Unlike most types of life insurance that require ongoing premium payments for the policy to remain in force, with Adamjee Life Shandar Sarmaya Plan you are only required to make a single premium payment and the plan will remain valid for the term selected or your 80th birthday whichever comes ﬁrst. Shandar Sarmaya Plan generates consistent income through superior yields on its investments at moderate levels of risk through a diversiﬁed investment approach.
Basic Premium Allocation
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 three investment fund options for customers are:
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.
Minimum Investment: PKR 200,000 Surrender Charge: PKR 350
Maximum Investment: Unlimited
Minimum Sum assured (Death Cover): Cover multiple 1.25 Maximum Sum Assured
(Death Cover): Cover Multiple 10
Convenient, hassle free single payment option with the added advantage of Life insurance
Complete Riba / interest free investment/ saving opportunity in-line with Islamic principles and beliefs keeping in mind the recent increase in demand of shariah compliant investment vehicles.
The investor has the option to choose his/ her own life insurance coverage amount through the unique cover multiple feature. Customer has the option to take a maximum coverage of 10 cover multiples of investment amount.
In accordance with the Income Tax Ordinance 2001,all investments in Insurance are exempt from capital gain tax Tax rebate for businessmen and salaried individuals You can enjoy the beneﬁts of Tax savings on life insurance by investing in the plan.
The customer is entitled to full refund of premium (less any expenses incurred by Adamjee Life in connection with your medical or clinical examinations) in case he/ she decides to cancel the policy within 14 days of issuance.
If the investment is redeemed within the ﬁrst eleven months of issuance a surrender charge of 3% of unit account value is applicable, 2% from 12th to 23rd month,1% from 24th to 30th month and 0% afterwards
Encashment/Redemption can be made within a period of 6 business days.
A well diversiﬁed investment portfolio with any amount of investment.
Ease of choosing and monitoring one fund instead of multiple Investments.
Regular re-balancing to maintain the correct risk/return characteristics Over time.
Partial withdrawals can be made by the investor from his/her fund anytime after 6 months of the plan term to fulﬁll any short term needs. Withdrawals are limited to 50% of the net cash surrender value and can be taken up to 4 times a year subject to maintaining a minimum Net cash surrender value of Rs. 10,000.
The Policyholder may make partial withdrawals from his/her fund with applicable surrender penalty in the ﬁrst 30 months thereafter it can be withdrawn without any penalty.
When a partial withdrawal is made, the amount of partial withdrawal will be deducted from both the Net Cash Surrender Value and the Sum Assured of the Policy.
Min entry age: 18th Birthday Max entry age: 75th Birthday Max age of cover: 80th Birthday Min Cover Term: 3 years
Basic Premium Allocation
100% of all investment is allocated to your unit account without any deduction. Deductions are only made on redemption during ﬁrst 30 months.
Charges Management & Admin charges: An annual charge of 1.75% of cash value to be deducted on monthly basis Back-end Load/ Redemption Charges.
|Policy Month||Surrender/ redemption Charges as % of Unit account|
|1st to 11th||3%|
|12th to 23rd||2%|
|24th to 30th||1%|
|31st Month and Onwards||0%|
Shandar Sarmaya is a unique investment cum protection plan that provides you a hassle free one time investment option. In addition, it gives you the freedom of choosing your own investment mix from the available multiple investment Strategies as per your risk and return appetite while the protection feature of the plan provides you life insurance coverage from the moment you invest in the plan.
Anyone between the age ranges of 18 to 75 years is eligible for this investment package.
100 % of your investment is used to buy units of the chosen Investment Strategy and Fund at the applicable Offer Price. The fund management charges and cost of insurance (if any) are deducted on a monthly basis from your Account Value. The process will continue till the end of the elected term.
On completion of term – the maturity date – accumulated account value will be paid to you in a lump sum or in the form of an annuity if selected.
A marginal 5 % bid / offer spread will be charged from the customers.
If you cancel your plan within the free look period of 14 days from the plan issue date, you are entitled for a full refund of premium less any expenses incurred by Adamjee Life in connection with your medical or clinical examinations.
Minimum acceptable investment amount is PKR 200,000. There is no limit of maximum fund contributions; hence you can plan your ﬁnancial objectives with complete freedom.
If the customer redeems his invested amount before 11 months a charge of 3 % of invested amount is applicable, 2% from 12th to 23rd month,1% from 24th to 30th Month and no redemption charges are applicable after 30th month.
You have the right to encash all the units in your Account Value any time after the plan becomes effective. In such an event, the units will be encashed at Bid Price after taking into account the surrender charges if applicable and the plan will be terminated. But it is preferable to hold your investment for at least 3 years.