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JS / Personal / Wealth Management / Bancassurance / Mehfooz Sarmaya

Mehfooz Sarmaya Plan

EFU Mehfooz Sarmaya Plan is a specially designed single premium investment plan for achieving real capital growth with the added benefit of life insurance coverage. It is an investment-linked insurance product. Under this plan, your funds are managed by experts for maximum investment gains while maintaing minimal risk, through portfolio diversification.

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.

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What you need to know


Minimum Premium
A minimum annual premium amount of Rs. 50,000 is required

Eligibility
Available to individuals from 18 years of age or above

Unit Allocation
100% of the Original
Single Premium is allocated to purchase units in the selected fund

Fund Selection Option

Contribution paid towards the plan is invested in an internal investment fund of EFU Life. Pick whichever fund you want based on your needs and risk tolerance from the following two:

  • EFU Managed Growth Fund
  • EFU Guaranteed Growth Fund

Fund Acceleration Premium
100% of the Fund Acceleration Premium is allocated to purchase units in the selected fund.

Benefits

The longer the terms of the plan, the higher the rewards.1
In case of accidental death of plan holder before the age of 60, an additional lump sum benefit will be paid. The amount of payout is equal to Original Single Premium adjusted for partial withdrawals. This benefit amount will be in addition to the Death Benefit.
In case of demise of the plan holder, the amount payable is:
  • For ages 18 to 60 years at entry, the Sum Assured can range from 1.25 times to 2 times of the Original Single Premium.
  • For ages greater than 60 years, the Sum Assured will be 101% of the Original Single Premium.
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Allocation:

100% of the Single Premium

Loyalty Bonus:

Policy YearExtra Unit Allocation
5 2%
10 3%
15 & every 5 years thereafter 4%

Opportunity for Growth

  • EFU Managed Growth Fund- Fund Categorization: Balanced, Risk Profile: Medium
  • EFU Guaranteed Growth Fund - Fund Categorization: Money Market Fund, Risk Profile: Low
  • EFU Income Growth Fund - Fund Categorization: Income Fund, Risk Profile: Low
  • EFU Aggressive Fund - Fund Categorization: Aggressive Fund, Risk Profile: High

2. 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 Values 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 – 65 years:

Death Benefit up to age 5 policy years is equal to:

  • - The greater of the Basic Sum Assured (adjusted for partial surrenders), or Basic Cash Values of the plan PLUS The Cash value of the units applicable to FAP (If any).
  • - Death benefit after 5 policy years of will be Total Cash Value.

For Ages above 65 years:

- Death benefit will be the greater of the Cash Value and 101% of Original Single premium. On each partial surrender, for the purpose of calculating benefits as defined above, the original single premium will be reduced by the same proportion as the Cash Value surrendered.

Minimum Premium:

The minimum premium is PKR 50,000 per annum

Eligibility:

Available to individuals from 18 years of age or above.

Additional Benefits:

In order to enhance the overall advantage you get from the product, other options apart from the basic benefits on offer can also be availed. These additional benefits include:

  • Accidental Death Benefit (Built-in)

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 applies in years where the cash value exceeds sum assured.
Fund Switching Fee PKR 500
Surrender Processing Fee PKR 500
Surrender Charge 100% for the first year
Allocation charges As per the above Unit Allocation table

Claim:

In case of an unfortunate event, you may file your claim intimation through any Allied Bank Branch walk in, visiting the EFU Head Office or by visiting any of the EFU branches 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] Thereafter, you will be contacted for next steps.

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.
  • The premium in the plan is invested in any one of the mentioned growth fund as chosen by the policyholder.
  • 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 funds and neither EFU Life Assurance Ltd nor JS Bank Limited will incur any liability for the same.
  • 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 Limited reserves the right to levy such additional charges(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.