Group saving solutions of Adamjee Life provides major life coverage with outstanding benefits to be the best service provider in the industry. Whereas, we understand the need of savings and investment along with basic protection keeping this need in mind we have launched Group Saving solutions.
Riders Available
Additional Benefits
Bonus
Additional Facilities
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.
In the unfortunate event of the death of the insured person’s spouse during the enforce term of this rider, a lump sum amount is given to the nominated beneficiary. The feature is aimed at providing complete family coverage to the insured person’s family.
Accidents and mishaps always come unexpected and uninvited and we have to make sure that not only us but our loved ones are protected against such mishaps. With Adamjee Life Accidental Protection you assure that a substantial additional amount is paid to your chosen beneficiary in case of any unfortunate accident that may result in disability or loss of life.
The CI rider provides coverage against major life threatening diseases mentioned in the policy details. In case the insured is diagnosed with any of the mentioned illnesses a lump sum benefit is paid. This lump sum amount is in addition to your main plan benefit.
With Adamjee Life Accidental Protection rider the nominated beneficiary receives a lump sum amount in case the insured person dies due to an accident.
MIB rider as the name suggests, provides monthly income to the family of the insured for the defined term of income benefit rider from the date of death or permanent disability.
If god forbid, the insured person gets permanently disabled Adamjee Life will bear the annual basic premiums for the remaining term of the rider and the insured person will receive the maturity benefit at the end of the policy term. This rider acts as a protection for the insured person’s policy in case of any mishap.
On Death of the insured person, Adamjee Life will pay the initial (un-escalated) basic premium for the remaining term of the rider to the beneficiary.
Additional Benefits
| Annuity Benefit | Time Period |
|---|---|
| Annuity Term | 5, 10, 15, 20 Years (Optional) |
Bonus
Bonus Allocation applies to Policies that have remained inforce through timely payment of at least initial Basic Premium and without utilization of Partial Withdrawal or Loan facility.
| Policy & Premium Year | % of Initial Basic Premium Allocated to Unit Account |
|---|---|
| Year 7 to 10 | 3% |
| Year 11 | 53% |
| Year 12 to 14 | 3% |
| Year 15 onwards | 5% |
The amount of loan may not exceed 50% of the amount which, with interest to the end of the Policy year, will equal the Net Cash Surrender Value at the time of the loan being granted. Whereas, the loan interest percentage will depend on current market value.
The Policyholder may make partial withdrawals from his/her fund after the policy has been inforce for at least 2 yrs. 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. The minimum Net Cash Surrender Value limit may be revised by the Company from time to time.
The Policyholder has the option to convert his policy under the Group Savings Plan to an identical individual life plan. The Conversion Option can be exercised at the time when the Policyholder ceases to be an employee/member of the Group Master Policyholder (e.g. due to cessation of employment or Association membership) or at the time of termination of the Group Master Policy.
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Last updated on: Sep 28, 2022
