Women’s Savings Plan

JS Women’s Savings Plan

JS Women’s Savings Plan is Pakistan’s first Insurance Program designed around the needs of women. Whether you are a housewife or a working woman, the plan ensures that your savings continue to grow every year, allowing you to remain confident every step of your life. JS Women’s Savings Plan is underwritten by EFU Life Assurance Ltd.

Unit Allocation

Premiums are allocated to the investment fund based on the following unit allocation percentages:

  • Year 1-   35%
  • Year 2-   80%
  • Year 3-    90%
  • Year 4 to 5-   100%
  • Year 6 to 10-  103%
  • Year 11 onwards- 105%

Unit Accumulation and Investment Fund

Every contribution paid towards the plan is invested in an internal investment fund of EFU Life selected by the customer. The contributions are utilized to buy units of the fund at the prevailing offer price. The objective of the funds is to maximize capital growth by investing in a balanced portfolio spread across a wide range of investment opportunities. The fund is managed by investment experts who adjust the mix of the underlying investments in light of economic conditions and investment opportunities.

Fund Acceleration Premium (FAP)

The customer can make extra contributions (additional to the decided premium) which would have positive impact on the cash value of the plan. The minimum FAP is PKR 24,000 per payment. However, the maximum FAP contribution in a year is 5 times the current year’s annual regular contribution.

Fund Selection Option

Policyholders have an option to select a unit fund based on their risk preferences and investment objectives at the policy inception. The funds available are:

    • EFU Managed Growth Fund

 

    • EFU Guaranteed Growth Fund

 

    • EFU Aitemad Growth Fund

 

Additional Benefits

Death Benefit

On death, the benefit payable is equal to:

    • The greater of Sum Assured or Cash Value of units allocated against basic premium.

 

    • The Cash Value of units allocated against FAP plus payments.

 

Maturity Benefit

On maturity of the plan, total Cash Value of units applicable to basic premiums and FAP payments is paid.

Inflation Protection

Under this option, the premium will increase every year by 5% of the previous year’s contribution with appropriate increase in benefits, without any medical evidence.

Built-in Benefits

Family Income Benefit

    • For Working Females, in case of death of the life assured during the term of this    rider, a monthly income of 1% of the basic sum assured is payable for the remaining term of the rider.

 

    • For Housewives, in case of death of the life assured during the term of this rider, a fixed monthly income of PKR 5,000 is payable for the remaining term of the rider.

 

Optional Benefits

Available for Working Females only:

    • Waiver of Premium.

 

    • Accidental Death and Disability Benefit.

 

    • Medical Recovery Benefit.

 

    • Additional Term Assurance.

 

Available for both Working Females and Housewives

 

    • Life Care Benefit

 

Eligibility & Term

The product is available to anyone between the ages of 18 to 55 years. The minimum term of the plan is 10 years whereas the maximum term is 25 years; subject to a maximum age of 70 at maturity.

The mode-wise minimum premium is as given in the table below:

  • Annual – PKR 24,000 per annum
  • Half Yearly -PKR 12,000 per half – year
  • Quarterly- PKR 6,000 per quarter
  • Monthly – PKR 2,000 per month

 

Disclaimer:

  • This product is underwritten by EFU Life Assurance Ltd. It is not guaranteed or insured by JS B ank Limited and it is not a JS Bank Limited product.
  • All investments made in any of EFU’s funds are subject to market risk. Past performance of these funds is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of these funds 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 for facilitating the decision. 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 relevant authorities.
  • JS Bank reserves the right to levy such additional charges 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.

FAQs for JS Women’s Saving Plan

 What is JS Women’s Savings Plan?

JS Women’s Savings Plan is Pakistan’s first Insurance Program designed around the needs of women. Whether you are a housewife or a working woman, the plan ensures that your savings continue to grow every year, allowing you to remain confident every step of your life. JS Women’s Savings Plan is underwritten by EFU Life Assurance Ltd.

How can I be eligible for JS Women’s Saving Plan?

The product is available to anyone between the ages of 18 to 55 years. The minimum term of the plan is 10 years whereas the maximum term is 25 years; subject to a maximum age of 70 at maturity.

What is the proportion of contribution allocated to investments?

Premiums are allocated to the investment fund based on the following unit allocation percentages:

  • Year 1-   35%
  • Year 2-   80%
  • Year 3-    90%
  • Year 4 to 5-   100%
  • Year 6 to 10-  103%
  • Year 11 onwards- 105%