Being a loving parent, you search for a plan that is designed to let you accumulate amount of money that protects you and your family from future financial worries, and allows you to have access to it when you are in need of cash. A plan that helps you achieve your dreams of providing best education to your child and spending on his/her marriage without facing financial constraints.
EFU Life Assurance brings for you Ilm and Anmol Rishtey Plan, which is an investment-linked insurance product with guaranteed level of insurance protection and flexible options to customize the benefits according to your needs. This plan will help you to meet child’s wedding expense or financing his/her education expenses with ease. The plan also has continuation benefit feature which provides a surety that plan’s premium is paid for in case of an unfortunate event of policyholder’s death while the policy is enforced. With Ilm and Anmol Rishtey Plan:
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.
Opportunity for Growth and Savings: Your premiums to the plan will be utilized to purchase units of one of the mentioned below funds. These funds are managed by investments experts who adjust the mix of underlying investments in the light of economic conditions and investment opportunities. You can select from the following unit funds mentioned below:
- EFU Managed Growth Fund:
Fund Categorization: Balanced, Risk Profile: Medium
An investment fund with a balanced investment strategy. It aims to achieve reasonable capital growth and steady returns with investment in government securities, carefully selected blue chip equities and other fixed income instruments and cash.
- EFU Guaranteed Growth Fund:*
Fund Categorization: Money Market Fund, Risk Profile: Low
An investment fund providing steady returns with a guarantee that the bid price of the fund will never fall. It aims to achieve stable growth through investment in short term debt securities.
- EFU Income Growth Fund:
Fund Categorization: Income Fund, Risk Profile: Low
An investment fund providing steady returns. It aims to achieve consistent capital growth with investment in government securities and high-quality corporate debt.
- EFU Aggressive Fund:
Fund Categorization: Aggressive Fund, Risk Profile: High
An investment fund with the aim of investing in equities providing a higher rate of return. It aims to maximize capital growth by using investments with an aggressive market outlook.
- Multiple Fund Option:Under this option you have a facility to select a mix of two unit linked funds of the plan. Fund mix can be selected in multiples of 10%. It means that the funds split can be of 90/10, 80/20, 70/30, 60/40 or 50/50.
*EFU Guaranteed Growth Fund to be selected by default
Unit allocation:
The proportion of premium for investment in units varies by policy year and is as follows:
| Policy Year | Unit Allocation % | Allocation Charges* |
| 1 | 60.0% | 40.0% |
| 2 | 80% | 20% |
| 3 | 90% | 10% |
| 4 | 100% | 0% |
| 5 – 10 | 103% | 0% |
| 11 – 20 | 105% | 0% |
| 21 onwards | 110% | 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.
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. 24,000. 100% of FAP payments are allocated to purchase units in the selected fund.
Access to your Savings: The plan provides complete access to accumulated fund value during the policy 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. Please note that in case of surrender in early policy years may result in low cash values.
Death Benefit: In the unfortunate event of death of the policy holder, this plan provides Continuation benefit by which you can secure your family’s future from the financial losses even in your absence. On death of life assured prior to the maturity of plan, the plan ensures that your child’s future remains secure by its Continuation Benefit. This is built into the plan and ensures that all remaining future premiums are paid by EFU Life following the death of the life assured until the Plan’s maturity date. This means that the funds you had originally planned for your child’s education or marriage will still be available for your children.
Maturity Benefit: At the end of the Policy Term, while the policyholder is still alive, the maturity benefit payable will be the Cash Value applicable to the regular plan premium plus Cash Value applicable to FAP payment, if any.
Maturity Bonus For continuously enforced policies, the plan provides valuable maturity bonuses at the end of the plan’s term to boost the fund accumulation. The bonus is allocated, as a percentage of the average Basic Plan premium paid till maturity year. The extra unit will be allocated at maturity depending on the maturity year, as mentioned in the table The extra unit allocation is as follows:
| Year | Unit Allocation % as average annual premium paid till maturity |
| 11 – 15 | 10% |
| 16 – 20 | 20% |
| 21 – 25 | 50% |
Indexation Benefit: Under this option, the regular premium will increase every year by %age (as provided by EFU) of the previous year’s contribution with appropriate increase in benefits, without any medical evidence.
Can I apply and what are the term limits of plan?
This plan is available for all individuals aged between 18 and 65 years on next birthday. The coverage term is 10 to 25 years and maturity is subject to a maximum age of 75 years.
What is the minimum/maximum Premium I have to pay?
Minimum annual basic plan premium is Rs. 24,000/- per annum. The mode-wise minimum premium is as follows:
| Mode | Minimum Modal Premium |
| Annual | 24,000 |
| Half Yearly | 12,000 |
| Quarterly | 6,000 |
| Monthly | 2,000 |
Charges
| Charges | Rate / PKR |
| Administration Charge | PKR 105 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 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.
- This product is underwritten by EFU Life Assurance Ltd. It is not guaranteed or insured by Allied Bank or its affiliates and is not Allied Bank product.
- Allied Bank is just a promoter and distributor of this product to its valued customers.
- Growth in the value of your premiums will depend on the performance of the selected Fund in which the premiums are invested.
- All investments made in the selected Fund are subject to market risks. The investment risk of the selected fund will be borne by the policy holder.
- 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 Allied Bank will incur any liability for the same.
- 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.
EFU LIFE ASSURANCE LTD. EFU Life House: Plot No. 112, 8th East Street, Phase I, DHA, Karachi, Pakistan. Tel: (021) 111-EFU-111 (111-338-111) Fax: (021) 34537519. Website: www.efulife.com