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 a 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 | Minimum age 18 years – no maximum age limit. |
| Plan Term | Whole of life |
| Minimum Premium | Rs. 50,000 per annum |
| Fund Acceleration Premium | Minimum: Rs. 50,000 |
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 a facility to select a mix of two unit linked funds of the plan. Total premium under your policy will be allowed to be distributed in funds in multiples of 10%. It means that the funds split can be 90/10, 80/20, 70/30, 60/40 or 50/50. *EFU Guaranteed Growth Fund to be selected by default.
Benefits:
Death Benefit:
For Ages 18 – 59 years:
Death Benefit up to age 70 years is equal to:
- The greater of the Basic Sum Assured (adjusted for partial surrenders), or Basic Cash Value of the plan.
Plus
- The Cash Value of the units applicable to FAP (if any)
Death Benefit after 70 years of age will be Total Cash Value.
For Ages 60 years and above at entry:
Death Benefit for 5 policy year is equal to:
- The greater of the Basic Sum Assured (adjusted for partial surrenders), or Basic Cash Value of the plan.
Plus
- The Cash Value of the units applicable to FAP (if any)
Death benefit after 5 policy years will be Total Cash Value.
Built in Accidental Death Benefit:
In case of accidental death of life assured before age 60 years, additional lump sum benefit will be paid. The amount of payout is equal to the original single premium adjusted for partial withdrawals. This benefit amount will be in addition to the Death Benefit.
Sum Assured:
The sum assured is the guaranteed amount payable on death of the insured. Sum Assured is determined as your Premium times Protection multiple depending on age at entry which can be selected from the following table:
| Age at Entry | Sum Assured |
|---|---|
| For all entry ages | 1.25 – 2 times the Original Single Premium |
Loyalty Bonus:
You can enjoy the Loyalty Bonus for your long-standing relationship. These bonus units will be applicable every 5 years starting from the end of the 5th policy year. The loyalty bonus unit allocation, in addition to the basic plan premium is as follows:
| End of Policy Year | Loyalty Bonus Allocation as % of Single Premium |
|---|---|
| 5 | 2% |
| 10 | 3% |
| 15 and every 5 years thereafter | 4% |
Fund Acceleration Premium:
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. 50,000.
100% of FAP payments are allocated to purchase units in the selected fund.
Complete and Partial Surrender:
In case of unfavorable circumstances and a need for cash arises, you are allowed to make permanent or partial withdrawals from the fund. In the case of permanent withdrawal, the total cash value will be payable. On the other hand, if you need a small amount of cash from the accumulated capital, partial withdrawal is allowed anytime, subject to Rs. 20,000 remaining in the fund. Please remember that the value in the early years is likely to be low since the plan is designed for long-term capital gains.
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:
| Charges | Rate/ PKR |
|---|---|
| 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 | NIL |
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.