yearly premiums by a certain percentage. This option can be exercised by the clients at any point in time during the term of the policy. Indexation can help the client counter act the effects of increasing inflation, periodic increase in savings amount, or any other reason that may benefit the client with increased financial security.
No penalties would be charged on reinstatement. If you wish to reinstate your policy, you will need to send us all the past due premiums along with duly filled and signed form by you.
The due date of the premium payment as depends on the mode selected in the Policy Schedule. The responsibility to pay the renewal premium lies on the policy holders; however we would help you in remembering the Renewal Date of your policy for your ease, we do send Renewal Notices and SMS one month before each Premium Due Date.
The premium can be conveniently paid using the following means:
You are requested to write your correct Policy Number at the back of the Cheque/Pay order. You can also contact your sales agent/ consultant who would visit to collect your premium payment. For Bancassurance customers, you are requested to share the scan copy of the deposit slip/copy of cheque/online bank transfer statement on help_csd@adamjeelife.com to receive your payment receipt as confirmation of receiving.
The account details for conventional policy holders are as follows:
The account details for takaful certificate holders are as follows:
System generated payment receipts will be sent to your correspondence address once the payment is received at our end. However, in case the payment receipt is not delivered, you can get payment confirmation by emailing us on help_csd@adamjeelife.com
You can know the policy status of your policy or clarify any of your queries by contacting at 111-115-433 or email us at help_csd@adamjeelife.com
In order to register your account on e-services, SMS “SUB” on 8487 from your registered correspondence number to receive your login credentials along with the link to the mobile application. In case if you are unable to receive your login credentials through SMS, please feel free to contact on our helpline 021-111-115-433 or email at help_csd@adamjeelife.com
You can view your policy details through our website once you have been successfully registered your account. The link for conventional and takaful policy holders is as follows:
Conventional Policy holders: https://alpos.adamjeelife.com/Eservices
Takaful certificate holders: https://alpos.adamjeelife.com/tkfeservice
Takaful is a mutual arrangement between the parties in which they agree to provide material assistance to one another or a group, in time of misfortune. It is a Shariah compliant way of safeguarding oneself against future financial losses. A Takaful membership assists Participants to share their risk based on cooperation, brotherhood, mutuality and solidarity for a common good.
The key components of Takaful are as follows:
No. Takaful is catering to all races, religion, and individuals who are interested to invest for protection of their loved ones.
The Window Takaful Operator is an organization, which manages Takaful Functions and takes up the responsibility of determining contribution amount, collection of contributions and paying claims to eligible Participants. In this role, the Window Takaful Operator charges ‘Wakala’ fee for its services.
Following are a set of controlling documents for Takaful:
Securities and Exchange Commission of Pakistan is the regulator for all insurance and Window Takaful Operator in Pakistan.
Contribution means the amount payable by the participant to an operator under a Takaful contract for the membership of Waqf pool.
The term ‘Wakala’ (Agency) is derived from the word ‘Wakeel’ (Agent). It is the fee incurred by a Takaful Operator from the Participants Takaful Fund to manage the Takaful Fund.
Participant means a person who participates in a Takaful scheme and to whom a Takaful Certificate is issued.
The contributions are invested in Shariah compliant avenues i.e. Mutual fund, sukuk and equities duly approved by shariah adviser.
Copyright © 2022 . All rights reserved.
Last updated on: Sep 28, 2022
