Disclosure of Product
This is a life insurance product which has two distinct elements i.e., Insurance Protection and Investment. The Investment Component is linked to the performance of underlying assets under unit linked fund(s).
Free Look Period
If you cancel your policy within free look period of 14 days from the date of the documents receipt, you are entitled for a full refund of premium less any expenses incurred by EFU Life in connection with our medical or clinical examinations.
| Important Details | |
|---|---|
| Eligible age | (18-65 Years) |
| Minimum Plan Term | 10 years |
| Maximum Age at Maturity | 80 years |
| Minimum Premium | Rs. 20,000 per annum |
| Fund Acceleration Premium | Minimum: Rs. 20,000 |
Opportunities for Growth
Every premium paid towards the plan will be invested in one of the internal investment funds of EFU Life. It is completely your decision to choose the internal fund based on your investment objectives. You can select from the following unit linked funds mentioned below: All available funds are categorized with their risk profiling as per the investment criteria.
- EFU Guaranteed Growth Fund – Fund Categorization: Money Market Fund, Risk Profile: Low
- EFU Income Growth Fund – Fund Categorization: Income Fund, Risk Profile: Low
- EFU Managed Growth Fund – Fund Categorization: Balanced, Risk Profile: Medium
- EFU Aggressive Fund – Fund Categorization: Aggressive Fund, Risk Profile: High
Benefits:
Death Benefit
On death, the benefit payable is equal to:
- Sum of the Sum Assured of the plan AND the Cash Value of units allocated against the basic Premium.
Plus
- The Cash Value of units allocated against FAP payments – if any
Maturity Benefit
At the end of the policy term and while the policyholder is alive, the maturity benefit may be payable as follows:
- Cash value of the units allocated against the Basic Plan Premium
Plus
- The Cash Value of units’ allocation against FAP- if any
Optional Benefits:
- Accidental Death Benefit*
If death occurs due to accident this benefit provides an additional lumpsum benefit.
- Accidental Death and Disability Benefit Plus*
This rider provides an additional lump sum benefit in case of an accidental death or disability (permanent & total) that makes you permanently disabled.
*Anyone accidental benefit can be selected.
The premium for optional riders is charged in addition to the basic plan premium.
Unit Allocation:
The proportion of basic plan premium allocated to investment is as follows:
| Policy Year | Unit Allocation | Allocation Charges* |
|---|---|---|
| 1 | 60% | 40% |
| 2 | 90% | 10% |
| 3 to 10 | 105% | 0% |
*Allocation charges will be deducted from the Paid Premium every year as per the above table and the remainder will be allocated to the account value.
FAP Allocations: 100%
Sum Assured
This is the Guaranteed amount payable on death. The sum assured may be selected from a range depending on the age at entry. The sum assured is determined as the Basic Plan Annual Premium multiplied by the “Protection Multiple” which can be selected from the following table:
| Age | Protection Multiple |
|---|---|
| 18 – 35 | 5 to 35 |
| 36 – 40 | 5 to 25 |
| 41 – 49 | 5 to 15 |
| 50 – 60 | 5 to 10 |
| 61 – 65 | 5 |
*The maximum PM can vary based on age and premium
Fund Acceleration Premium (FAP):
If you have surplus cash available at any point of time during the plan term it can be invested in the plan to enhance your cash values. These additional payments in the plan are called Fund Acceleration Premium payments. You can make these payments at any time while the policy is in force. The minimum FAP payment is Rs. 20,000.
100% of FAP payments are allocated to purchase units in the selected fund.
Surrender:
If the policy is fully surrendered before the second premium has been consumed/allocated in main plan, a surrender charge equal to allocated portion of first year premium will be deducted from the Total Cash value of the policy. Partial Surrender cannot be done from the main plan cash value before the second premium has been consumed.
After 2nd premium has been consumed/allocated in main plan, cash value can be withdrawn (Full or Partial). Partial surrender is allowed subject to Rs.20,000 remaining in the fund.
The FAP cash value can be withdrawn (full or partial) at any point in time during the term of the policy.
Indexation:
Once you select this option, the premium will increase every year by 5% of the prior year’s premium indefinitely. Similarly, the sum assured will increase in the same proportion. You may, however, opt to increase only the premium while keeping the sum assured at the initial level, thus channeling this increase in premium to boost your accumulation of capital only. Sum assured indexation is only available until age 55, provided you were accepted on standard terms initially.
Claim:
In case of an unfortunate event, you may file your claim intimation through any JS Bank Branch Walk in, visiting the EFU Head Office or by visiting any of the EFU branch in the country. For a swift speedy process, you may also call us at our call center (021- 111-338-111) or simply visit our website, fill in the intimation form and email it to us at [email protected] or you can also contact JS Bank call center (021 111 654 321) or [email protected]. Thereafter, you will be contacted for next steps.
What are the charges?
| Charges | Rate/ PKR |
|---|---|
| Administration charge | PKR 720 per annum |
| Bid/Offer Spread | 5% of the net Premium |
| Investment Management Charge | 1.5% per annum |
| Fund Switching Fee | PKR 500 |
| Surrender Processing Fee | PKR 500 |
| Surrender Charge | 100% surrender charge equal to allocated portion of first year premium will apply if policy is surrendered before payment of 2 full years’ premium |
| Mortality Charge (Cost of Insurance) | An age-based mortality charge applies for the life insurance risk each year and is dependent on the sum at risk. No mortality charges apply in years where the cash value exceeds sum assured. |
Disclaimer:
- This product is underwritten by EFU Life Assurance Ltd. It is not guaranteed or insured by JS Bank Limited or its abilities and is not a JS Bank Limited product.
- JS Bank is just a promoter/distributor and corporate insurance agent of its valued customers.
- Growth in the value of your premium depends on the performance of the Fund.
- 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 Fund and neither EFU Life Assurance Ltd. nor JS Bank Limited will incur any liability for the same. The investment risk of the selected Fund shall be borne by the policyholder.
- 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.
- Taxes will be applicable as per the 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.