HumSafar – Marriage Plan

As you work hard for success, you realize the value of saving for the future. For heads of family, multiple roles come into play. One of the key roles is being a responsible, caring parent. In our cultural milieu, this includes taking care of expenses such as a son’s or daughter’s marriage. So opt for the HumSafar Marriage plan and meet your child’s marriage expenses along with the added advantage of life insurance cover.

Features of HumSafar

Fund Selection Option

  • Every contribution paid towards the plan is invested in an internal investment fund of EFU Life selected by the customer. The funds are managed by investment experts who adjust the mix of underlying investments in light of economic conditions and investment opportunities.
  • The policy holders have an option to select a unit fund based on their investment objectives at the inception of their policies. The policy holders can select from the following three unit funds*:
    • EFU Managed Growth Fund
    • EFU Guaranteed Growth Fund
    • EFU Aitemad Growth

Minimum Premium

The Minimum annual Premium under the plan is Rs 24,000.

Applicable Ages and Terms

  • The plan is available to individuals of 18 to 60 years of age.
  • The minimum savings term available is 10 years while the maximum is 25 years.
  • The savings term has to be selected in such a way that the maximum age of the customer at the end of the savings term is not more than 70 years.

Continuation Benefit

  • In the unfortunate event of the death of the assured parent during the savings term, the built-in continuation benefit ensures that the targeted amount is achieved at maturity of the plan.
  • EFU Life will continue to make the contributions towards the plan so that the investment is not discontinued.
  • This ensures that the required funds are available for the child’s marriage even if the parent is not there.

Engagement Bonus

At the end of 15 years, EFU Life will add an Engagement Bonus to the plan equal to 15% of the average basic plan premium paid.

Marriage Support Bonus

  • The plan provides valuable marriage support bonuses during the plan term to boost the fund accumulation.
  • The bonus is allocated, as a percentage of the average Basic plan contribution paid, in the 11th, 16th and 21st year of the policy, provided the plan is continued without any breaks.
  • The extra unit allocation is as follows:
    • 11 Years – 20%
    • 16 Years – 30%
    • 21 Years – 40%

Fund Acceleration Premiums

  • HumSafar is a regular contribution plan but also gives the flexibility to top up the savings by depositing surplus funds as lump sum contributions in the plan.
  • These Lump sum contributions, called “Fund Accelerate premium” (FAP) payments can be made at anytime during the policy term to increase the cash value of the plan.
  • Individuals can add their excess cash into the plan through FAP and enjoy the investment returns from the selected fund.
  • The combination of the regular savings and occasional lump sum contributions provides the much needed financial freedom to save according to your convenience.

Access to Savings at all times

The plan provides complete access to the accumulated fund value at all times. After the contributions have been paid for two full years, the fund can be withdrawn for its full or partial value.

Complete Surrender

The customer has the right to en-cash all the units in his fund. In such an event the units will be encashed at the current bid price and the plan will be cancelled.

Partial Surrender

  • The fund value can also be surrendered partially by encashing a limited number of units in the fund.
  • Partial surrender is allowed so long as an amount of Rs 20,000 remains in the fund.
  • A partial surrender will have an impact on the sum assured.

Additional Benefit Riders

To customize the plan according to the needs of the individual customers, several additional benefit riders are available which can be attached to the plan.

  • Inflation Protection
  • Accidental Death Benefit
  • Income Benefit
  • Waiver of Premium

Plan Maturity

  • At maturity, the plan provides the accumulated fund value which can be taken in lump sum or if funds are not required immediately for marriage, the amount can be left to accumulate with EFU Life for a maximum period of one year.
  • At the end of the one year period, EFU Life will pay the accumulated value and a “Maturity Investment Bonus” of 20% of the annual average premium.

Unit Allocation Percentage

The proportion of contribution for investment in units varies by the policy year and is follows:

  • Year 1 – 25% to 35% depending on policy terms
  • Year 2 – 80%
  • 3 Onwards – 100% + Applicable Bonuses

Charges

The applicable charges include investment management charges at 0.125% of the fund value per month, bid / offer spread at 5 % of the net regular4 contribution, administration charges at Rs.50 per month.

Disclaimers

  • This product is underwritten by EFU Life Assurance Ltd. It is not guaranteed or insured by JS Bank Limited or its affiliates and is not a JS Bank Limited product.
  • Growth in the value of your contributions depends on the performance of the selected fund in which the contributions are invested.
  • EFU Life Assurance Ltd. is registered and supervised by the Securities and Exchange Commission of Pakistan.
  • All investments made in the selected fund are subject to market risks. 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 selected fund and neither EFU Life Assurance Ltd. nor JS Bank Limited will incur any liability for the same.
  • A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions.
  • Service charges and taxes will be applicable as per the Bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.
  • A description of how the contract works is given in the policy provisions and conditions. This product brochure only gives a general outline of the product features and benefits.
  • JS Bank reserves the right to levy such additional charge(s) as may be required, to facilitate the making of contribution in the plan, in the event that the arrangement between JS Bank Limited and EFU Life Assurance Limited is discontinued.
  • In the event of the policy being surrendered prior to the payment of two full year’s regular premiums, EFU Life Assurance Limited will charge an amount equal to the basic cash value as an early surrender penalty and no amount will be payable to the life assured. In the event of a partial surrender the sum assured of the policy will be proportionally reduced.

FAQs for Hum Safar

What is Hum Safar plan?

The Hums Safar is a marriage plan, it meet the child’s marriage expenses along with the added advantage of life insurance cover.

What is the applicable ages and terms for Hum Safar plan?

  • The plan is available to individuals of 18 to 60 years of age.
  • The minimum savings term available is 10 years while the maximum is 25 years.
  • The savings term has to be selected in such a way that the maximum age of the customer at the end of the savings term is not more than 70 years

What is meant by marriage support bonus?

  • The plan provides valuable marriage support bonuses during the plan term to boost the fund accumulation.
  • The bonus is allocated, as a percentage of the average Basic plan contribution paid, in the 11th, 16th and 21st year of the policy, provided the plan is continued without any breaks.
  •  The extra unit allocation is as follows:

11 Years – 20%

16 Years – 30%

21 Years – 40%

What is the proportion of contribution for investment?

The proportion of contribution for investment in units varies by the policy year and is follows:

  • Year 1 – 25% to 35% depending on policy terms
  • Year 2 – 80%
  • 3 Onwards – 100% + Applicable Bonuses