Samba Savings Plan
Samba Savings Plan is a flexible life insurance plan specially designed for customers of Samba Bank Limited. Samba Savings Plan enables you to plan for long-term financial requirements like children education, marriage, etc. It also protects your family from future uncertainties.
- Your savings are invested in the fund of your choice managed by Jubilee Life Insurance Co’s Life investment experts, who ensure that your savings are optimized and well managed.
- If you continue your plan for a period of more than 4 years, you will be entitled to Continuity Bonus, whereby your investment will grow at a faster pace
- Option to invest your extra savings and top up your investments at any time during the term of your policy
- Option to withdraw your funds (either fully or partially) after the completion of two policy years
- Select your own life insurance amount, which will be paid to your family or loved ones in case your death
- You can avail of Joint Life Coverage, which will not only provide protection to you but also your spouse/family members / friends / assured under the plan. The Death Benefit will be paid on the first death between either of the two individuals
Jubilee Life offers a free look period of 14 days during which you can review your policy’s terms and conditions and cancel the policy, if you choose to. Your premium will be refunded on receipt of written request within 14 days from the date of receipt of policy document. Jubilee Life reserves the right to deduct the expenses incurred on medical examination(s) of the customer in connection with the issuance of this policy.
In addition to the above, you can also opt for the following benefits:
- Family Income Benefit: In case of your death, an additional stream of regular income will be paid until the expiry of a defined period to the family of the life assured in addition to other benefits
- Critical Illness: If you are diagnosed with any of the specified Critical Illnesses, your Insurance death benefit will be given in advance
- Hospitalization Cash Rider: A daily benefit is paid if you are admitted to a hospital. The benefit payable is doubled, in case of hospitalization due to any of the specified Critical Illnesses. In case you are in ICU, additional 50% benefits will be payable. Spouse and children can also be covered under this benefit
- Accidental Death: An additional amount will be paid, in case death occurs due to an accident
- Accidental Death & Dismemberment: An additional amount will be paid, in case death occurs due to an accident. Depending upon the nature of the dismemberment, either full or partial death benefit is paid
- Permanent Total Disability: If you suffer with permanent total disability, your Insurance death benefit will be given in advance
- Waiver of Premium: If you suffer from an illness or disability and are unable to work for at least six months, the premium from the next premium due date will be waived
Of the above, Accidental Death, Accidental Death or Dismemberment and Hospitalization Cash Riders are available under the Joint Life Option of the plan.
- Managed Fund: The objective of the fund is to maximize capital appreciation by investing in a balanced portfolio of a wide range of shares, government and other fixed income securities and cash deposits.
- Yaqeen Growth Fund: The objective of the fund is to provide an opportunity to investors who prefer low risk with reasonable returns from a portfolio of highly liquid investments with minimal exposure to market fluctuations.
- Meesaq Fund: The objective of the fund is to provide an opportunity to investors who want interest free returns. The instruments in which Meesaq Fund invests are selective stocks, sukuk bonds, short-term deposits of Islamic banks, Islamic mutual funds and fixed income funds of Islamic banks and other valid interest-free investments.
- Capital Growth Sarmaya Fund: The objective of the fund is to maximize returns to policyholders by investing in a diverse portfolio of asset-backed investments such as shares, term finance certificates and bank deposits.
- This product is underwritten by Jubilee Life. It is not guaranteed or insured by Samba Bank Limited or its affiliates and is not a Samba Bank Limited’s product.
- The past performance of Jubilee Life funds 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 Jubilee Life nor Samba Bank Limited will incur any liability for the same.
- A personalized illustration of benefits will be provided to you by a sales representative. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions.
- Please refer to the Policy Document for detailed understanding of the various terms and conditions.
- Samba Bank Limited is acting as a distributor of Samba Savings Plan on behalf of Jubilee Life and is not and shall not be held responsible in any manner whatsoever to any person, including but not limited to the insured customer(s), beneficiary(ies) or any third party.
- Jubilee Life Insurance Company is the underwriter and provider of this insurance cover and shall be responsible for settlement of claims to the insured customer(s) or beneficiary (ies).