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Adamjee Life Parvaaz Savings Plan is a flexible Unit Linked Plan which will cater to the financial worries of your
family in the future events, both good and bad. It is a life insurance plan which offers life insurance as well as other
avenues for savings and growth of your funds.
Protection Benefit: In case of demise of the insured during the plan term, the sum assured or the Account Value
whichever is higher, any indebted- ness will be payable.
Maturity Benefit: At the time of maturity of the policy term, the insured will get the amount equal to his/her
account value, less any indebtedness.
Basic Premiums are allocated as per the schedule shown below.
| Policy Year | % of Basic Premium Allocated to Unit Account | Surrender Charges as % of Unit Account Value |
|---|---|---|
| Year 1 | 55% | 100% |
| Year 2 | 70% | 50% |
| Year 3 and on wards | 100% | Nil |
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.
The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 70 years of age.
In case of an unfortunate event, you may file your claim intimation through any HMB Branch walk in visiting the
Adamjee Head Office or by visiting any of the Adamjee branches in the country. For a swift speed process you may
also call us at our call center +92-111-11-LIFE (5433) or simply visit our website, fill in the intimation from and
email it to use at claims@adamjeelife.com thereafter, you will be contacted for next step.
This product is underwritten by Adamjee Life Assurance Co. Ltd. It is not guaranteed or insured by “Bank” or its
affiliates and is not a product of the Bank.
Adamjee Life Parvaaz Savings and Health plan provides you an opportunity to plan for the future, which is a unique combination of health coverage with Savings & life coverage. This unique proposition not only minimizes your financial burden by covering the medical expense through its cash back benefit but also ensures your family is well protected.
Protection Benefit: In case of demise of the insured (God forbid) during the plan term, the sum assured or the Account Value whichever is higher less any indebtedness will be payable Maturity Benefit: At the time of maturity of the policy term the insured will get the amount equal to his/her account value less
any indebtedness.
Basic Premiums are allocated as per the schedule shown below
| Policy Year | % of Basic Premium Allocated to Unit Account | Surrender Charges as % of Unit Account Value |
|---|---|---|
| Year 1 | 55% | 100% |
| Year 2 | 70% | 50% |
| Year 3 and on wards | 100% | Nil |
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.
The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 70 years of age.
In case of an unfortunate event, you may file your claim intimation through any HMB Branch walk in visiting the Adamjee Head Office or by visiting any of the Adamjee branches in the country. For a swift speed process you may also call us at our call center +92-111-11-LIFE (5433) or simply visit our website, fill in the intimation from and email it to use at claims@adamjeelife.com thereafter, you will be contacted for next step.
This product is underwritten by Adamjee Life Assurance Company Limited. It is not guaranteed or insured by HabibMetro Bank or its affiliates and is not a product of the Bank.
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.
The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 60 years of age.
| Minimum Entry Age | Maximum Entry Age | Minimum Policy Term |
|---|---|---|
| 18 Years | 60 Years | 10 years |
| Minimum Premium Paying Term |
Max Policy Term | Max Premium Paying Term |
| 10 years | 25 years or up to the exact age of 70, whichever comes first | Equal to cover termBasic Plan Premium |
The mode wise minimum premium is as given in the table below:
Payment Mode Min Basic Premium
| Premium Mode | Min Basic Premium |
|---|---|
| Annual | Rs. 25000/. |
| Semi-Annual | Rs. 15000/. (Rs.30,000/. Annually) |
| Quarterly | Rs. 8000/. (Rs.32,000/. Annually) |
| Monthly | Rs. 3000/. (Rs.36,000/. Annually) |
There is no maximum limit for the premium.
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.
Basic Premiums are allocated as per the schedule shown below.
| Policy Year | % of Basic Premium Allocated |
Allocation Charge |
|---|---|---|
| Year 1 | 60% | 40% |
| Year 2 | 70% | 30% |
| Year 3-5 | 100% | Nil |
| Year 6 to 10 | 105% | Nil |
| Year 11 and on wards | 107% | Nil |
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.
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:
| Charges | Amount/Rate |
|---|---|
| Policy Fee Management | Nil |
| Charge | An annual charge of 1.75% of the Cash Value deducted a monthly basis |
| Bid/Offer Spread | 5% |
| Surrender Charge | Rs. 500 |
| Fund Switching | The first two switches in a Policy Year are free. A charge of Rs. 300 will be made for any further switches in that Policy Year. |
| Mortality Charge: | Applied on Sum at Risk on attained age basis |
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.
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.
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.
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.
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.
On death of the insured person’s spouse during the in-force term of the rider, the rider sum assured is payable.
On occurrence of listed disease during the in-force term of the rider, the rider sum assured is payable to the insured person.
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 through its Window Takaful operations offers unit linked Parvaaz Takaful Savings and Health plan that provides you an opportunity to plan for the future, which is a unique composition of health coverage with Savings in addition to takaful coverage in the event of death.
The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 70 years of age.
| Mini Entry Age | Max Entry Age | Mini membership Term |
|---|---|---|
| 18 Years | 70 Years | 10 years |
| Mini Contribution Paying Term | Max membership Term | Max Contribution Paying Term |
| 10 Years | 25 years or up to the exact age of 80, whichever comes first | Equal to Certificate Term |
The mode wise minimum contribution is as given in the table below:
Payment Mode Min Basic Contribution
| Contribution Mode | Min Basic Contribution |
|---|---|
| Annual | Rs. 20000/. |
| Semi-Annual | Semi-Annual Rs. 15000/. (Rs.30,000/. Annually) |
| Quarterly | Rs. 10,000/. (Rs.40,000/. Annually) |
| Monthly | Monthly Rs. 5000/. (Rs.6,0000/. Annually) |
There is no maximum limit for the contribution.
By depositing a minimum payment of Rs. 10,000/- (over and above your regular contribution) you can enhance the growth of your PIA through top -up. Top-up payment which has no upper limit will be allocated at 103% in the PIA and can be made and withdrawn anytime during the certificate term to boost your accumulated cash value.
Basic Contributions are allocated as per the schedule shown below.
| Membership Year | % of Basic Contribution Allocated |
Allocation Charge |
|---|---|---|
| Year 1 | 60% | 40% |
| Year 2 | 70% | 30% |
| Year 3-Onwards | 100% | Nil |
Note: For a better understanding in making your selection according to your needs, you may visit at your nearest Habib Metropolitan Bank Limited branch.
The funds available are:
Low risk fund with aim to offer regular and steady returns from investment in wide variety of shariah compliant debt securities including bank deposits , government securities etc. without any exposure to corporate bonds and equities.
Our moderate to high risk funds include:
Medium risk fund with aim to provide growth in investment value by investing in shariah compliant debt-instruments, equities and real estate.
High risk fund with aim to earn higher returns in medium to long term by investing in diversified mix of shariah compliant equities, debt instruments and real estate.
PKR 2 Million Coverage on Accidental Death during Hajj.*Coverage will be terminate when person covered reached Age 65.
On death benefits payable equal to the greater of:
• Sum assured
• The cash value of units.
Application charges are as follows:
| Charges | Amount/Rate |
|---|---|
| Certificate Fee | Nil |
| Funds Management Charges | Funds Management Charges An annual Fee of 1.75% of the Cash Value from the PIA deducted on a monthly basis |
| Wakalat-ul-Istismaar Fee: | Year 1 : 45%, Year 2: 30%, Year 3 Onward: 0% |
| Bid/Offer Spread | 5% |
| Surrender Charge | Rs. 500 |
| Fund Switching | The first two switches in a certificate year are free. A charge of Rs. 300 will be made for any further switches in that membership Year. |
| Mudharib’s Share: | 30% p.a. on investment return of the WAQF |
Membership holder has the option to surrender his membership before the completion of membership term, customer will receive current cash value of underlying units in the membership (after deduction of all applicable charges) which may be less than the total contribution paid.
On admission in hospital due to injury or sickness for consecutive period of at least24 hours, Adamjee Life will pay the daily cash benefit (for each 24-hour period) of the hospital confinement, up to a maximum of 120 days during a membership year. The cash benefit payable will be increased to twice the daily cash benefit amount for each 24-hour period of the hospital confinement in an Intensive Care Unit (ICU). In case of admission in ICU, the maximum days will be reduced to 60 days.
Minimum to maximum entry ages are 18 to 59 years. Maximum age to which the cover is provided is 60 years of age exact.
Following three plans are available to choose from for daily cash benefit:
| Benefits Plan | Annual Contribution (Rs.) | Daily Cash Allowance for Hospitalization (Rs. per day) |
Allowance in case of Admission to ICU (Rs. per day) |
|---|---|---|---|
| A | 1,500 | 2,000 | 4,000 |
| B | 3,500 | 5,000 | 10,000 |
| C | 6,500 | 1,0000 | 20,000 |
In the unfortunate event of the death of the covered person’s spouse during the enforce term of this Supplementary Benefit, the Supplementary Benefits’ sum covered is payable.
The feature guarantees as lump sum amount payable to the chosen beneficiary in case of death of the person covered.
A lump sum benefit is paid to you in case you are diagnosed with one of the listed 20 diseases during the enforce term of this Supplementary Benefit. The lump sum benefit is additional to your main certificate benefit.
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death & disability
On total permanent disability of the person covered, AL – WTO will pay the initial (un-escalated) basic contribution for the remaining term of the supplemen- tary benefit or earlier recovery or death.
On the death of the person covered, AL – WTO Waqf will pay the initial (un-escalated) basic contribution for the remaining term of the Supplementary Benefit. The Beneficiary will receive the maturity benefit at the end of the certificate term.
On the death or permanent and total disability of the person covered due to accident or sickness during the in-force term of this supplementary benefit, AL – WTO shall pay a monthly income benefit for the remaining term of this Supplementary Benefit or earlier recovery or death.
This product is underwritten by Adamjee Life Assurance Co. Ltd.-WTO It is not guaranteed or insured by “Bank” or its affiliates and it is not a product of the Bank.
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.
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.
Year-wise allocation percentages of the participant’s contribution are shown in the table below:
| Year | Allocation (%) |
|---|---|
| Year 1 | 55% |
| Year 2 | 70% |
| Year 3 to 5 | 100% |
| Year 6 to 10 | 103% |
| Year 11 to onwards | 105% |
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.
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.
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.
Coverage Benefit: In case the covered person dies during the certificate term, the sum covered or accumulated account value whichever is higher less any paral 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.
At the time of maturity of the certificate term, the person covered will get the amount equal to his/her account value.
Year-wise allocation percentages of the participant’s contribution are shown in the table below:
| Year | Allocation (%) |
|---|---|
| Year 1 | 55% |
| Year 2 | 70% |
| Year 3 to onwards | 100% |
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.
The plan is available to all Habib Metropolitan Bank Limited customers between 18 to 70 years of age.
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.
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
