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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 incomes. It is suitable for salaried as well as business-oriented individuals falling between the age of 18-65 at the time of purchase while the plan can go up to a maximum of 85 years of age of the insured.

Account Value Acceleration Premiums: The Plan is a regular premium plan but a customer may top-up the regular premiums by depositing surplus funds as lump sum contributions in the Plan. These lump-sum contributions, called “Account Value Acceleration Premium” (AVAP) payments can be made at any time. The AVAP payments will increase the Account Value of the Plan, 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 a better cash value accumulation and consequently a higher maturity benefit. Even once opted, you still have a right to decline the option and continue paying level premium subject to certain terms and conditions.

You are eligible for Smart Future Plan if you are 18-65 years of age. The term of the plan can be of any period from 10 years up to the age 85 years at maturity.

Life Insurance Benefit: In the unfortunate event of death, the higher of Account Value and Basic Face Amount (less any partial withdrawals)


Account Value of AVAP (the additional premiums are termed as AVAP which stands for Account Value Acceleration Premiums) payments, if any, is 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 be applicable. The customer can cancel the Vitality membership at any point in time. However, once the Vitality membership is canceled, the customer will have to purchase a Vitality integrated Smart Future policy again.

Vitality Benefits – Weekly Active Rewards:

On completion (achievement) of the weekly Active Reward goal, the customer will have the option to select

an Easy Tickets Cinema voucher as their reward. The voucher will be for a 50% discount on a cinema ticket booking with Easy Tickets.


an Easy Tickets Mobile Top Up as their reward. The reward consists of a PKR 500 mobile voucher that can be credited to any GSM network-based mobile number within Pakistan.


a Foodpanda voucher as their reward. The voucher will be for an Rs.500 discount off a Foodpanda order at selected restaurants or grocery stores.

 Vitality Integrated Benefit:

At every fifth policy anniversary, an additional amount (% of premium) will be paid into the account value as Vitality Integrated Benefit, subject to achievement of Silver, Gold, or Platinum status. The percentage of the integrated benefit is dependent on the Vitality Status and the Face Amount multiple at the end of each year in the preceding 5-year period. The table below shows the percentages of the Vitality Integrated benefit:

Integrated Benefit
Face Amount Multiple Status
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 Bronze, Silver, Gold and Platinum Statuses refer to the status achieved by a member as a result of achievement of various goals and assessments/questionnaires, as set out under the terms and conditions.

Vitality Integrated Benefit on Death:

In case of death of the insured life, the Integrated Benefits accrued till the date of death, and not already credited to the Account Value, will be credited to the Account Value for the computation of the Death Benefit.

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 Integrated Benefit accrued till the date of surrender, and not already credited to the Account Value, will not be payable.

In case of partial surrender, the Integrated Benefit will not be paid for that 5-year period in which the partial withdrawal was made.

Miscellaneous Salient Features:

The Integrated Benefit will not be paid for the 5-year period in which premium payment was skipped. The policyholder needs to pay the due premium in a year in that policy year or in advance to avail the Integrated Benefit.

If the policyholder has more than one policy of the Vitality Integrated insurance product, each policy will be eligible to receive the Integrated Benefit at the end of each 5-year period given the set criteria as stated in the terms & conditions of the integrated benefit are met.

If a member previously enrolled in the Vitality Active program decides to opt-out, the integration benefits and the deduction of the Vitality fee will cease. However, the base unit-linked plan will continue as is. Furthermore, the member will only be able to join again by buying a new policy.

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

Additional Benefits that can be availed: Apart from the above-mentioned conventional benefits, the plan allows you to choose from a range of supplementary benefits. The list of these benefits and their respective description is mentioned below:

  • Family Protection Benefit – Disability (FPR-Disability): Family Protection Rider waives the future premiums in case of permanent total disability due to accident or sickness of the insured up to the end of rider term.
  • HealthSure: Provides financial protection in case of illness or accident that leads to hospitalization to cover in-patient hospital expense.
  • Level Term Insurance Benefit (LTR): Level Term Insurance Rider enhances the benefit payable on the insured’s death. The LTR face amount is payable in addition to any other death benefit payable under the basic plan.
  • Income Benefit – Death (IBR-Death): A monthly income benefit will be provided to the nominated beneficiary following the death of the insured up to the end of the elected term.
  • Income Benefit – Disability (IBR-Disability): A monthly income benefit will be provided to the nominated beneficiary following the permanent total disability due to accident or sickness of the insured up to the end of the elected term.
  • Elaj Aasan (EA): Elaj Aasan Face Amount will be paid if the insured is diagnosed for the first time for one of the covered diseases provided the insured is alive after the expiry of 14 days from the date of surgery or from the date of diagnosis of the disease/condition. If the insured has been diagnosed for a disease or a condition covered by EA, he/she will thereafter remain insured under EA for a reduced number of diseases or conditions in accordance with the table of First and Subsequent Diagnosis.
  • Permanent and Total Disability (PTD): In the event the insured suffers permanent & total disability due to accident or sickness, the PTD face amount is paid in 3 installments of 20%, 30% and 50% over 24 months period during the continuance of disability. In case the insured dies before receiving all the installments, the remaining installments are payable in a single lump sum.
  • Accidental Care Benefit (ACB): ACB pays an additional benefit in case of death or disability due to accident. The rider also provides cover in case of dismemberment due to an accident.
  • Accident Medical Expense Reimbursement (AMR): AMR provides total blanket protection for reasonable, customary and necessary medical expenses in or out of hospital that are made necessary by accident.

*Additional premium will be charged for each optional & compulsory supplementary benefits.

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

Fund Management Charges All Years – 0.125% per Month
Surrender (% of Account Value) 100% – 1st & 2nd year

Nil – 3rd year onwards

Admin Charge PKR 135 per month
Bid Offer Spread 5%
Investment Strategy Switching Fee PKR 500 per switch
Processing Fee PKR 500 on each partial withdrawal and complete surrenders

Note: The above fees and charges are subject to change without prior notice.

Vitality Fee:

A fee of Rs. 320 will be deducted at the beginning of each month for each member from the account value. Vitality Fee may vary from time-to-time, at the discretion of the Company. If the customer has more than one policy of the Vitality Integrated product, then Vitality Fee will be deducted from one policy only; no deduction of Vitality Fee will be made from the other Vitality integrated policies. The details are in the Terms & Conditions.

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

A claim can be lodged directly without any delay through visiting IGI Life Website Online Claim Intimation by filling given fields which shall be transmitted to Claims Department immediately. OR send intimation letter from the Policy Owner/ Claimant (as the case may be) under his / her signature giving particulars of loss (death, Disability or Sickness) with Cause, Date, Place and Name of Covered Person. Always remember to mention the current address and contact number of the claimant while submitting intimation. Thereafter, you will be contacted for next steps.

Minimum acceptable Basic Premium is as follows for the following modes of premium payment:

  • Annual 50,000
  • Semi-Annual 25,000
  • Quarterly 12,500

For Account Value Acceleration Premium payments – Minimum payment is PKR 50,000 with no limit on the maximum.

There is no limit to Premium; hence you can plan your financial objectives with complete freedom.

Premium Allocation IGI Life Invest Max offers one of the best premium allocations thereby optimizing the returns on your investment. The proportion of Basic Premiums and AVAP allocated to Account Value is as follows:

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 will be. The extra unit allocation is as follows:

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

This is the guaranteed amount payable on death of the insured customer. The Basic Face Amount will be a multiple of Basic Premium depending on the age of the customer as follows:

Age Face Amount Multiple
Minimum Maximum
up to 50 5 40
51 to 55 5 20
56 to 60 5 15
61 & onwards 5 5

If you cancel your policy within a free look period of 14 days from the policy issue date, you are entitled for a full refund of premium less any expenses incurred by IGI Life in connection with your medical or clinical examinations.

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 tabulated below) will be deducted. In such an event the units will be redeemed at the bid price and the policy will be terminated.

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

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

  • IGI Secure Fund

Funds Classification: Money Market Fund

Category of Unit Linked Funds (Risk Profile): Low

Secure strategy aims to preserve capital through investment in sovereign bonds only. This strategy is ideal for individuals who are investment risk-averse.

  • IGI Conservative Fund

Funds Classification: Income Fund

Category of Unit Linked Funds (Risk Profile): Moderate

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

  • IGI Balanced Fund

Funds Classification: Balanced Fund

Category of Unit Linked Funds (Risk Profile): Medium

This strategy seeks steady growth in capital through a combination of investments in stocks and government securities and/or other secured investments.

  • IGI Aggressive Fund

Funds Classification: Aggressive Fund

Category of Unit Linked Funds (Risk Profile): High

This strategy seeks to provide long term capital growth mainly through investments in equities.

  • IGI Islamic Fund

Funds Classification: Income Fund (Shariah Compliant)

Category of Unit Linked Funds (Risk Profile): Moderate

This strategy confirms to Shari’ah by investing in Shari’ah compliant instruments/assets.

Q. How do I pay the premium?

Premium payment is made directly through a direct debit from your Allied Bank Limited account.

Q. Who is the underwriter of Smart Future Plan?

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

Q. Is there any medical examination?

Medical examination or laboratory tests may only be required if your aggregate life cover, which includes Basic Face Amount under Smart Future Plan and life insurance covers under all policies issued by IGI Life, exceeds the non-medical limits set by IGI Life at that time or if your application discloses 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 premium due date, IGI Life shall return your cash surrender value thus terminating the policy and associated benefits. In such a case the policy may be reinstated upon payment of the amount due provided certain terms and conditions are met as determined by IGI LIFE. In case of non-payment of premium in subsequent years, the policy will not terminate until such time the account value or cash surrender value, as the case may be, is sufficient to cover the monthly deductions

In case of complaint or for further details, 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


E-mail: [email protected]

  • ABL is only acting as a Corporate Insurance Agent (Distributor) of 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 “Smart Future Plan”. The product is not guaranteed or insured by Allied Bank Limited or its affiliates and is not Allied Bank Limited product.
  • Past performance of funds is not necessarily a guide to future performance. Any forecast made is not necessarily of future or likely performance of the funds. IGI Life refers to IGI Life Insurance Limited. Your relationship is with IGI Life. In turn, IGI Life makes investments in line with the strategies you have chosen, and your Policy Account Values will reflect the performance of the strategies you select.
  • The Investment Account earnings will fluctuate up or down and principal and investment returns are not guaranteed. Thus, the investment risk shall be borne by the policyholder. In order to continue to best serve its Policy Owners, or in the event of change in applicable legislation, IGI Life may add, combine, or delete sub-accounts and/or funds, which back the investment strategies without notice to its Policy Owners. As the Policy Owners’ investments are made with IGI Life, in Smart Future Plan, rest assured that IGI Life’s obligations to its individual Policy Owners under Smart Future Plan will not be altered or amended by any such change.
  • The Investment Strategies and Investment Sub-accounts offered are subject to the Company’s ability to invest in mutual funds or in any other investment instruments. The composition of the investment strategies is subject to change, the updated mix is available on the company’s website.
  • Please note that at all times your investment is in your IGI Life Policy and the various Investment Strategies it offers. IGI Life is the investor and owner of units in any Fund it currently uses to achieve investment goals on your behalf. Neither IGI Life nor any of its affiliates, agents or representatives is giving investment advice in relation to any of the Investments Strategies and/or in connection with the underlying Funds used to achieve the investment goals selected by the Policy Owner. Neither IGI Life nor any of its affiliates, agents or representatives is giving any professional advice regarding the compatibility of the Underlying Funds with any set of religious precepts or guidelines.
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