Virasat Plan

The Virasat Plan is a Unit Linked Plan that offers market-linked returns with minimal charges, helping you achieve your financial goals through advanced planning. Investments through regular premiums along with lump sum payments help your money grow, while the Child Education Rider ensures that, in case of your unfortunate demise, a regular stream of income supports your child’s education until the plan’s maturity.

• Automatic Cover Maintenance
  After you have paid premiums for two full years, in case you are unable to continue premium payments, you will still be eligible for the life insurance cover, as long as your plan’s Cash Value is sufficient to cover all applicable charges.

• Top-up Premium (Ad-hoc Premium)
  With the Virasat Plan, you can increase your plan’s Cash Value by investing additional amounts into the unit account, which are invested 100% in the unit account.

You are eligible for the Virasat Plan if you are between 18–65 years of age. The available term ranges from 10 to 57 years, subject to a maximum age of 75 years at maturity.

Note: You may contact Jubilee Life’s representatives at designated Allied Bank branches to help structure a plan that suits your needs. Branch details are available at www.abl.com.   

• Nominated Child Benefit (Child Education Benefit)
  To ensure your child’s educational future, an additional Education Benefit Amount will be payable to the nominee until the end of the defined period if the policyholder passes away.

• Death Benefit
  In case the life assured passes away during the policy term, the nominee will receive the greater of the cash value or the sum assured.

  You can determine your sum assured by multiplying your annual basic premium with the selected cover multiple (ranging from 5 to 254).
  For example, if your annual basic premium is Rs. 100,000 and your selected cover multiple is 10, then:
  100,000 x 10 = Rs. 1,000,000
  (Terms and Conditions Apply)

• Maturity Benefit
  At the end of the policy term, the policyholder will receive the accumulated cash value.

Note: You may contact representatives at your nearest Allied Bank branch to select the most suitable plan.

The Virasat Plan offers six exclusive optional riders for your convenience, based on your individual protection needs.

• Accidental Death Benefit
  Provides additional protection in case of accidental death. An extra sum is paid if death occurs due to an accident.

• Accidental Death and Dismemberment
  Pays an additional amount in case of accidental death or dismemberment.

• Permanent Total Disability (PTD)
  Pays the sum assured if permanent and total disability occurs due to accident or illness, preventing the policyholder from engaging in any occupation suited by training, education, or experience.

• Critical Illness
  If diagnosed with one of the specified eighteen critical illnesses, the death benefit is advanced to the insured.

• Waiver of Premium
  In case of illness or disability preventing you from working for at least six months, the plan waives future premiums starting from the next due date.

• Hospitalization Cash Rider
  Pays a daily cash benefit if the policyholder is hospitalized. If the hospitalization is due to any critical illness, the benefit is multiplied. In ICU cases, an additional 50% of the daily benefit is paid.

In addition to reduced allocations in the initial years, the following charges* apply to the Virasat Plan:

• Investment Management Charge: 1.5% p.a. of Fund Value, deducted on fund valuation date

• Admin Fee: Rs. 90 per month

• Bid-Offer Spread: 5%

• Mortality Charges: As applicable

• Rider Charges: Based on selected riders

• Fund Switching Fee: Rs. 500 if more than four switches are made in a year

*All charges are reviewable by the company and subject to change.

A breakdown of the minimum premium that you need to contribute in order to avail the Virasat Plan is mentioned below:

Your contribution made towards the Virasat Plan is allocated to the unit account as per the table below:

If you need to withdraw cash value to meet emergency needs but do not want to surrender the policy, you can withdraw any amount (subject to the minimum withdrawal amount prescribed by Jubilee Life Insurance) provided that the residual cash value in your unit account is not less than the minimum amount specified by the company.

Despite partial withdrawals, you will continue to receive insurance coverage, although your sum assured will be reduced by the withdrawn amount.

This option is available after completion of two policy years and payment of two annual premiums.

You have the option to surrender your policy anytime after the completion of two policy years and payment of two annual premiums. At the time of surrender, you will be paid the full cash value of your fund.

However, surrendering the policy in its early years may result in a lower cash value.

Your allocated premiums will be invested in the fund(s) of your choice to match your investment needs. These funds are overseen by expert investment managers and backed by premium securities:

• Managed Fund
  Aims to provide balanced returns by investing in a diverse portfolio of government and other fixed income securities, shares, and cash deposits.

• Yaqeen Growth Fund
  Designed to provide steady returns with minimum risk of capital erosion. Best suited for clients who prefer liquid investments with minimal market exposure.

• Meesaq Fund
  A Shariah-compliant fund offering interest-free returns by investing in Islamic financial instruments such as sukuk bonds, Islamic mutual funds, and deposits in Islamic banks.

• Capital Growth Fund
  Focuses on capital growth by investing in high-return instruments like shares, term finance certificates, and bank deposits.

Q. Will the funds be professionally managed?

Yes, your premiums will be allocated into funds that are managed by expert investment managers to ensure optimized returns.

Q. Where can I get information about Jubilee Life’s fund unit prices?

Unit prices are published in all leading dailies and on the Jubilee Life website: www.jubileelife.com.

Q. Does this plan help me combat inflation?

Yes, you have the option to select indexation. This will increase your premium automatically each year by a limit specified by the company.

You retain the right to cancel indexation at any time.

Q. Does Virasat Plan allow me to withdraw my investments?

Yes, you may withdraw the cash value of your fund—fully or partially—provided you have paid premiums in full for two years.

Q. What are the risks associated with investing in the units of Virasat Plan?

• Depending on market performance, the value of the unit may rise, fall, or remain unchanged.

• The past performance of funds is not necessarily indicative of future performance.

In case of complaints or for further details, please contact:

Jubilee Life Insurance Company Limited
Head Office: 74/1-A, Lalazar, M.T. Khan Road, Karachi-74000, Pakistan
Tel: (021) 35205094-95
Fax: (021) 35610959
Email: [email protected], [email protected]
SMS: “JUBILEELIFE” to 8398 or 042-111-225-225
Website: www.jubileelife.com

• This product is underwritten by Jubilee Life. It is not guaranteed or insured by Allied Bank Limited or its affiliates and is not a product of Allied Bank Limited.

• Allied Bank acts only as a distributor on behalf of Jubilee Life Insurance and shall not be held responsible in any manner to any person, including but not limited to the insured customer(s), beneficiary(ies), or any third party.

• The past performance of Jubilee Life’s funds is not necessarily a guide to future performance. Any forecasts made are not indicative of future or likely performance, and neither Jubilee Life nor Allied Bank Limited will incur any liability for the same.

• A personalized illustration of benefits will be provided by a sales representative. Please refer to the illustration for detailed understanding of all terms and conditions.

• Please consult the Policy Document for a complete understanding of the terms.

• Supplementary benefits may be available only if the life covered is aged 55 years or less at the nearest birthday at the time of issuance.

• Jubilee Life is the underwriter and provider of this policy and is responsible for settlement of claims to the insured customer(s) or beneficiaries.

• The investment risk lies with the policyholder, and actual maturity or surrender values may be higher or lower than projected.

• For details on the fund’s target asset mix, visit: Investor Outlook.