EFU Single Premium Plan
You EFU Single Premium Plan is aone-time investment and insurance plan where you pay the premium just once and enjoy the dual benefits of life insurance and investment. It is an investment-linked insurance product. This is an ideal plan to maximize the potential of a lump sum cash amount, rather than letting it depreciate with time. This plan gives you the potential to earn higher attractive returns.
Disclosure of Product:
This is a life insurance product which has two distinct elements i.e., Insurance Protection and Investment. The Investment Component is linked to the performance of underlying assets under unit linked fund(s).
Free Look Period:
If you cancel your policy within free look period of 14 days from the date of the documents receipt, you are entitled for a full refund of premium less any expenses incurred by EFU Life in connection with our medical or clinical examinations.
Opportunities for Growth:
Every premium paid towards the plan will be invested in one or two of the internal investment funds of EFU Life. It is completely your decision to choose the internal fund based on your investment objectives.
You can select from the following unit funds mentioned below:
EFU Managed Growth Fund | Fund Categorization: Balanced; Risk Profile: Medium: An investment fund with a balanced investment strategy. It aims to achieve reasonable capital growth and steady returns with investment in government securities, carefully selected blue chip equities and other fixed income instruments and cash.
EFU Guaranteed Growth Fund* | Fund Categorization: Money Market Fund; Risk Profile: Low: An investment fund providing steady returns with a guarantee that the bid price of the fund will never fall. It aims to achieve stable growth through investment in short term debt securities.
EFU Aggressive Fund | Fund Categorization: Aggressive; Risk Profile: High: An investment fund with the aim of investing in equities providing a higher rate of return. It aims to maximise capital growth by using investments with an aggressive market outlook.
Multiple Funds Option: Under this option you have a facility to select a mix of two unit linked funds of the plan. Fund mix can be selected in the multiple of 10%. It means that the funds split can be of 90/10, 80/20, 70/30, 60/40 or 50/50.
* EFU Guaranteed Growth Fund to be selected by default
Applicable Age and Tenure:
This plan is available for all individuals aged between 18, it is a whole of life plan.
Minimum Premium Requirements:
Minimum annual basic plan premium is Rs. 50,000/- only.
Investment Management Charges: 0.125% of the fund value per month Bid / Offer Spread: 5% of the regular premium.
Mortality Charge (Cost of Insurance): An age-based mortality charge applies for the life insurance risk each year and is dependent on the sum at risk. No mortality charges apply in years where the cash value exceeds sum assured.
Fund Switching Fee PKR 500
Surrender Processing Fee PKR 500
Surrender Charge 100% for the first year
For Ages 18 – 65 years:
- The Basic Sum Assured (adjusted for partial surrenders), or Basic Cash Value of the plan. Plus
- The Cash Value of the units applicable to FAP (if any)
For Ages 66 and above at entry:
Death Benefit up to 5 policy year is equal to:
- The Basic Sum Assured (adjusted for partial surrenders), or Basic Cash Value of the plan. plus
- The Cash Value of the units applicable to FAP (if any)
Death benefit after 5 policy years will be Total Cash Value.
This is the guaranteed amount payable on death. For ages 18to 65 years at entry, the Sum Assured can range from 1.25 times to 2 times of the Original Single Premium. For ages 66 to 75 years, the Sum Assured will be 1.25 of the Original Single Premium.
Built-in Accidental Death Benefit:
In case of accidental death of the life assured before age 60, an additional lump sum benefit will be paid. The amount of payout is equal to Original Single Premium adjusted for partial withdrawals. This benefit amount will be in addition to the Death Benefit.
Loyalty Bonus is offered to customers for their long-standing relationship. These bonus units are allocated every 5 years, starting from the end of 5th policy year. The loyalty bonus unit allocation, in addition to the basic plan premium is as follows:
End of Policy Year
Year Loyalty Bonus Allocation as % of Single Premium
15 and every 5 years thereafter
Unit Allocation: Premiums are allocated to purchase the units of EFU Life Funds in the following percentages:
100% of the Original Single Premium is allocated to purchase units in selected fund.
100% of the Fund Acceleration Premium is allocated to purchase units in the selected fund.
Fund Acceleration Premium: If you have surplus cash available at any point of time during the plan term it can be invested in the plan to enhance your cash values. These additional payments in the plan are called Fund Acceleration Premium payments. You can make these payments at any time while the policy is in force. The minimum FAP payment is Rs. 50,000. 100% of FAP payments are allocated to purchase units in the selected fund.
Complete and Partial Surrender: The plan always provides complete access to accumulated fund value. Total units accumulated can be withdrawn after the second year’s regular premium payment. A facility for partial withdrawals is also available subject to Rs.20,000 remaining in the fund. If the customer opts for complete surrender, all units will be encashed and the plan will be terminated.
Claim: In case of an unfortunate event, you may file your claim intimation through a Samba Bank Branch walk in, visiting the EFU Head Office or by visiting any of the EFU branches in the country. For a swift speedy process you may also call us at our call center (021- 111-338-111) or simply visit our website, fill in the intimation form and email it to us at firstname.lastname@example.org. Thereafter, you will be contacted for next steps.
- This product is underwritten by EFU Life Assurance Ltd. It is not guaranteed or insured by Samba Bank or its affiliates and is not a Samba Bank product. Hence EFU life is responsible for all underwriting risk.
- Samba Bank is just a promoter and corporate insurance agent of this product to its valued customers.
- All Insurance Indemnity Claims, charges and payments relating to the Insurance Policies shall be the sole and exclusive responsibility of EFU Life.
- The premium in the plan are invested in any one of the mentioned growth funds as chosen by the policyholder.
- The past performance of fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and neither EFU Life Assurance Ltd nor Samba Bank will incur any liability for the same.
- A personalized illustration of benefits will be provided to you by the sales representative. Please refer to the notes in the illustration for detailed understanding of the various Terms and Conditions.
- Service charges and taxes will be applicable as per the bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.
- A description of how the contract works is given in the policy provisions and conditions. This product brochure only gives a general outline of the product features and benefits and the figures used above are indicative and for illustration purposes only.
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