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 between the ages of 18–65 at the time of purchase. The plan can continue up to a maximum age of 85 years for the insured.
Account Value Acceleration Premiums (AVAP)
The plan is a regular premium plan, but a customer may top-up the regular premiums by depositing surplus funds as lump sum contributions into the plan. These lump-sum contributions, called Account Value Acceleration Premium (AVAP) payments, can be made at any time. 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 will increase by a fixed amount every year, leading to better cash value accumulation and, consequently, a higher maturity benefit, without any increase in the sum assured.
Even once opted, you still have the right to decline the option and continue paying the level premium, subject to certain terms and conditions.
You are eligible for the Suhana Mustaqbil Plan if you are between 18 and 65 years of age. The term of the plan can range from 10 years up to a maximum maturity age of 85 years.
Death Benefit
In the unfortunate event of death, the following benefit is payable:
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Account Value plus Basic Face Amount
PLUS -
Account Value of AVAP payments, if any.
Maturity Benefit
Upon maturity, you will be able to withdraw your Account Value PLUS the Account Value of AVAP, if any.
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. These benefits and their descriptions are as follows:
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Family Protection Benefit – Disability (FPR-Disability): Waives future premiums in case of permanent total disability due to accident or sickness of the insured, up to the end of the rider term.
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HealthSure: Provides financial protection in case of illness or accident that leads to hospitalization, covering in-patient hospital expenses.
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Accidental Death Benefit: Pays an additional benefit in case of death due to an accident.
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Level Term Insurance Benefit (LTR): Enhances the death benefit. The LTR face amount is payable in addition to any other death benefit payable under the basic plan.
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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.
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Income Benefit – Disability (IBR-Disability): A monthly income benefit will be provided to the beneficiary following the permanent total disability due to accident or sickness of the insured, up to the end of the elected term.
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Elaj Aasan (EA): Pays the Elaj Aasan Face Amount if the insured is diagnosed for the first time with one of the covered diseases, provided the insured survives for at least 14 days after the diagnosis or surgery. Future coverage under EA will be reduced based on the First and Subsequent Diagnosis Table.
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Permanent and Total Disability (PTD): If the insured suffers from permanent and total disability, the PTD face amount is paid in 3 installments of 20%, 30%, and 50% over a 24-month period. If the insured dies before receiving all installments, the remaining amount is paid as a lump sum.
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Accidental Care Benefit (ACB): Pays an additional benefit in case of death or disability due to an accident. Also covers dismemberment.
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Accident Medical Expense Reimbursement (AMR): Offers blanket coverage for medical expenses, both in-hospital and out-of-hospital, required due to an accident.
An additional premium will be charged for each optional supplementary benefit.
The bank does not charge any fees related to this product. However, IGI Life applies the following charges:
| Charge Type | Rate |
|---|---|
| Fund Management Charges | 0.125% per month (all years) |
| Surrender Charges (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 per partial withdrawal and full surrender |
Note: The above fees and charges are subject to change without prior notice.
Our claim settlement procedure is prompt and hassle-free. We recommend consulting our Customer Services team at [email protected] for assistance with filing your policy claim.
You can lodge a claim in the following ways:
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Visit the IGI Life Website – Claim Intimation Page and fill in the required fields. This information will be transmitted to the Claims Department immediately.
OR
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Send an intimation letter signed by the Policy Owner / Claimant, containing details of the loss (death, disability, or sickness) with the cause, date, place, and name of the covered person.
Be sure to mention the current address and contact number of the claimant when submitting the intimation.
Once received, you will be contacted for the next steps.
The minimum acceptable Basic Premium is as follows, based on the chosen mode of premium payment:
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Annual: PKR 25,000
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Semi-Annual: PKR 12,500
There is no upper limit to the premium; hence, you can plan your financial objectives with complete freedom.
For Account Value Acceleration Premium (AVAP) payments – the minimum payment is PKR 50,000, with no limit on the maximum.
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 | 80.0% |
| 3 | 95.0% |
| 4 – 5 | 100.0% |
| 6 & onwards | 105.0% |
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) |
|---|---|
| 6 & onwards | 5.0% |
This is the guaranteed amount payable upon the death of the insured customer. The Basic Face Amount will be a multiple of Basic Premium, based on the customer’s age:
| Age | Minimum | Maximum |
|---|---|---|
| Up to 50 | 5 | 40 |
| 51 to 55 | 5 | 20 |
| 56 to 60 | 5 | 10 |
| 61 & onwards | 5 | 5 |
The customer has the right to fully surrender his/her policy by redeeming all units in the Account Value. In case of complete surrender during the first two policy years, a surrender charge (as shown below) will be deducted. Units will be redeemed at the bid price, and the policy will be terminated.
| Policy Year | % of Account Value Deducted |
|---|---|
| 1 to 2 | 100% |
| 3 onwards | Nil |
You may choose from the following Investment Strategies to match your risk profile and financial goals:
IGI Secure Fund
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Fund Classification: Money Market Fund
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Risk Profile: Low
This strategy aims to preserve capital through investment in sovereign bonds only. It is ideal for individuals who are risk-averse investors.
IGI Conservative Fund
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Fund Classification: Income Fund
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Risk Profile: Moderate
The underlying assets include government and/or secured investments.
There is no exposure to the stock market in this strategy.
IGI Balanced Fund
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Fund Classification: Balanced Fund
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Risk Profile: Medium
This strategy seeks steady capital growth through a combination of investments in stocks, government securities, and/or other secured assets.
IGI Aggressive Fund
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Fund Classification: Aggressive Fund
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Risk Profile: High
This strategy aims to provide long-term capital growth through equity investments.
IGI Islamic Fund
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Fund Classification: Income Fund (Shari’ah-Compliant)
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Risk Profile: Moderate
This strategy complies with Shari’ah by investing in Shari’ah-compliant instruments/assets.
Q. How do I pay the premium?
Premium payment is made directly through direct debit from your Allied Bank Limited account.
Q. Who is the underwriter of Suhana Mustaqbil Plan?
The Suhana Mustaqbil Plan is underwritten and issued by IGI Life Insurance Limited.
Q. Is there any medical examination?
Medical or lab tests may be required if your aggregate life cover (including this plan and others with IGI Life) exceeds non-medical limits, or if adverse medical history is disclosed.
Q. What if I’m unable to make the premium payment on time?
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In the first two years: If the premium is not paid within 31 days of the due date, IGI Life will return your cash surrender value, thereby terminating the policy. It may be reinstated subject to terms and conditions.
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After two years: The policy will not terminate as long as the Account Value or Cash Surrender Value is sufficient 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]
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ABL is acting solely as a Corporate Insurance Agent (Distributor) of the Suhana Mustaqbil 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.
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ABL is the third-party distributor for the “Suhana Mustaqbil Plan”. The product is not guaranteed or insured by Allied Bank Limited or its affiliates and is not an Allied Bank Limited product. Past performance of funds is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds. IGI Life refers to IGI Life Insurance Limited.
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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 those strategies. 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.
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In order to continue best serving its Policy Owners, or in the event of a change in applicable legislation, IGI Life may add, combine, or delete sub-accounts and/or funds that back the investment strategies without notice to its Policy Owners. As the Policy Owners’ investments are made with IGI Life, in Suhana Mustaqbil Plan, rest assured that IGI Life’s obligations to its individual Policy Owners under the Suhana Mustaqbil Plan will not be altered or amended by any such change.
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The Investment Strategies and Investment Sub-accounts offered are subject to the company’s ability to invest in mutual funds or any other investment instruments. The composition of the investment strategies is subject to change; the updated mix is available on the company’s website.
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Please note that at all times your investment remains within 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 provides investment advice in relation to any of the Investment Strategies and/or in connection with the underlying funds used to achieve the investment goals selected by the Policy Owner. Furthermore, neither IGI Life nor any of its affiliates, agents, or representatives provides any professional advice regarding the religious compatibility of the underlying funds with any set of religious precepts or guidelines.