Search for:
Search for:

The plan is intended for farsighted individuals who want to secure the future of themselves and their loved ones while at the same time reaping benefits on their hard-earned income. It is suitable for salaried as well as business-oriented individuals between the ages of 18–65 at the time of purchase, while the plan can continue up to a maximum of 85 years of age of the insured.

Account Value Acceleration Premiums (AVAP)

The plan is a regular premium plan, but a customer may top-up regular premiums by depositing surplus funds as lump sum contributions in the plan. These contributions, called “Account Value Acceleration Premium” (AVAP) payments, can be made at any time. AVAP payments will increase the Account Value but will not affect the basic sum at risk.

Premium Indexation

Indexation is an optional feature offered in this plan. Under this feature, your premium and face amount will increase by a fixed amount every year, leading to better cash value accumulation and, consequently, a higher maturity benefit. Even once opted in, you still have the right to decline the option and continue paying level premiums, subject to certain terms and conditions.

You are eligible for the Smart Future Plan if you are between 18–65 years of age. The term of the plan can range from 10 years up to age 85 at maturity.

Life Insurance Benefit

In the unfortunate event of death, the higher of the Account Value or Basic Face Amount (less any partial withdrawals)
PLUS
the Account Value of AVAP (i.e., the additional premiums under Account Value Acceleration Premiums) will be payable.

Maturity Benefit

Upon maturity, you will be able to withdraw your Account Value
PLUS
the Account Value of AVAP, if any.

If the customer opts for the Vitality Program at policy inception, the following will apply. The customer can cancel Vitality membership at any time. However, once the membership is cancelled, the customer must purchase a Vitality-integrated Smart Future policy again to regain the benefits.


Vitality Benefits – Weekly Active Rewards

Upon completion (achievement) of the weekly Active Reward goal, the customer can choose one of the following rewards:

  • An Easy Tickets Cinema voucher: 50% discount on a cinema ticket booking

  • An Easy Tickets Mobile Top-Up: PKR 500 voucher for any GSM network in Pakistan

  • A Foodpanda voucher: PKR 500 discount on orders at selected restaurants or grocery stores


Vitality Integrated Benefit

At every fifth policy anniversary, an additional amount (percentage of premium) will be added to the Account Value as a Vitality Integrated Benefit, subject to achieving Silver, Gold, or Platinum status. The benefit depends on your Vitality Status and Face Amount Multiple:

Face Amount Multiple Bronze Silver Gold Platinum
5 to 10 0.0% 0.0% 0.0% 0.0%
11 to 20 0.0% 2.50% 5.00% 9.00%
21 and higher 0.0% 5.00% 10.00% 18.00%

The above statuses are achieved based on completion of Vitality goals, assessments, and questionnaires, as outlined in the terms and conditions.


Vitality Integrated Benefit on Death

If the insured dies, the Integrated Benefit accrued till the date of death (and not already credited) will be added to the Account Value for Death Benefit calculation.


Vitality Integrated Benefit on Disability

In case of permanent total disability, the accrued Integrated Benefit will be credited to the Account Value.


Vitality Integrated Benefit on Surrender

  • In case of full surrender, the accrued (but uncredited) Integrated Benefit will not be paid.

  • In case of partial surrender, the Integrated Benefit will not be paid for the 5-year period during which the withdrawal occurred.

  • No Integrated Benefit will be paid for any 5-year period in which premium payment was skipped.

  • If the policyholder owns multiple Vitality-integrated policies, each policy will be eligible to receive the Integrated Benefit, provided the set criteria are met.

  • If a member opts out of Vitality Active, the integration benefits and Vitality fee deductions will cease. However, the base unit-linked plan will continue. Rejoining requires purchase of a new policy.

  • Accidental Death Benefit (ADB): Pays an additional benefit in case of death due to an accident.

Apart from the above-mentioned benefits, the plan allows you to choose from the following supplementary benefits:

  • Family Protection Benefit – Disability (FPR-Disability): Waives future premiums in case of permanent total disability due to accident or sickness.

  • HealthSure: Covers hospitalization expenses in case of illness or accident.

  • Level Term Insurance Benefit (LTR): Enhances the benefit payable on death. LTR Face Amount is in addition to other death benefits.

  • Income Benefit – Death (IBR-Death): Monthly income provided to the nominated beneficiary after death.

  • Income Benefit – Disability (IBR-Disability): Monthly income benefit in case of permanent total disability.

  • Elaj Aasan (EA): Pays a fixed Face Amount if the insured is diagnosed with any of the covered diseases, subject to a 14-day survival period post-diagnosis or surgery.

  • Permanent and Total Disability (PTD): PTD Face Amount paid in three installments: 20%, 30%, and 50% over 24 months. If the insured dies before full payout, the remainder is paid in a lump sum.

  • Accidental Care Benefit (ACB): Pays in case of death, disability, or dismemberment due to accident.

  • Accident Medical Expense Reimbursement (AMR): Covers reasonable and necessary medical expenses, in or out of hospital, caused by accident.

An additional premium applies to each optional and compulsory supplementary benefit.

The bank does not charge any fees or commissions related to this product. However, IGI Life applies the following charges:

Charge Type Amount
Fund Management Charges 0.125% per month (all years)
Surrender Charges 100% (1st & 2nd year), Nil from 3rd
Admin Charge PKR 135 per month
Bid-Offer Spread 5%
Investment Strategy Switching Fee PKR 500 per switch
Processing Fee PKR 500 per partial withdrawal/surrender

Note: Charges are subject to change without prior notice.

Vitality Fee

A fee of PKR 320 per month is deducted from the Account Value at the start of each month. This fee may vary at the company’s discretion.

If a customer has multiple Vitality-integrated policies, the Vitality Fee will be deducted from only one policy.

For details, refer to the Terms & Conditions section.

Our claim settlement procedure is prompt and hassle-free. It is advisable to consult our Customer Services team at [email protected] for detailed assistance while filing your policy claim.

A claim can be lodged directly, without delay, by visiting the IGI Life Website – Online Claim Intimation, and filling in the required fields, which will be transmitted to the Claims Department immediately:
http://igilife.com.pk/claim-intimation

OR

Send an intimation letter from the Policy Owner / Claimant (as applicable), under his/her signature, providing the particulars of loss (death, disability, or sickness), including the cause, date, place, and name of the covered person. Always remember to mention the current address and contact number of the claimant while submitting the intimation. Thereafter, you will be contacted for the next steps.

Minimum acceptable Basic Premiums for different premium payment modes are as follows:

Payment Mode Minimum Premium (PKR)
Annual 50,000
Semi-Annual 25,000
Quarterly 12,500

For Account Value Acceleration Premium (AVAP) payments, the minimum amount is PKR 50,000, with no upper limit.

There is no maximum limit on premiums, allowing you to plan your financial objectives with complete freedom.

IGI Life Smart Future Plan offers one of the most competitive premium allocations, thereby optimizing your investment returns.

Policy Year % Allocation of Premium to Account Value
1 57.5%
2 85.0%
3 90.0%
4 100.0%
5 – 10 102.0%
11 – 15 104.0%
16 & onwards 105.0%
AVAP 100.0%

The longer the plan is continued, the higher the rewards.
The extra unit allocation is as follows:

Policy Year Extra Unit Allocation (% of Basic Premium)
5 to 10 2.0%
11 to 15 4.0%
16 & onwards 5.0%

This is the guaranteed amount payable on the death of the insured. The Basic Face Amount is a multiple of the Basic Premium, based on the insured’s age:

Age Minimum Maximum
Up to 50 5 40
51 to 55 5 20
56 to 60 5 15
61 & onwards 5 5

The customer has the right to fully surrender his/her policy by redeeming all the units in the Account Value. In case of complete surrender during the first two policy years, a surrender charge (as per the table below) will be deducted.

Policy Year % of Account Value Deducted
1 to 2 100%
3 onwards Nil

Units will be redeemed at the bid price, and the policy will be terminated.

You have the option to choose from the following Investment Strategies to match your risk profile and financial objectives:


IGI Secure Fund

  • Fund Classification: Money Market Fund

  • Category of Unit Linked Funds (Risk Profile): Low

The Secure Strategy aims to preserve capital through investment in sovereign bonds only. This strategy is ideal for individuals who are risk-averse investors seeking capital preservation over higher returns.


IGI Conservative Fund

  • Fund Classification: Income Fund

  • Category of Unit Linked Funds (Risk Profile): Moderate

The underlying assets include government securities and/or other secured investments.
There will be no exposure to the stock market under this strategy.


IGI Balanced Fund

  • Fund Classification: Balanced Fund

  • Category of Unit Linked Funds (Risk Profile): Medium

This strategy aims to provide steady capital growth through a balanced allocation between stocks, government securities, and/or other secured investments.


IGI Aggressive Fund

  • Fund Classification: Aggressive Fund

  • Category of Unit Linked Funds (Risk Profile): High

This strategy seeks to deliver long-term capital growth, primarily through investment in equities. It is suitable for individuals with a higher risk tolerance and a focus on maximum return potential.


IGI Islamic Fund

  • Fund Classification: Income Fund (Shari’ah-Compliant)

  • Category of Unit Linked Funds (Risk Profile): Moderate

This strategy conforms to Shari’ah principles by investing in Shari’ah-compliant instruments and assets only. It is tailored for investors seeking ethical investment aligned with Islamic finance guidelines.

Q. How do I pay the premium?

Premium is paid through direct debit from your Allied Bank Limited account.

Q. Who is the underwriter of Smart Future Plan?

The Smart Future Plan is underwritten and issued by IGI Life Insurance Limited.

Q. Is there any medical examination?

Yes, medical or laboratory tests may be required if your aggregate life cover (including all policies issued by IGI Life) exceeds the non-medical limit, or if your application discloses an adverse medical history.

Q. What if I am unable to make the premium payment within the due date?

  • In the first two policy years, if the premium is not paid within 31 days of the due date, IGI Life will return your cash surrender value, terminating the policy and benefits.

  • The policy may be reinstated upon payment of the due amount, subject to terms and conditions set by IGI Life.

  • In later years, the policy will not terminate unless the account value or cash surrender value is insufficient to cover monthly deductions.

In case of any complaint or queries, please contact:

IGI Life Insurance Limited
Suite No. 701–713, 7th Floor, The Forum, G-20, Block-9, Khayaban-e-Jami, Clifton, Karachi – 75600.
Tel: (+9221) 111-111-711
Fax: (+9221) 3529-0042
Website: www.igilife.com.pk
Email: [email protected]

  • ABL is acting solely as a Corporate Insurance Agent (Distributor) of the Smart Future Plan on behalf of IGI Life and shall not be held responsible in any manner whatsoever to any person, including but not limited to the insured customer(s), beneficiary, or any third party.

  • ABL is the third-party distributor for the “Smart Future Plan.” The product is not guaranteed or insured by Allied Bank Limited or its affiliates, and it is not a product of Allied Bank Limited.

  • Past performance of funds is not necessarily indicative of future performance. Any forecast made is not necessarily reflective of future or likely performance. IGI Life refers to IGI Life Insurance Limited. Your relationship is with IGI Life. IGI Life makes investments based on the strategies you choose, and your Policy Account Values will reflect the performance of those strategies.

  • Investment Account earnings may fluctuate (up or down), and neither principal nor investment returns are guaranteed. Therefore, the investment risk shall be borne entirely by the policyholder. To continue serving its Policy Owners effectively—or in the event of any legislative changesIGI Life may add, combine, or remove sub-accounts and/or funds supporting the investment strategies, without prior notice. However, IGI Life’s obligations toward its individual Policy Owners under the Smart Future Plan will remain unchanged despite such adjustments.

  • The offered Investment Strategies and Investment Sub-accounts are subject to the company’s ability to invest in mutual funds or other investment instruments. The composition of these strategies may change, and the updated fund mix will be available on the company’s website.

  • Please note that your investment always remains within your IGI Life Policy and its associated Investment Strategies. IGI Life is the investor and owner of units in any fund it uses to achieve investment goals on your behalf. Neither IGI Life nor any of its affiliates, agents, or representatives provides investment advice regarding any of the Investment Strategies or underlying funds used to achieve your selected goals. Furthermore, neither IGI Life nor its affiliates, agents, or representatives offers professional advice on the religious compatibility of the underlying funds with any religious precepts or guidelines.

This site is registered on wpml.org as a development site.