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Islamic Insurance Plans

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Presentation on theme: "Islamic Insurance Plans"— Presentation transcript:

1 Islamic Insurance Plans

2 EFU Life now introduces two new products for your better future under the EFU Aitemad Growth Fund
New Unit Linked Fund All investments are based on Islamic principles Islamic unit linked funds, equities, term deposits, Sukuk Bonds All underlying investments have been approved by their respective Shariah Boards

3 ASASA PLAN Unit Allocation Minimum Contribution Term Age at Entry
Min: 10 years Max: 40 years (Maximum 70 years at Maturity) Rs. 16,000 per annum. Age at Entry Administration Charge Min: 18 year Max: 60 years Rs. 500 per annum. Unit Allocation Investment Management Charge Policy year Extra Unit Allocation 1 35% to 45% 2 70% 3 90% 4 & onwards 100% 0.125% of the fund value per month. Bid/Offer Spread 5% of the contribution.

4 Fund Acceleration Premium
Indexation 7% every year – simple basis Premium increases as a percentage of initial year’s premium Maturity Benefit At maturity, fund value is payable Fund Acceleration Premium Bonus Minimum FAP allowed in a year Rs. 20,000 After the review of the mortality experience of the plan, a surplus will be determined & distributed to the clients as “Bonus Units” Maximum FAP allowed in a year 5 x Basic Plan Premium

5 Accidental Death & Disability
Additional Benefit Riders Additional Term Assurance This rider increases the level of life cover. Family Income Benefit A fixed amount is monthly payable to help maintain your family’s standard of living. Accidental Death & Disability Critical Illness Benefits In the unfortunate event of death disability as a result of an accident, you can be covered for an additional amount. Lump sum payment on diagnosis of any of the defined critical illnesses Waiver of Premium The contribution of the plan will be taken care of by EFU Life in case you are unable to follow an occupation (and your savings program continues).

6 NOOR PLAN Term Age at Entry Administrative charges Unit Allocation
Minimum Premium Min: 10 years Max: 25 years (Maximum 70 years at Maturity) Rs. 20,000 annual basic plan premium Age at Entry Administrative charges Rs. 500 per annum. Min: 18 year Max: 60 years Unit Allocation Fund Management Charges Policy year Extra Unit Allocation 1 35% to 45% 2 70% 3 90% 4 & onwards 100% 1.5% per annum of fund value Bid/Offer Spread 5% of the contribution.

7 Continuation Benefit Inflation Protection Fund Acceleration Premium
7% every year – simple basis Premium increases as a percentage of initial year’s premium Continuation Benefit Fund Acceleration Premium Incase of death, the Company will continue to make premiums payment into the fund Minimum FAP allowed in a year Rs. 20,000 Maximum FAP allowed in a year 5 x Basic Plan Premium Bonus After the review of the mortality experience of the plan, a surplus will be determined & distributed to the clients as “Bonus Units”

8 Additional Benefit Riders
Waiver Premium The contribution of the plan will be taken care of by EFU Life in case you are unable to follow an occupation (and your savings program continues). Income Benefit A fixed amount is monthly payable to help maintain your family’s standard of living.


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