Products

Unit link Parvaaz Savings & Health Plan, provides you a unique combination of health coverage with Savings, in addition to life cover benefits. Also with injury and sickness comes not only with physical pain but also with considerable financial burden. Medicines can cure diseases, doctors can give advice, but Adamjee Life’s Parvaaz Savings and Health Plan through its Hospital Cashback Benefit ensures to help put a sizeable dent in those medical expenses occurred in case of injury or sickness.

Policy Terms & Eligibility

The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 59 years of age.

Basic Plan Premium

The mode wise minimum premium is as given in the table below: Payment Mode Min Basic Premium

There is no maximum limit for the contribution.

Adhoc

With a minimum payment of Rs. 10,000, Adamjee Life Parvaaz Savings and Health Plan enables customers to boost their investments. These payments are 103% allocated to account value resulting in the required fund growth. You can also choose to adjust regular premiums from top-up cash value subject to sufficient units being available in the top-up account value. Please note that there is no fixed frequency of Adhoc – premium payment and it has no link with the sum assured.

Unit Allocation

Basic Premiums are allocated as per the schedule shown below.

Note: For a better understanding in making your selection according to your savings and insurance needs, you may contact representatives at your nearest Habib Metropolitan Bank Limited branch.

Funds

Adamjee Life uses forward unit pricing methodology.

Our low risk funds include:

Investment Secure Fund (Income Fund)

Low risk fund with aim to offer regular and steady returns from investment in wide variety of fixed income securities including bank deposits, government Securities etc. without any exposure to corporate bonds and equities.

Our moderate to high risk funds include:

Investment Multiplier (Aggressive Fund)

High risk fund with aim to earn higher returns in medium to long term by investing in diversified mix of equities, fixed income instruments and rea estate.

Managed Growth Fund (Balanced Fund)

Medium risk fund with aim to provide growth in investment value by investing in fixed income instruments, equities and real estate.

Amaanat Fund (Balanced Fund)

Medium Risk fund with aim to provide growth in investment value by investing in shariah compliant debt instruments , equities and real estate

Death Benefits

On death benefits payable equal to the greater of:

• Sum assured or The cash value of units.

Product Charges

Application charges are as follows:

Surrender

Policyholder has the option to surrender the policy after paying two annualized premiums after completion of two policy years (24 months) and before the completion of policy term, customer also have the facility of partial withdrawals that may be exercised by leaving a minimum balance (residual value) in the cash value.

Compulsory Rider

Hospital Cashback Benefit

On admission in a registered hospital in Pakistan due to accident or sickness, daily cash benefit will be paid for each 24-hour period of hospital confinement, up toa maximum of 120 days during a membership year. In case of admission in Intensive Care Unit (ICU), the daily cash benefit payable will be doubled. Each day in ICU will be counted as two hospitalization days. Per confinement benefit is limited to maximum consecutive 30 days of hospitalization.

Optional Rider

Level Term Insurance Rider

On the death of the insured person during the in-force term of the rider, the rider sum assured is payable in addition to the basic sum assured.

Monthly Income Benefit Rider

On the death or permanent and total disability of the insured person during the in-force term of the rider, a fixed monthly amount is payable for the remaining term of the rider.

Waiver of Premium Rider- Disability (WOP-Disability)

On permanent and total disability of the insured person, Adamjee Life will pay the initial (un-escalated) basic premium for the remaining term of the rider.

Accidental Death & Disability Rider

On accidental death or permanent and total disability due to accident of the insured person during the in-force term of the rider, the rider sum assured is payable. In case of permanent total/partial disability, the sum assured is payable according to the Schedule stated in the Provisions.

Spouse’s Protection Rider

On death of the insured person’s spouse during the in-force term of the rider, the rider sum assured is payable.

Critical Illness

On occurrence of listed disease during the in-force term of the rider, the rider sum assured is payable to the insured person.

Disclaimer

This product is underwritten by Adamjee Life Assurance Co. Ltd. It is not guaranteed or insured by “Bank” or its affiliates and it is not a product of the Bank.

Adamjee Life Parvaaz Education and Marriage Plan

Product Details

Type of Plan

Unit link Parvaaz Education and Marriage Plan, Adamjee Life with an aim to add value to society came up with a unique insurance product that in addition to the life cover benefit also offers facilities that can be availed by an individual for their children’s education and marriage.

Policy Terms & Eligibility

The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 60 years of age.

The mode wise minimum premium is as given in the table below:

Payment Mode Min Basic Premium

There is no maximum limit for the premium.

Adhoc

Adamjee Life Parvaaz Education & Marriage Plan enables customers to boost their investments. These payments are 103% allocated to account value resulting in the required fund growth. You can also choose to adjust regular premiums from top-up cash value subject to sufficient units being available in the top-up account value. Please note that there is no fixed frequency of ad hoc –premium payment and it has no link with the sum assured.

Unit Allocation

Basic Premiums are allocated as per the schedule shown below.

Note: For a better understanding in making your selection according to your savings and insurance needs, you may contact representatives at your nearest Habib Metropolitan Bank Limited branch.

Funds

Adamjee Life uses forward unit pricing methodology.

Our low risk funds include:

Investment Secure Fund (Income Fund):

Low risk fund with aim to offer regular and steady returns from investment in wide variety of fixed income securities including bank deposits, government Securities etc. without any exposure to corporate bonds and equities.

Our moderate to high risk funds include:

Investment Multiplier (Aggressive Fund)

High risk fund with aim to earn higher returns in medium to long term by investing in diversified mix of equities, fixed income instruments and rea estate.

Managed Growth Fund (Balanced Fund)

Medium risk fund with aim to provide growth in investment value by investing in fixed income instruments, equities and real estate.

Amaanat Fund (Balanced Fund)

Medium Risk fund with aim to provide growth in investment value by investing in shariah compliant debt instruments, equities and real estate.

Death Benefits

On death benefits payable equal to the greater of:
Sum assured or The cash value of units.

Product Charges

Application charges are as follows:

Surrender

Policyholder has the option to surrender the policy after paying two annualized premiums after completion of two policy years (24 months) and before the completion of policy term, customer also have the facility of partial withdrawals that may be exercised by leaving a minimum balance (residual value) in the cash value.

Compulsory Benefit

Waiver of Premium – Death Benefit

It offers an inbuilt Waiver of Premium – Death Benefit, according to which on the demise of the insured person, Adamjee Life will pay the lower of initial (un-escalated) basic premium or the last basic premium paid by the policyholder for the remaining premium paying term of the policy. This plan can be opted by parents to achieve expected amount at maturity which can be used to pay for higher education or marriage of their children.

Optional Rider

Optional Rider Level Term Insurance Rider

On the death of the insured person during the in-force term of the rider, the rider sum assured is payable in addition to the basic sum assured.

Monthly Income Benefit Rider

On the death or permanent and total disability of the insured person during the in-force term of the rider, a fixed monthly amount is payable for the remaining term of the rider.

Waiver of Premium Rider- Disability (WOP-Disability)
On permanent and total disability of the insured person, Adamjee Life will pay the initial (un-escalated) basic premium for the remaining term of the rider.
Accidental Death & Disability Rider

On accidental death or permanent and total disability due to accident of the insured person during the in-force term of the rider, the rider sum assured is payable. In case of permanent total/partial disability, the sum assured is payable according to the Schedule stated in the Provisions.

Spouse’s Protection Rider

On death of the insured person’s spouse during the in-force term of the rider, the rider sum assured is payable.

Critical Illness

On occurrence of listed disease during the in-force term of the rider, the rider sum assured is payable to the insured person.

Disclaimer

This product is underwritten by Adamjee Life Assurance Co. Ltd. It is not guaranteed or insured by “Bank” or its affiliates and it is not a product of the Bank.

Brochure

Adamjee Life WTO

Parvaaz Takaful Education and Marriage Plan

Adamjee Life – Window Takaful Operations, with an aim to add value to society, came up with a unique Family Takaful product that in addition to the takaful coverage from Waqf, offers opportunities for saving and investment in a Shariah Compliant way, so that the financial needs in future like education and marriage can be seamlessly fulfilled.

Benefits:

Coverage Benefit: In case of demise of the covered person (God forbid) during the certificate term, 5 times the basic annual contribution less any indebtedness will be paid as a lump sum. Moreover, Adamjee Life (WTO) will pay the lower of initial (un-escalated) basic contribution or the last basic contribution paid by the certificate holder for the remaining contribution paying term of the certification in certificate unit account, as and when due. Certificate Maturity Benefit: At the time of maturity of the certificate, term the person covered will get the amount equal to his/her account value.

Contribution Allocation:

Year-wise allocation percentages of the participant’s contribution are shown in the table below:

Note: For a better understanding in making your selection according to your savings and needs, you may contact representatives at your nearest Habib Metropolitan Bank Limited branch.

Eligibility

The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 60 years of age.

Claim:

In case of an unfortunate event, you may file your claim intimation through any HMB Branch walk in (in case of Bancassurance Policies), visiting the Adamjee Head Office or by visiting any of the Admjee branches in the country. For a swift speedy process, you may also call us at our call center +92-111-11-LIFE (5433) or simply visit our website, fill in the intimation form and email it to at claims@adamjeelife.com thereafter; you will be contacted for next steps.

Disclaimer:

This product is underwritten by Adamjee Life Assurance Company Limited – Window Takaful Operatons (WTO). It is not guaranteed or issued by “Bank” or its affiliates and is not a product of the Bank.

Brochure

Adamjee Life WTO

Parvaaz Takaful Savings Plan

Adamjee Life’s – (Window Takaful Operations) Adamjee Life WTO Parvaaz Takaful Savings Plan is a flexible unit link Investment Family Takaful Plan which provides both protection and savings. It ensures that your savings are invested in fully Shariah Compliant investment funds according to your risk appetite.

Benefits:

Coverage Benefit: In case the covered person dies during the certificate term, the sum covered or accumulated account value whichever is higher less any par􀆟al withdrawals, will be paid to the beneficiary (ies). Choice of Family Takaful Coverage: You have the option to choose from the different levels of family takaful
coverage ranging from 5 to 30 protection multiple for the same amount of Contribution.

Certificate Maturity Benefit:

At the time of maturity of the certificate term, the person covered will get the amount equal to his/her account value.

Contribution Allocation:

Year-wise allocation percentages of the participant’s contribution are shown in the table below:

Note: For a better understanding in making your selection according to your savings and needs, you may contact representatives at your nearest Habib Metropolitan Bank Limited branch.

Eligibility

The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 70 years of age.

Claim:

In case of an unfortunate event, you may file your claim intimation through any HMB Branch walk in (in case of Bancassurance Policies), visiting the Adamjee Head Office or by visiting any of the Admjee branches in the country. For a swift speedy process, you may also call us at our call center (+92-111-11-LIFE(5433) or simply visit our website, fill in the intimation form and email it to claims@adamjeelife.com Thereafter, you will be contacted for next steps.

Disclaimer:

This product is underwritten by Adamjee Life Assurance Company Limited – Window Takaful Operations (WTO). It is not guaranteed or issued by “Bank” or its affiliates and is not a product of the Bank

Brochure