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 |
| Plan Term | Whole of life |
| Minimum Premium | Rs. 24,000 per annum |
| Fund Acceleration Premium | Minimum: Rs. 24,000 |
Opportunity for Growth
- 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
Multiple Fund Option:
Under this option, you have the facility to select a mix of two unit-linked funds of the plan. The total premium under your policy will be allowed to be distributed among the funds in multiples of 10%. This means that the fund split can be of 90/10, 80/20, 70/30, 60/40, or 50/50. *EFU Guaranteed Growth Fund will be selected by default.
Benefits:
Investment with a Safety Net:
The moment you start saving with EFU Roshan Kal, you will enjoy a guaranteed level of life assurance protection. This cover means that in case of death, dependents will receive:
- The sum assured or the cash value of the plan at the time of death (whichever is higher) and
- Any cash values of FAP payments.
Depending on the current stage of one’s life and the need for life assurance protection, the plan offers the facility of selecting a low or high level of sum assured as circumstances change.
Optional Benefits:
- Accidental Death and Disability Benefit: This rider provides an additional lump sum benefit in case of accidental death or disability.
- Accidental Death and Disability Plus Benefit: In case of accidental death or disability of the life assured (permanent and total), this rider provides an additional lump sum benefit to help your family cope with this distress.
- Additional Term Assurance: This rider increases the level of life cover by providing an additional amount in case of the death of the policyholder (insured person).
- Waiver of Premium: In case the life assured is unable to follow any occupation due to sickness or accident, the premium would be paid by EFU Life.
- Life Care Plus Benefit: This rider provides a flexible benefit ranging from Rs. 50,000 to a sum equivalent to the main plan sum assured, subject to a maximum of Rs. 1.5 million, upon the diagnosis or occurrence of any 15 covered critical illnesses.
Family Income Benefit:
This benefit ensures that a monthly income is paid to the family in case of the unfortunate death of the policyholder (insured person) during the plan term. *Any one accidental rider can be selected.
Unit Allocation
Premiums are allocated to the investment fund based on the following unit allocation percentages
| Policy Year | Unit Allocation % | Allocation Charges* |
|---|---|---|
| 1 | 60% | 40% |
| 2 | 80% | 20% |
| 3 | 90% | 10% |
| 4-10 | 100% | 0% |
| 11-Onwards | 100% plus loyalty bonus allocation | 0% |
*An 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.
Loyalty Bonus:
You can enjoy a loyalty bonus for your long-standing relationship. These bonus units will be applicable every 5 years starting from the end of the 11th policy year. The loyalty bonus allocation, in addition to the basic plan Premium, is as follows
| Year | Loyalty Bonus Allocation % |
|---|---|
| 11 | 30% |
| 16 | 45% |
| 21 | 60% |
| 26 | 75% |
| 31 | 90% |
| And onwards | |
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 (years) | Protection Multiple |
|---|---|
| 18 to 35 | 5 to 75 |
| 36 to 40 | 5 to 50 |
| 41 to 49 | 5 to 35 |
| 50 to 65 | 5 to (70-age) |
Fund Acceleration Premium (FAP):
If you have surplus cash available at any point 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. 24,000.
100% of FAP payments are allocated to purchase units in the selected fund.
Complete and Partial Surrender:
The plan provides complete access to the accumulated fund value during the plan term. Total units accumulated can be withdrawn after the second year’s regular premium payment. A facility for partial withdrawals is also available, subject to Rs. 20,000 remaining in the fund. If the customer opts for complete surrender, all units will be encashed, and the plan will be terminated.
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 branches in the country. For a swift 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]. You can also contact the JS Bank call center at (021 111 654 321) or email [email protected]. Thereafter, you will be contacted for the next steps.
Charges:
| Charge Type | Details |
|---|---|
| Administration charge | PKR 90 per month |
| Bid/Offer Spread | 5% of the net Regular Premium |
| Investment Management Charge | 0.125% of the fund value per month |
| 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. |
| Surrender Processing Fee | PKR 500 |
| Surrender Charge | 100% prior to the payment of two full years’ premium |
| Fund Switching Fee | PKR 500 |
| Allocation Charges | As per the above Unit Allocation table |
Disclaimer:
- 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.
- 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 the 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 a 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.