- Protection and Investment Benefits
- Tax Savings
- Maturity + Death Benefits
Employee Benefit Solutions
IGI Life is a company that provides innovative employee benefit plans and with their diverse insurance plans portfolio and with decades of experience IGI Life can tailor-make group medical and pension plans and solutions that will suit the customer’s company’s needs whether it’s a small business, a medium-sized company or a multinational establishment. IGI Life targets to provide comprehensive coverage and proficient claims settlement servicing that will be of great value when the employees need it the most.
Employee Care Plus
Well, the peace of mind of employees leads to better productivity hence is imperative for the success of any business. A survey established that 75% of employees prefer to have a benefits program rather than cash reimbursements or allowance. Employee benefit programs help the employer to:
- Recruit and retain the best talent and Enhance loyalty amongst employees
- Minimize losses incurred while his employees are on sick leave when treatment is provided to them promptly, thus controlling their absence from work. Plan and control the medical expenses
For the very first time in Pakistan, now business companies as small as with 5 (five) employees can also choose from our variety of comprehensive life and health insurance policies to provide financial benefit to employees and their families in case of demise, any disability, or illness.
Small and Medium-size companies are considered the instrument of economic development in both developed and developing countries. Statistics indicate that SMEs account for 60-90% of all initiatives. In Pakistan, Small and Medium companies employ 80% of the labor force in urban areas and add 30% to the country’s GDP. IGI Life targets to serve this under-served, yet fast-growing segment.
Now you can choose a suitable plan for all your employees and their families from various options being provided by IGI Life. Employee Care Plus plan offers the benefit/compensation in the event of:
- Death of employee (due to any cause)
- Accidental death – Additional (double) compensation
- Permanent Partial Disability (due to accident & sickness)
- Hospitalization (due to accident & sickness)
- Maternity / Childbirth
Plan | Platinum | Gold | Silver | Bronze |
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Group Life* (Death Due to any cause) | Rs. 1,000,000 | Rs. 750,000 | Rs. 500,000 | Rs. 300,000 |
Accidental Death Benefits* (Double Indemnity) | Rs. 1,000,000 | Rs. 750,000 | Rs. 500,000 | Rs. 300,000 |
Permanent Partial Disability* (Accident & Sickness) | Rs. 1,000,000 | Rs. 750,000 | Rs. 500,000 | Rs. 300,000 |
Temporary Total Disability* (Accident only) | Rs. 3,000 fortnightly and maximum up to 12months | |||
Comprehensive Major Medical(per insured per disability) | Rs. 100,000 | Rs. 75,000 | Rs. 50,000 | Rs. 40,000 |
Supplementary Major Medical(per insured per annum) | Rs. 400,000 | Rs. 300,000 | Rs. 250,000 | Rs. 200,000 |
Daily Room & Board Limit | Rs. 7,600 | Rs. 5,000 | Rs. 3,500 | Rs. 2,000 |
Maternity – Normal | Rs. 30,000 | Rs. 30,000 | Rs. 30,000 | Rs. 30,000 |
Maternity – C-Section | Rs. 60,000 | Rs. 60,000 | Rs. 60,000 | Rs. 60,000 |
Maternity – Abortion | Rs. 20,000 | Rs. 20,000 | Rs. 20,000 | Rs. 20,000 |
Optional Benefits
Accidental Medical Reimbursement*
Per employee per accident | Rs. 10,000 | Rs. 10,000 | Rs. 10,000 | Rs. 10,000 |
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Rs. 500 deductible per accident |
Lump-sum payment | Rs. 500,000 | Rs. 500,000 | Rs. 500,000 | Rs. 500,000 |
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Accidental Medical Reimbursement*
INSIDE THE NETWORK | OUTSIDE THE NETWORK |
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All covered expenses up to specified limits undertaken at IGI LIFE’s Network Hospitals will be settled directly between the hospital and the insurance provider. However, in case of limit exhaustion, the amount over the sanctioned limit has to be settled directly by the policyholder with the hospital. | For immediate settlement, all claims by the policyholder must be submitted to IGI LIFE within 60 days after being incurred. Any requirements needed by IGI LIFE must be submitted within 45 days from the date of the requirement request made by IGI LIFE. At the time of treatment, the policyholder should settle the expenditures themself, it is necessary to keep the original receipts and other required documents as proof of payment. When the medical procedure/treatment is complete, you should attach all receipts to the Claim Form and return it to the Plan Administrator. |
IN-PATIENTFor in-patient visits, follow this procedure.
| IN-PATIENTFor inpatient visits, follow this procedure.
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Savings plan for college Education
How does Plan work?
The plan is aimed to generate funds to arrange for the college fees when your child enters college. The yearly college fee should be assessed taking into account the current level of college fees and the predictable future inflation. The premiums will be payable from the date policyholder buys the policy until the child enters college. This period can fluctuate from 10 years to 25 years. At the end of this period, they begin and continue during the 4-year term in college.
The essentials of the basic premium will depend on the following specifics assuming 4 years in college.
What will happen, in the event of death or disability of the owner before completing the premium disbursing period?
The investment plan provides insurance protection at an evenhanded additional premium that pledges payment of all the future disability of the owner in case of an incident. This means that IGI Life would continue paying the premiums on behalf of the policyholder as originally planned even if the policyholder is disabled or not there. God forbid. This value is covered by the family protection benefit.
Under the accident care benefit (ACB) rider which is an additional benefit, accidental death, ill-health/disability, and dismemberment of the policyholder are covered. Both benefits are compulsory; however, IGI Life may restrict the issuance of these benefits depending on the insurability of the policyholder.
Does the policyholder have to submit any proof of good health, undergo a medical checkup to buy this plan?
Yes, proof of good health will be required by IGI Life. Policyholder, and/or their child may also have to undergo medical checkups depending on the coverage amount, age, and health condition of the proposed policyholder.
How will my account value build-up by the premiums the policyholder pays?
The premiums paid each year (less premium-related expenses) will be credited to the policyholder account and invested in secured instruments, for instance, government securities, bonds of reputable public sectors, and so on. Every month certain deductions will be made from account value for management charges, cost of insurance, if any, and premium for supplementary contracts, if any, and policyholder share of investment earnings will be credited.
The process will continue during the entire term of the policy.
What percentage of the premiums the policyholder pay is allocated to its account value?
The proportions of premiums allocated to account value is as follows
Policy year | % Allocation of Premium to Account Value |
---|---|
1 | 30 |
2 | 80 |
3 | 85 |
4-5 | 95 |
6 months | 100 |
What other charges are deducted from the policyholder account value?
The following charges are deducted
Administration Fee | PKR 75 per month |
Processing Fee | PKR 500 on each partial withdrawal and complete surrender |
Fund Management Charge | 150 bps from the annual yield |
Will the policyholder’s account continue to grow even if he stops paying the premiums?
Even if the policyholder stops paying premiums, the monthly deductions for expenditures and cost of insurance, in any case, will continue to be made from the account value. Policyholder’s account value will also continue to be collected with investment earnings. The prescribed policy will be terminated if the net cash surrender value becomes insufficient for the monthly deductions. As such, it is advisable to continue premium payments until the policy period.
Would the policyholder be able to make withdrawals from his account value or take a loan before his child enters college?
Yes, the policyholder may make withdrawals from its account value after the policy has been enforced for at least 5 years, subject to minimum and maximum withdrawal amounts as per IGI Life rules. The policyholder may also take up a loan of up to 90% of the net cash value of the policy surrendered value as provided in the policy provisions.
But one thing since the main purpose of buying the policy is to save for the child’s education; it is not sensible to employ the accrued funds, for any other purpose.
How will the account value grow while the policyholder is paying the premiums?
The growth of account value will depend on:
The amount and timing of the policyholder premium and payments and the investment yield will be credited to the policyholder account value every month.
An illustrious image would be provided to give the policyholder an idea of how each premium payment will increase the account value up to the end of the term. Usually, the amounts shown in the projections are not 100% completely true or real and can be guaranteed. Actual growth can be up or down the projected value of the funds.
What is the difference between the account value and the net cash surrender value?
Net cash surrender value equals the account value less a surrender charge and any amount due to the company. The surrender charge depends on the policy year. The policy acquires cash value after two policy years.
Partial Withdrawals
Partial withdrawals can be made from the account value after the policy has been enforced for at least 5 full years as per the mentioned policy terms and conditions. The amount withdrawn is considered a permanent withdrawal and the policyholder does not have to repay into the account. A partial withdrawal will, on the other hand, reduce the coverage amount on the child’s life due to the partial withdrawal.
What other benefits can the policyholder attach to the plan to enhance benefits payable on death or disability?
In addition to the aforementioned benefits, customers of savings plan for a college education can choose from the following range of supplementary benefits:
Income Benefit-Death (IBR-Death)
A monthly income benefit will be provided
What if the child dies during the premium paying period?
God forbid, in the event of a child’s death during the premium paying period, the accumulated account value or the coverage amount, whichever is higher will be paid to the recipient.
Illustration of Benefits
The following example portrays the expected cash value for a child of 5 years of age with a basic annual premium of PKR100,000 and with a coverage multiple of five. The projected cash values are as follows:
Years | Expected Rate of Return @6% | Expected Rate of Return @ 8% | Expected Rate of Return @10% | ||||||
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The Safe Road- Road Traffic Accident Protection Anywhere in the World
An accident can occur anywhere anytime, ensuring protection in the face of uncertainty is important to ensure the protection of the individual. Eligibility
Any employed individual between the age of eighteen (18) and sixty-four (64) and in good health is eligible to apply for the safe road policy by IGI Life.
Free-look Period
The insured is entitled to a full refund of the premium if this policy is canceled within fourteen ( 14) days from the policy effective date upon the insured’s written request to the company.
Exclusions of the policy
The policy does not cover any cost or any injury resulting from the following:
- Intentionally self-inflicted injury, suicide while being mentally sane or insane condition
- War, an act of foreign invasion, hostilities or war-like situation, mutiny, civil war, (whether the war is declared or not but if the conditions are warlike) rebellion revolution, an act of terrorism, murder, ambush, shelling, assaults and all acts which are similar in nature or any period the named insured is serving in the armed forces of any country whether in peace or war.
- Congenital anomalies and conditions that arise out of it therefrom
- Any claim that arises out of opportunistic infection, neoplasm, or any other sickness condition. If the insured has been diagnosed as having AIDS or ARC these conditions would also not be covered in the policy.
- Pre-existing conditions
- Bacterial infections or any kind of disease that occur except any of the cuts or wounds that happen due to an accident
- Any bodily injury resulting in a hernia
- Violation or attempted violation by law or resistance to arrest
- Participating in competitions, races, or contests, driving or riding as a passenger in any vehicle engaged in racing or thrill sports.
Policy scheduled benefits per unit of coverage
Payable subject to the provisions of the policy
Benefit A | Amount of cover in Pak Rupees |
Accidental loss of life When the death of the policyholder results from injury, the beneficiaries will receive an amount of | PKR200,000 |
Benefit B
Dismemberment, loss of sight, hearing, speech indemnity
The policyholder shall receive cash, payment under the table mentioned below when the injury results in any of the following losses
Loss f both hands or feet | PKR 400,000 |
Loss of both eyes | PKR400,0000 |
Loss of one hand or foot | PKR 400,000 |
Loss of one hand or sight of one eye | PKR 400,000 |
Loss of one foot or sight of one eye | PKR 400,000 |
Loss of hearing in both ears | PKR 400,000 |
Loss of either hand or foot | PKR 400,000 |
Loss of sight of one eye | PKR200.000 |
Loss of thumb and index fingers | PKR100,000 |
The maximum total benefit is (losses include permanent total and irrecoverable loss of use) | PKR 400,000 |
Benefit C
Medical expense reimbursement
The policy pays the medical expenses of treatment for the injury. This includes Hospital Room and Board Nursing & surgical charges, physicians’ offices/clinic visits, prescriptions, Medicines, physical therapy, and medical equipment.
The maximum amount is PKR 20,000 per accident
Benefit D
Additional medical expense reimbursement for plastic or cosmetic surgery
When injury necessitates plastic or cosmetic surgery IGI Life shall reimburse the actual expenses incurred for such surgery up to a maximum amount of PKR 20,000 per accident.
Benefits of the policy
IGI Life provides the following benefits to the policyholder when the policyholder files a claim and falls in the criteria for the payout
Loss of life accident indemnity
When the injury results in the loss of life of the insured within the policy period which starts after the policy are purchased and is effective.
This is subject to the policy terms and conditions and exclusions mentioned.
Dismemberment, loss of sight, hearing, speech indemnity
This benefit can be claimed during the policy period, the loss or dismemberment incase is more than one the benefit is multiplied with the number of units as selected by the policyholder or as applicable to the loss incurred.
Accidental medical expenses reimbursement
When the policy is active and the policyholder faces any kind of injury, the medical expenses incurred by the policyholder shall be reimbursed by IGI Life. The medical expenses are reasonable, customary, and necessary as a result of the accident.
Additional accidental medical expenses, reimbursement for cosmetic plastic surgery
When an injury requires plastic or cosmetic surgery, IGI Life would pay the policyholder the expenses incurred; the payout would be as per the stated schedule of payments mentioned in the procured plan.
Safe Road – Car
Road Traffic Accident Protection Anywhere in the World
A road traffic accident can occur anywhere anytime, ensuring protection in the face of uncertainty is important to ensure the protection of the individual.
Eligibility
Any employed individual between the age of eighteen (18) and sixty-four (64) and in good health is eligible to apply for the safe road policy by IGI Life.
Free-look Period
The insured is entitled to a full refund of the premium if this policy is canceled within fourteen ( 14) days from the policy effective date upon the insured’s written request to the company.
Exclusions of the policy
The policy does not cover any cost or any injury resulting from the following:
- Intentionally self-inflicted injury, suicide while being mentally sane or insane condition
- War, an act of foreign invasion, hostilities or war-like situation, mutiny, civil war, (whether the war is declared or not but if the conditions are warlike) rebellion revolution, an act of terrorism, murder, ambush, shelling, assaults and all acts which are similar in nature or any period the named insured is serving in the armed forces of any country whether in peace or war.
- Congenital anomalies and conditions that arise out of it therefrom
- Any claim that arises out of opportunistic infection, neoplasm, or any other sickness condition. If the insured has been diagnosed as having AIDS or ARC these conditions would also not be covered in the policy.
- Pre-existing conditions
- Bacterial infections or any kind of disease that occur except any of the cuts or wounds that happen due to an accident
- Any bodily injury resulting in a hernia
- Violation or attempted violation by law or resistance to arrest
- Participating in competitions, races, or contests, driving or riding as a passenger in any vehicle engaged in racing or thrill sports.
Policy scheduled benefits per unit of coverage
Payable subject to the provisions of the policy
Benefit A | Amount of cover in Pak Rupees |
Accidental loss of life When the death of the policyholder results from injury, the beneficiaries will receive an amount of | PKR200,000 |
Benefit B
Dismemberment, loss of sight, hearing, speech indemnity
The policyholder shall receive cash, payment under the table mentioned below when the injury results in any of the following losses
Loss f both hands or feet | PKR 400,000 |
Loss of both eyes | PKR400,0000 |
Loss of one hand or foot | PKR 400,000 |
Loss of one hand or sight of one eye | PKR 400,000 |
Loss of one foot or sight of one eye | PKR 400,000 |
Loss of hearing in both ears | PKR 400,000 |
Loss of either hand or foot | PKR 400,000 |
Loss of sight of one eye | PKR200.000 |
Loss of thumb and index fingers | PKR100,000 |
The maximum total benefit is
(losses include permanent total and irrecoverable loss of use) | PKR 400,000 |
Benefit C
Medical expense reimbursement
The policy pays the medical expenses of treatment for an injury. This includes Hospital Room and Board Nursing & surgical charges, physicians’ offices/clinic visits, prescriptions, Medicines, physical therapy, and medical equipment. The maximum amount is PKR 20,000 per accident
Benefit D
Additional medical expense reimbursement for plastic or cosmetic surgery
When injury necessitates plastic or cosmetic surgery IGI Life shall reimburse the actual expenses incurred for such surgery up to a maximum amount of PKR 20,000 per accident.
Benefits of the policy
IGI Life provides the following benefits to the policyholder when the policyholder files a claim and falls in the criteria for the payout
Loss of life accident indemnity
When the injury results in the loss of life of the insured within the policy period which starts after the policy are purchased and is effective. This is subject to the policy terms and conditions and exclusions mentioned.
Dismemberment, loss of sight, hearing, speech indemnity
This benefit can be claimed during the policy period, the loss or dismemberment incase is more than one the benefit is multiplied with the number of units as selected by the policyholder or as applicable to the loss incurred.
Accidental medical expenses reimbursement
When the policy is active and the policyholder faces any kind of injury, the medical expenses incurred by the policyholder shall be reimbursed by IGI Life. The medical expenses are reasonable, customary, and necessary as a result of the accident.
Additional accidental medical expenses, reimbursement for cosmetic plastic surgery
When an injury requires plastic or cosmetic surgery, IGI Life would pay the policyholder the expenses incurred; the payout would be as per the stated schedule of payments mentioned in the procured plan.
Vision for Retirement
How does the policy vision for retirement works?
Investment program
VFR is a unit-linked plan. The savings portion of each premium is invested in market-linked investments for attractive returns to accumulate the account value.
Life insurance
It offers life insurance protection equal to 5 times the premium up to the age of 85. In the event of policyholder death before the age of 85, the coverage amount or the account value whichever is higher is payable to the beneficiary. In the event of maturity of the policy and if the policyholder survives that is up to the age of 85, the accumulated account value shall be paid by IGI Life.
Can I choose the amount premium depending on my ability to pay?
Yes, you may choose the amount of premium, subject to IGI Life minimum and maximum premiums baselines. After selecting the desired premium scale IGI Life would quote the coverage amount.
Can I elect to mature the policy before the age of 85 years?
Yes, the policyholder may choose any earlier maturity age, the elected date should not be less than 10 years since the activation of policy.
Is it necessary for the policyholder to submit any evidence of good health or undergo a medical examination to buy VFR?
Yes, proof of good health will be required. The policyholder may also have to undergo a medical examination depending on the coverage amount.
The age and health condition of the policyholder matters.
What is Unit-linked Life insurance?
The unit-linked life insurance policy provides the policyholder with the opportunity to participate in stock-market linked investments while enjoying the benefits of life insurance. The investments are expressed in terms of the number of units and the unit price of the investment in a sub-account is made by buying its units at the offer price. The value of the investment sub-account is the number of units held in the sub-account times its bid-price. The offer price is higher than the bid price by a percentage referred to as the bid-offer spread.
What are the investment strategy choices?
The Vision for Retirement policy offers five different investment strategies for its customers. These strategies are designed in a manner to give the best possible return to you on your invested funds. The plan also allows you to create your investment protection concerning strategies most suited to your needs. The policy also allows the policyholder to switch investment strategies during the policy period. This way the policyholder can keep his/her investment safe and growing according to the changing market conditions. The investment strategies are mentioned below:
Secure Strategy
The secure strategy aims to preserve capital through investment in sovereign bonds only. This strategy is ideal for individuals who are investment risk-averse.
Conservative Strategy
The underlying assets include government and/or other secured investments. There will be no exposure to the stock market under this strategy for the policyholder.
Balanced Strategy
This strategy seeks steady growth of capital through a combination of investments in stocks and government securities and/or other secured investments.
Aggressive Strategy
The strategy seeks to provide long-term capital growth mainly through investments in equities.
Shariah Complaint Strategy
This strategy seeks to conform to Shariah by investing in Shariah-compliant instruments/assets, as determined by the Shariah Board appointed by the IGI Life or by an issuer, As the case may be and what the situation demands.
In this policy, one thing that needs to be noted is that the investment risk shall be borne by the policyholder, and actual maturity or surrender values may be lower or higher than the projected figures.
How will my account value build-up by the premiums the policyholder pays?
The percentages of premium the policyholder wish to allocate to the investment sub-account (net of premium related expenses) will be applied to buy units of those sub-accounts at the applicable offer price. The units purchased will be credited to the appropriate sub-accounts representing the investment subaccounts. Each time a policyholder pays a premium, more units are added to the policyholder sub-accounts. The number of units added will depend on the offer price of the unit on the day of purchase.
To pay for the monthly management charges, administration charges, cost of insurance, if any, and premium for supplementary contracts, if any, deductions will be made each month from the sub-accounts on a proportionate basis by canceling the equivalent number of units at the Bid price of the sub-accounts.
What will the impact on the policyholder account value if the policyholder stops paying the premium?
The policy would terminate if the aggregate value of the sub-account is insufficient to cover the monthly deductions applicable. Keeping that in view it is not advisable to stop premium payments into the accounts under the policy period.
What percentage of the premium I pay is allocated to my account value?
The proportion of the Premium allocated Account Value is as follows
Policy Year | %Allocated of Premium to Account Value |
1 | 30% |
2 | 80% |
3 | 90% |
4 onwards | 100% |
Is there any Incentive to continue premium payment?
For continuing your plan, without any breaks for a period of more than five years, you will be entitled to extra unit allocation. This will be in form of extra units allocated to your unit account each year. With these extra units, your investment funds will grow at a pace faster than what you are paying. The extra unit allocation, as a proportion of plan premium, is as follows:
Policy Year | %Allocated of Premium to Account Value |
6 onwards | 4% |
What other charges are deducted from my account value?
Management Charges | 0.125%of Account Value per month |
Bid/Offer Spread | 5% |
Administration Fee | PKR75 per month |
Transfer Fee | PKR500 for each transfer between investment in sub-accounts |
Processing Fee | PKR 500 for each partial withdrawal and complete surrender |
Would the policyholder be able to make withdrawals from his account value at any time?
Yes, you may make withdrawals from your account value after the policy has been enforced for at least 5 years, subject to minimum and maximum withdrawal amounts as per Company rules. The withdrawal can be from one or more than one investment sub-accounts as determined by you and you will be processed by canceling the appropriate number of units of the investment subaccounts. The withdrawal amount payable would be the number of units canceled times the applicable Bid Price.
The account value, as well as the Coverage Amount, will be reduced by the amount of withdrawal.
Since VFS is for the financial security of your family, it is not advisable to make withdrawals.
What is the difference between the account value and the net-cash surrender value?
Net cash surrender value equals the account value less a surrender charge and any amount due to the company. The surrender charge depends on the policy year. The aforementioned policy acquires cash value after two policy years.
Can the policyholder add additional riders to the Vision for Retirement policy to enhance payable benefits on death or disability?
In addition to the above-mentioned benefits, customers of VFR can choose from the following range of supplementary benefits to the plan:
Level Term Insurance Benefit (LTR):
Level term insurance benefit enhances the benefit which is payable on the death of the policyholder. The rider benefit amount is payable in addition to any other death benefit payable under the basic purchased plan.
Accidental Death Benefit:
This benefit pays an additional benefit in case of death due to an accident.
Income Benefit –Death (IBR-Death):
A monthly income benefit will be provided to the designated beneficiary following the death of the policyholder up to the end of the elected term.
Income Benefit – Disability (IBR – Disability)
A monthly income benefit will be provided following the permanent and total disability of the insured up to the end of the selected term.
Accident Care benefit (ACB):
This additional rider pays an additional benefit in case of accidental death, disability, or dismemberment.
Accidental Medical Reimbursement (AMR):
The added rider provides protection for reasonable customary and necessary medical expenses in or out of the hospital that is made necessary by accident. AMR can be selected if an accident care benefit has been opted for.
Elaj Asaan Benefit (EA):
The Elaaj Asaan benefit amount will be paid if the policyholder is diagnosed for the first time for one of the covered diseases provided the policyholder is alive after the expiry of 14 days from the date of surgery or the date of diagnoses of the disease. If the policyholder has been diagnosed or has undergone surgery for a disease covered by Elaaj Asaan benefit, he/she would qualify to receive the benefit amount and remain policyholder under Elaaj Asaan for a reduced number of diseases following the first and subsequent diagnosis.
Family protection Benefit – Disability (FPR-Disability):
Family protection rider waives the future premiums in case of permanent and total disability of the policyholder up to the end of the additional benefit term.
Permanent and Total Disability (PTD):
In the event, if the policyholder suffers a permanent and total disability. The PTD benefit amount is paid is in three installments of 20%, 30%, and 50% over 24 months during the continuance of disability. In case the policyholder dies before receiving all the installments, the remaining installments are payable in a single lump-sum payment.
Inflation Protection:
Under this option, the premium will escalate every year by a percentage of the previous year’s premium.
The policyholder may cancel the increase in premium by giving notice in writing on any policy anniversary and paying the premium without the increase. If the policyholder once cancels the increase, the facility will no longer be available to be availed.
Investment Top-ups:
This is a regular premium plan but also gives the flexibility to top-up the savings by depositing surplus funds as lump-sum to top up the premium in the plan. These payments can be made at any time during the policy period.
Can I have estimates of the account values at different durations up to the maturity date?
A projected idea will be provided assuming three different unit Bid Price growth rates to give you an idea of your account value at durations up to maturity.
The following example portrays the expected cash value for a person of 35 years of age with the basic annual premium of PKR 100,000 and with a coverage multiple of five. The projected cash values are as follows:
Years | Expected Rate of Return @6% | Expected Rate of Return @ 8% | Expected Rate of Return @10% | ||||||
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5 |
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10 |
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15 |
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20 |
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The amount projected is not promised and IGI Life does not 100% guarantee the realization of these figures. The actual growth can be plus-minus the projected value.
What options will I have at maturity with respect to the accumulated account value?
When the plan is procured the policyholder will have the options mentioned below:
- Take the plan to full maturity value at your chosen maturity date in cash
- Apply it fully to buy a lifetime pension commencing at your selected maturity date
- Take it partly in cash and use the balance to buy the pension
- The pension is payable by IGI Life for a minimum guaranteed 20 years and thereafter for your lifetime.
What would happen to the remaining pension payments in case of death after receiving the payments in case of receiving the pension for say, only 3 years?
The pension is guaranteed to be payable by IGI Life for a minimum period of 20 years. In case of death after 3 years, the pension will continue to be paid to your beneficiary for the remaining 17 years. Suppose the Policyholder receives a pension for the guaranteed period of 20 years and continues to survive, will the pension continue for the policyholder?
Rest assured! The policyholder will continue to receive pension beyond the period of 20 years as long as the policyholder lives. Pension payments shall not stop till the policyholder is alive. The minimum guaranteed payment period is 20 years for the policyholder.
Circle 1
What would happen to you and your family if tomorrow your income is lost because of an unexpected accident?
Add the 3-way protection in your life today
ACCIDENTAL LOSS OF LIFE
This is one of the leading causes of death, especially for people under the age of 45. Beyond its tragedy, there are countless financial problems for your family that must be cared for.
Why rely only on your savings or what your family can contribute? Circles 1’s high limit cash will help guarantee your family’s future survival and financial wellbeing.
DISMEMBERMENT, LOSS OF SIGHT, HEARING, SPEECH, INDEMNITY
Pays cash directly to you to help overcome the effects of disability due to an accident for the loss of:
% of the Principal Sum | |
The sight of both eyes | 100% |
Hearing of both ears | 100% |
Speech | 100% |
One limb and sight of one eye | 100% |
One limb | 100% |
The sight of one eye | 50% |
Thumb and index fingers | 50% |
PERMANENT TOTAL DISABILITY
Today, disabilities are much more common than deaths. Serious accidental injury, which results in total disability, can cause Economic Death. Protect your earning power today made through the guaranteed high cash payments made directly to you.
Lump-Sum Payments equals 25% of the principal sum will be paid after twelve consecutive months of permanent total disability, and the balance will be able in equal monthly installments for three years.
Permanent Total Disabilities means inability to engage in any occupation which means you are reasonably qualified by education, training, or experience.
Circle 1 is also available to unemployed spouses and children between the ages of 1 -19 years or 23 years of full-time students.
Circle 2
Your ability to earn an income is your single greatest asset.
WEEKLY ACCIDENT DISABILITY INCOME
Accidents happen, and this often means that we temporarily cannot work. This loss of income can be a disaster for family life. You want to be certain that a temporary disability won’t mean the loss of the comfortable life you have worked for.
The Accident Disability Income benefit helps to replace your lost income by giving you a weekly income payable from day one of any incurred disability and this income can continue for up to two full years.
Circle 2’s Accidental Disability Income Benefit will pay you the weekly amount chosen, which can be up to 75% of your earnings not to exceed a maximum of 5000. It is only available with the Circle 1 benefit and the weekly amount cannot exceed 5 per 1000 of the Circle 1` Principal Sum. Circle 2 is only available to employed individuals engaged in a full-time occupation classified as A or B.
The Accidental Medical Expense Reimbursement Benefit provides total blanket protection for reasonable, customary, and necessary accident medical expenses in or out of hospitals.
This includes the following:
- Physician Office Visits
- Prescription Medicines
- Prosthetic Devices
- Ambulance Charges
- Physical Therapy
- Medical Equipment
- Hospital Room and Board
- Nursing and Surgical Charges
Circle 3 benefits are only available with the circle 1 benefit and can be up to 20% of the Principal Sum. MORE OPTIONAL BENEFITS WITH CIRCLE 1
Permanent Total Disability by Paralysis from Sickness
If an illness results in complete and permanent paralysis of any two limbs, you will receive one full cash payment after 12 consecutive months of such disability.
2.Permanent Total Loss of Sight from Sickness
If an illness results in total, permanent and incurable blindness of both eyes, you will receive one full cash payment after 12 consecutive months of such disability.
Make your coverage more comprehensive by adding:
CIRCLE 4: ACCIDENTAL & SICKNESS HOSPITAL HEALTHCARE PLAN
CIRCLE 5: THE LIFETIME INCOME PLAN
SAVINGS PLAN
For Daughter’s Marriage
How does the plan work?
The plan is designed to generate funds to meet your daughter’s marriage expenses on payment of a regular premium.
We will need the following information to quote the premium:
Years to Marriage
Target Marriage Funds
Your Present Age
You may have to make an estimate of the current level of marriage expenses and apply inflation factors to estimate the expenses at the time your daughter is expected to get married.
The premium will be payable from the date you buy the policy until the time you need the funds for the marriage. This period can vary from 10 years to 25 years. At the end of this period, the accumulated account value will be paid to you.
What happens, in case of death or disability of the owner before completing the premium paying period?
The plan provides insurance protection at a reasonable additional premium that guarantees payment of all the future premiums from the date of the death or disability of the owner. This means IGI Life will continue paying premiums as originally planned even if the owner is disabled or not there, God forbid. This benefit is covered by the Family Protection Benefit rider (FPR). Also, under Accident Care Benefit rider(ACB), accidental death, disability, and dismemberment of the owner are covered. Both riders are compulsory, however. The company may restrict the issuance of these benefits depending on the insurability of the owner.
Do I have to submit any evidence of good health, undergo a medical examination to buy this plan?
Yes, evidence of good health will be required. You and/or your child may also have to undergo medical examination depending on the coverage amount, age, and health condition of the proposed insureds.
How will my account value build-up by the premiums I pay?
The premiums paid each year(less premium related expenses) will be credited to your individual account and invested in secured instruments, like government securities, bonds of reputable public sector corporations, and so on. Every month deductions will be made from your account value for management charges, cost of insurance, if any, and premium for supplementary contracts, if any, and your share of investment earning will be credited.
This process will continue during the term of the policy.
What percentage of the premiums I pay is allocated to my account value?
The proportion of Premiums allocated to Account values is as follows:
Policy Year | %Allocation of Premium to Account Value |
1 | 30 |
2 | 80 |
3 | 85 |
4-5 | 95 |
6 onwards | 100 |
What other charges are deducted from my account value?
The following charges are deducted:
Administration Fee | PKR 75 per month |
Processing Fee | PKR500 on each partial withdrawal and complete surrender |
Funds Management Charge | 150 bps from the annual yield |
How will the account value grow while I am paying the premiums?
The growth of account value will depend on:
The amount and timing of your premium and payments and the investment yield that will be credited to your account value every month.
An illustrious image would be provided to give you an idea of how each premium payment will increase the account value up to the end of the term. Usually, the amounts shown in the projections are not 100% completely true or real and can be guaranteed. Actual growth can be up or down the projected value.
What is the difference between the account value and net cash surrender value?
Net cash surrender value equals the account value less a surrender charge and any amount due to the company. The surrender charge depends on the policy year. The policy acquires cash value after two policy years.
Partial Withdrawals
Partial withdrawals can be made from the account value after the policy has been in force for at least 5 full years as per the policy terms and conditions. The amount withdrawn is considered a permanent withdrawal and does not have to be repaid. A partial withdrawal will, however, reduce the coverage amount on a child’s life by the amount of partial withdrawal.
What other riders can I attach to the plan to enhance benefits payable on death or disability?
In addition to the above-mentioned benefits, customers of savings plan for a college education can choose from the following range of supplementary benefits:
Income Benefit-Death (IBR-Death)
A monthly income benefit will be provided
What if the child dies during the premium paying period?
God forbid, in case of a child’s death during premium paying term, the accumulated account value or the coverage amount, whichever is higher will be paid to the beneficiary.
Illustration of Benefits
The following example portrays the expected cash value for a child of 5 years of age with a basic annual premium of PKR100,000 and with a coverage multiple of five. The projected cash values are as follows:
Years | Expected Rate of Return @6% | Expected Rate of Return @ 8% | Expected Rate of Return @10% | ||||||
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20 |
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VISION
For Financial Security
How does Vision for Financial Security(VFS) Work?
Investment Program
VFS is a unit-linked plan. The savings portion of each premium is invested in market-linked investments for attractive returns to accumulate the account value
Life Insurance
It offers life insurance protection up to the age of 85. You decide the Coverage Amount. We quote the Basic Premium. In the event of the policy holder’s death before the age of 85, the Coverage Amount or the account value, whichever is higher is payable to the beneficiary. In the event of policyholder survival to the maturity age i.e. to the age of 85, the accumulated account value is payable.
Can I choose the amount of Premium depending on my ability to pay?
Yes, you may choose the amount of Premium, subject to the Company’s minimum and maximum premium requirements. We will then quote the Coverage Amount.
Can I also elect to mature the policy before the age of 85?
Yes, of course, you may choose any earlier maturity age, but not before 10 years from the policy date.
Is it necessary for me to submit any evidence of good health or undergo a medical examination to buy VFS?
Yes, evidence of good health will be required. You may also undergo medical examination depending on the Coverage Amount, your age, and your health conditions.
What is Unit-linked Life Insurance?
The unit-linked life insurance policy provides you the opportunity to participate in stock market-linked investments while enjoying the benefits of the insurance. The investments are expressed in terms of the number of units and unit price of investment of sub-accounts under the range of investment strategies for you to choose from. Investment in the sub-account is made by buying its units at the Offer Price. The value of the investment in a sub-account is the number of units held in that sub-account times its Bid Price. The Offer Price is higher than the Bid Price by a percentage referred to as the Bid-Offer spread.
What are the investment strategy choices I have?
VFS offers five different investment strategies for its customers. These strategies are designed in a manner so as to give the best possible return to you on your invested funds. The plan also allows you to create your own investment strategy by choosing the investment strategies most suited to your needs. VFS also allows you to switch investment strategies during the policy tenure. This way you can keep your investments safe and growing according to the changing marketing conditions.
The investment strategies are given below:
Secure Strategy
The secure strategy aims to preserve capital through investment in sovereign bonds only. This strategy is ideal for individuals who are investment risk-averse.
Conservative Strategy
The underlying assets include government and/or other secured investments. There will be no exposure to the stock market under this strategy.
Balanced Strategy
This strategy seeks steady growth of the capital through a combination of investment in the stocks and government securities and/or other secured investments.
Aggressive Strategies
This strategy seeks to provide long-term capital growth mainly through investments in equities.
Shariah Compliant Strategy his strategy conforms to Shariah by investing in Shariah Compliant instrument/assets as determined by the Shariah Board appointed by IGI Life or by an issuer, as the case may be.
Please note that investment risk shall be borne by the policy owner and actual maturity or surrender values may be lower or higher than the projected figures.
How will my account value build-up by the premiums I pay?
The percentages of the premium you wish to allocate to the investment sub-account (net of the premium-related expenses) will be applied to buy units of those sub-accounts at the applicable Offer Price. The units purchased will be credited to the appropriate sub-accounts. Each time you pay the premium, more units are added to your sub-accounts. The number of units added will depend on the Offer Price of the unit on the day of purchase.
To pay for the monthly management charges, administration charges, cost of insurance, if any, and premium for supplementary contracts, if any, deductions will be made each month from the sub-accounts on a proportionate basis by canceling the equivalent number of the units at the Bid price of the sub-accounts.
What will be the impact on my account values if I stop paying premiums?
The monthly deductions for expenses and cost of insurance where applicable will continue to be made from the sub-accounts, whether or not you pay the premium. If you stop paying the premiums, the number of units in each sub-accounts will continue to deplete.
What percentage of the premium I pay is allocated to my account value?
The proportion of the Premium allocated Account Value is as follows
Policy Year | %Allocated of Premium to Account Value |
1 | 30% |
2 | 80% |
3 | 90% |
4 onwards | 100% |
Is there any Incentive to continue premium payment?
For continuing your plan, without any breaks for a period of more than five years, you will be entitled to extra unit allocation. This will be in form of extra units allocated to your unit account each year. With these extra units, your investment funds will grow at a pace faster than what you are paying. The extra unit allocation, as a proportion of plan premium, is as follows:
Policy Year | %Allocated of Premium to Account Value |
6 onwards | 4% |
What other charges are deducted from my account value?
Management Charges | 0.125%of Account Value per month |
Bid/Offer Spread | 5% |
Administration Fee | PKR75 per month |
Transfer Fee | PKR500 for each transfer between investment in sub-accounts |
Processing Fee | PKR 500 for each partial withdrawal and complete surrender |
Would I be able to make withdrawals from my account value at any time?
Yes, you may make withdrawals from your account value after the policy has been enforced for at least 5 years, subject to minimum and maximum withdrawal amounts as per Company rules. The withdrawal can be from one or more than one investment sub-accounts as determined by you and you will be processed by canceling the appropriate number of units of the investment subaccounts. The withdrawal amount payable would be the number of units canceled times the applicable Bid Price.
The account value, as well as the Coverage Amount, will be reduced by the amount of withdrawal.
Since VFS is for the financial security of your family, it is not advisable to make withdrawals.
What is the difference between the account value and net-cash surrender value?
Net cash surre/der value equals the account value less a surrender charge and any amount due to the company. The surrender charge depends on the policy year. The aforementioned policy acquires cash value after two policy years.
Can I add additional riders to the Vision for Retirement policy to enhance payable benefits on death or disability?
In addition to the above-mentioned benefits, customers of VFR can choose from the following range of supplementary benefits to the plan:
Level Term Insurance Benefit (LTR):
Level term insurance benefit enhances the benefit which is payable on the death of the policyholder. The rider benefit amount is payable in addition to any other death benefit payable under the basic purchased plan.
Accidental Death Benefit:
This benefit pays an additional benefit in case of death due to an accident.
Income Benefit –Death (IBR-Death):
A monthly income benefit will be provided to the designated beneficiary following the death of the policyholder up to the end of the elected term.
Income Benefit – Disability (IBR – Disability)
A monthly income benefit will be provided following the permanent and total disability of the insured up to the end of the selected term.
lump-sum Care benefit (ACB):
This additional rider pays an additional benefit in case of accidental death, disability, or dismemberment.
Accidental Medical Reimbursement (AMR):
The added rider provides protection for reasonable customary and necessary medical expenses in or out of the hospital that are made necessary by accident. AMR can be selected if an accident care benefit has been opted for.
Elaj Asaan Benefit (EA):
The Elaaj Asaan benefit amount will be paid if the policyholder is diagnosed for the first time for one of the covered diseases provided the policyholder is alive after the expiry of 14 days from the date of surgery or from the date of diagnoses of the disease. If the policyholder has been diagnosed or has undergone surgery for a disease covered by Elaaj Asaan benefit, he/she would qualify to receive the benefit amount and still remain policyholder under Elaaj Asaan for a reduced number of diseases in accordance with the first and subsequent diagnosis.
Family protection Benefit – Disability (FPR-Disability):
Family protection rider waives the future premiums in case of permanent and total disability of the policyholder up to the end of the additional benefit term.
Permanent and Total Disability (PTD):
In the event, if the policyholder suffers a permanent and total disability. The PTD benefit amount is paid is in three installments of 20%, 30%, and 50% over the period of 24 months during the continuance of disability. In case the policyholder dies before receiving all the installments, the remaining installments are payable in a single lump-sum payment.
Inflation Protection:
Under this option, the premium will escalate every year by a percentage of the previous year’s premium.
The policyholder may cancel the increase in premium by giving notice in writing on any policy anniversary and paying the premium without the increase. If the policyholder once cancels the increase, the facility will no longer be available to be availed.
Investment Top-ups:
This is a regular premium plan but also gives the flexibility to top-up the savings by depositing surplus funds as lump-sum to top up the premium in the plan. These payments can be made at any time during the policy period.
Can I have estimates of the account values at different durations up to the maturity date?
A projected idea will be provided assuming three different unit Bid Price growth rates to give you an idea of your account value at durations up to maturity.
The following example portrays the expected cash value for a person of 35 years of age with the basic annual premium of PKR 100,000 and with a coverage multiple of five. The projected cash values are as follows:
Years | Expected Rate of Return @6% | Expected Rate of Return @ 8% | Expected Rate of Return @10% | ||||||
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5 |
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The amount projected is not promised and IGI Life does not 100% guarantee the realization of these figures. The actual growth can be plus-minus the projected value.
What options will I have at maturity with respect to the accumulated account value?
When the plan is procured the policyholder will have the options mentioned below:
- Take the plan to full maturity value at your chosen maturity date in cash
- Apply it fully to buy a lifetime pension commencing at your selected maturity date
- Take it partly in cash and use the balance to buy a pension
- The pension is payable by IGI Life for a minimum guaranteed period of 20 years and thereafter for your lifetime
What would happen to the remaining pension payments in case of death after receiving the payments in case of receiving the pension for say, only 3 years?
The pension is guaranteed to be payable by IGI Life for a minimum period of 20 years. In case of death after 3 years, the pension will continue to be paid to your beneficiary for the remaining 17 years.
Suppose the Policyholder receives a pension for the guaranteed period of 20 years and continues to survive, will the pension continue for the policyholder?
Rest assured! The policyholder will continue to receive pension beyond the period of 20 years as long as the policyholder lives. Pension payments shall not stop till the policyholder is alive. The minimum guaranteed payment period is 20 years for the policyholder.
SUPER SAVER
A Single Premium Plan with build-in accidental insurance benefits to meet the expenses of
- Holidays
- Traveling
- Retirement
- Children’s education
- Children’s marriage
What is a super saver?
Supersaver is a plan where a policy owner pays the premium only at the beginning of the policy term.
Supersaver is a good choice when a lump sum cash---from the savings account, retirement benefits, sale of the property, an inheritance, a gift, etc is available.
It is also very useful for agriculturalists, who have substantial seasonal income.
Depending on the term of the policy and investment return, the Single Premium payment can grow several folds till maturity.
Super Saver is most beneficial if you do not make any partial withdrawals until maturity.
How does Super Saver work?
Accumulation of Funds
Supersaver is a unit-linked plan. It is designed to accumulate funds(referred to here as account value), at the end of your elected term, for various purposes, such as:
.holidays .traveling .retirement .children’s education .children’s marriage
Account Value Acceleration Premium
Although super saver is a single unit-linked plan, in order to facilitate the clients, lump-sum payments called ‘Account Value Acceleration Premium’ can be made anytime while the policy is in force. AVAP payments will increase the Account Value of the policy but will affect the Basic Account Value. The amount of AVAP is subject to the minimum and maximum limits as determined by the Company from time to time.
Insurance Protection
In case of death, the higher of accumulated Account Value or the Basic Face Amount (less partial withdrawals, if any) plus the Account Value of AVAP payments(if any) is payable.
You may either choose:
.The amount of single premium you wish to pay now, or .the account value you wish to accumulate at the end of the elected term
The minimum and the maximum single premium/AVAP and the term shall be determined by the company.
What is Unit Linked Plan?
A unit-linked plan provides you the opportunity to participate in various investments while enjoying the benefits if the insurance. The investments are expressed in terms of the number of units in the sub-accounts under a range of investment strategies for you to choose from. Investment in the sub-account is made by buying its units at the offer price. The value of the investment in a sub-account is the number of units held in that sub-account times the Bid Price. The offer price is higher than the Bid Price by a percentage referred to as the Bid-Offer spread.
What are investment strategy choices do I have?
You have the following investment strategy choices that would match your needs and financial objectives:
Conservative Strategy:This strategy might be the most appropriate one for those policy owners who wish to invest more cautiously. Accordingly, the investments are made in government and other secured investments. There is no exposure to the stock market.
Balanced Strategy:
This strategy seeks steady growth in capital through a combination of investments in stocks and government securities.
Aggressive Strategy:
This strategy seeks to provide you with long-term capital growth mainly through investment in stocks.
Islamic Shariah Compliant Strategy:
The investment sub-account offered under this strategy conforms to the Shariah as determined by the Shariah Board appointed by the company or by the third party fund manager or by an issuer, as may be applicable.
Under each strategy, you have an investment sub-account as listed in the application. The percentage of the premium you wish to allocate to buy units in an investment sub-account should also be indicated. Each of these percentages should be a multiple of 10% (or zero in case
you do not wish to invest in it). The sum of these percentages must be equal to 100%)
You can therefore direct the investments by creating your own investment strategy portfolio from a range of options to suit your needs and preferences. You will have the option to switch between the investment sub-accounts anytime subject to certain conditions. For each transfer between the sub-accounts, a fee of Rs transfer between the sub-accounts, a fee of Rs300 will be charged.
How will my account value build-up by the single premium I pay?
The percentages of the single premium you wish to allocate to investment sub-accounts( net of premium related expenses, if any) will be applied to buy units of those investment sub-accounts at the applicable offer price. The units purchased will be credited to the appropriate sub-account representing the investment sub-account.
The management charges and the cost of insurance, if any shall be deducted monthly from the investment sub-accounts on a pro-rata basis by canceling the equivalent number of units at the bid price of the investment sub-account. This process will continue up to the end of the elected term.
Your account value at any point in time will be the aggregate of the investment sub-account value. The value of an investment sub-account is the number of units held at that time multiplied by the bid price of that sub-account.
Will I be entitled to any bonuses?
Yes, generous loyalty bonuses will be allocated at the end of each 5 years provided, no partial withdrawals have been made during these 5year periods. The bonus amount will be applied to buy units in the selected investment sub-accounts at the offer price and added to the value of the policyholder account.
The current rates of bonus are as follows
Policy Anniversary | Percentage of Single Premium |
5th | 2% |
10th | 3% |
15th | 4% |
Thereafter every 5th anniversary | 5% |
The bonus allocation is the percentage of the original single premium, without taking into account any AVAP payments.
What percentage of the single premium/AVAP I pay is allocated to my account value?
There are no premium loads and 100% of the single premium/AVAP pay shall be allocated to your account value for the purchased unit at the offer price.
What expenses are changed to my account value?
Management charges | 1/12th of 1.5% account value per month |
Bid-Offer Spread | 5% |
Administration charge | Nil |
Processing fee | Rs300 on partial withdrawal and surrender |
Transfer fee | Rs300 on each transfer between sub-account |
The .same charges are applicable on AVAP payments
In the case of AVAP payments, the year will be considered from the commencement date of the respective AVAP payment.
Would I be able to make withdrawals from my account before the maturity of the plan?
Yes, you may make withdrawals from my account value after the policy has become effective, subject to minimum and maximum withdrawal amount as per Company rules. The withdrawal can be from one or more investment sub-accounts as determined by you and will be processed by canceling the appropriate number of units of the investment subaccounts. the withdrawal amount payable would be the number of units canceled times the applicable bid price. A processing fee of Rs 300 will be charged on partial withdrawal.
Since the main purpose of the account value is to save for your children’s education, it is not advisable to make any withdrawals. Furthermore, you lose your entitlement to the bonus(es), if you make partial withdrawals during any of the preceding 5years.
When would my policy acquire cash surrender value?
Your policy will enquire about the cash surrender value as soon as the policy becomes effective. A processing fee of Rs 300/- will be charged on surrender.
What if I die before reaching the end of the policy term?
God forbid, if you die before the maturity of the policy, the accumulated account value or the basic face amount( less partial withdrawals if any), whichever is higher plus the account value of AVAP payments will be paid to your beneficiary(ies). Furthermore, if the death is due to accidental cause, an additional amount equal to 5 times the single premium will be payable.
Can I have estimates of the account values at different durations before the maturity of the policy?
An illustration will be provided assuming 3 different unit bid price growth rates to give you an idea of your account value on different policy anniversaries.
Please note that all the amounts projected are projections and are not guaranteed.
What options will the policyholder have for the accumulated account value at the end of the policy term?
. Take the full account value in a lump sum
.Apply it fully to buy a lifetime pension commencing in the completion of your policy term, or
. Take it partly in cash and apply the balance to buy the pension
The pension is payable for minimum guaranteed 20 years and thereafter for your life-time
What would happen to the balance of the account value, if I die after receiving a pension for say, only 3 years?
The pension is guaranteed to be payable for a minimum period of 20 years. If you die after 3 years, the pension will continue to your beneficiary(ies) for the remaining 17 years.
Suppose, I receive a pension for the guaranteed period of 20 years and continue survival, will the pension continue?
Of course, you will continue to receive a pension beyond 20 years for as long as you live. Pension will not stop during your lifetime. Please note that the pension is payable for your lifetime, with minimum payments guaranteed for 20 years.Does this plan offer a free-look period?
Yes, the plan offers a free look period of 14 days from the date of issue of the policy, during which the policy owner can request cancellation of the policy ( by returning it to the Company) and get the refund of premiums paid less any expenses incurred by the company in connection with the medical examination(if any) of any persons(s) insured under the policy.
How to fill - up the claim form?
- Part A: This is an explanation of the claims submission procedure.
- Part B: To be completed by the claimant.
- Part C: this should be completed by the Plan Administrator. The Plan Administrator should sign the document and affix the Company’s stamp.
- Part D: To be completed by the treating Doctor/Physician.