Mehfooz Munafa Plan

Managing finances is a unique challenge for every individual, mainly due to unforeseen circumstances during the course of life. In order to meet the growing financial need of every individual, Adamjee Life has designed a unique product to give highest value to your savings

Why Mehfooz Munafa

Fluctuating inflation, growing taxes, debts and interest rates continuously effect your investment. Adamjee Life Mehfooz Munafa has been designed for the preservation of your savings and growing it to the level where you can easily realize your dreams and protecting you and your family from all worries.

Mehfooz Munafa’s forte is initial higher allocations giving you savings and growth of funds right from the plan inception!

Plan Details

  • Saving Care

  • Fund Details

  • Continuation Bonus

  • Health Care

  • Family Care

  • Account Value Build-up

  • Contribution Allocation & Surrender Charge Structure

  • Charges

  • Surrender Charge Structure

  • USPs

  • Policy Terms & Eligibility

  • Basic Contribution Payment mode

  • Disclaimer

Saving Care

As an informed investor, you understand that market volatility can impact your investments. Mehfooz Munafa enables you to gain control over your savings in tune with your financial needs and your risk appetite.

Saving Booster Ad-hoc Premium

You can enhance the growth of your savings through Saving Booster by depositing a minimum payment of Rs.10,000 (over and above the regular premium) into your plan. Saving booster payments will be allocated at 100% in the unit account and can be made & withdrawn anytime during the plan term to boost your accumulated cash value. You can also choose to adjust regular premiums from top-up cash value subject to sufficient units being available in the top-up account value.

Loan

You can take a loan of up to 50% of the net cash surrender value, which is the Account value minus surrender charge, after the completion of second policy year.

Tax Rebate

You can enjoy the benefits of Tax savings on life insurance by investing in the plan.

Partial Withdrawal

To make sure that all your urgent monitory requirements are taken care of, the plan offers the option of making partial withdrawals from your account value after the plan has been enforce for 2 years.

Cover Multiple

You also have the freedom to increase the financial security for your loved ones by choosing an Enhanced Sum Assured through cover multiple options of up to 200 times of your premium amount.

Inflation protection: (Indexation)

This is a value-added feature to cover the inflation impact. Your contributions will increase every year by 5% or 10 % of the previous years’ contributions with this option. The cash value will also increase accordingly.

Fund Details

Investment Options

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.

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.

Amaanat (Islamic) Fund

A portfolio which offers investment in Shariah compliant equities, Government and fixed income securities.

Continuation Bonus

Continuation Bonus

As you continue the plan for longer term through timely payment of at least initial basic premium without utilization of loan or partial withdrawal, you will gain higher rewards, you will gain higher rewards in terms of Continuation Bonuses. The extra units will be allocated to your account value. This extra unit allocation is in addition to the basic units of allocations. The Continuation Bonus allocation is as follows.

Policy & Premium Payment Year Continuation Bonus Unit Allocation as a % of Initial Basic Premium
5 25%
10 50%
15 50%
20 100%

Health Care

Health Care

With medical costs increasing considerably, Health Care option of Mehfooz Munafa ensures health protection for you and your family. It takes care of the medical treatment costs incurred due to serious accident or illness.

Critical Illness Rider (Optional)

A lump sum benefit is paid to you in case you are diagnosed with one of the listed 12 diseases during the enforced term of this rider. The lump sum benefit is additional to your main plan benefit.

Accidental Death (Optional)

With Adamjee Life Accidental Protection rider the nominated beneficiary receives a lump sum amount in case the insured person dies due to an accident.

Family Care

Family Care

Adamjee Life’s Mehfooz Munafa Family care solution gives you the comfort that you and your family are always protected. We not only make sure that your family is free of all financial burdens but also provide life coverage to your spouse so that your family is prepared for all unfortunate eventualities.

Level Term Insurance Rider (Optional)

The feature guarantees as lump sum amount payable to the chosen beneficiary in case of death of the insured person

Spouse Protection Rider (Optional)

In the unfortunate event of the death of the insured person’s spouse during the enforced term of this rider, the rider sum assured is payable.

Waiver of Premium Rider (WOP-Death) (Optional)

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.

Account Value Build-up

Account Value Build-up

Premiums paid for the plan are invested either in Investment Secure Fund, Investment Multiplier Fund or Amaanat (Islamic) Fund. You can choose to invest fully in one of the funds that suits your investment strategy. The returns earned after deduction of risk charges, monthly admin 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*, who adjust the investment mix in light of economic conditions and investment opportunities.

* MCB-Arif Habib Savings and Investments Limited – a subsidiary of MCB Bank Limited.

Basic Premium Allocation

Basic Premiums are allocated as per the schedule shown below

Policy Year Allocation Percentage
1 70%
2 80%
3 90%
4 & onwards 100%

Charges

Charges

Policy Fee Nill
Management (& Administration) Charge An annual charge of 1.75% of the Cash Value deducted on a monthly basis.
Bid/Offer Spread 5% of all premiums allocated to the Unit Account
Surrender Charge / Partial withdrawal fee Rs. 350/=
Fund Switching The first two switches in a Policy Year are free. A charge of Rs. 300 will be made for any further switches in that Policy Year.

Surrender Charge Structure

Surrender Charge Structure

Policy Year Surrender Charges as % of Unit Account Value
1 100
2 50
3 Nill
4 & onwards Nill

USPs

USPs

  • 1st year Investment Allocation (70%)
  • 100% allocation from 4th year onwards
  • Ad-hoc allocation (100%) (Investment Booster)
  • Flexibility to diversify your investment according to your preference and risk appetite (Investment Secure, Investment Multiplier and Amaanat Fund)

Policy Terms & Eligibility

Policy Terms & Eligibility

Min entry age Max entry age Min policy term
18 Years
(Age nearest birthday)
65 Years
(Age nearest birthday)
10 Years
Min premium paying term Max Policy Term Max Paying Term
10 Years 25 Years or up to age
85 years whichever comes first
25 Years

Basic Contribution Payment Mode

Minimum Contribution

Minimum Basic Premium
(For 5-9 years): Monthly PKR. 30,000/-
Quarterly PKR. 80,000/-
Semi-Annual PKR. 120,000/-
Annual PKR. 200,000/-
(For 10 years): Monthly PKR. 15,000/-
Quarterly PKR. 30,000/-
Semi-Annual PKR. 60,000/-
Annual PKR. 100,000/-

Payment Mode: Annual | Semi-Annual | Quarterly | Monthly

Disclaimer

Disclaimer

  • Mehfooz Munafa 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.
  • All Mehfooz Munafa applications are processed and approved by Adamjee Life, as per their underwriting guidelines.
  • The brochure only provides an introduction to the benefits available under the policy and detailed description of how the contract works is given in ‘Terms and Conditions’ which will be provided after the customer avails the service.
  • 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.
  • Mehfooz Munafa 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 than the projected figures.
  • 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 Adamjee Life Assurance Ltd., will not incur any liability for the same.
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