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Askari Life Value Plan

Askari Life Value Plan

As we move forward in life, financial requirements pertaining to the well-being of us and our family becomes a major concern in our life. We want to provide the best of everything to our loved ones. However, in these turbulent times of economic instability and future uncertainties there is a risk of your income not keeping pace with your needs and goals. We need a concrete plan that assists us in the time of need and make unexpected events less troublesome.

Being conscious about your changing financial needs Askari Life in collaboration with Askari Bank has designed a unique product called “Askari Life Value Plan”, which not only provides comprehensive protection but also enables your savings to grow steadily over-time, giving you and your loved ones peace of mind. Hence you and your family can easily realize their dreams and truly enjoy every moment of their lives, without worrying about future uncertainties.


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Key Features
Complete Package
As we go through each stage in life, our financial responsibilities change. Our perspective on life and savings changes with time. Being conscious about your changing needs, Askari Life has designed the Askari Life Value Plan which not only provides long-term protection from unforeseen circumstances but also brings prosperity into your life.
Strengthen your Child’s Future
When a child is born, a dream is born. We being a parent would want to shape that dream and bring it to reality in the best possible way. Either it’s the question of providing top-quality education or making best arrangement for their marriage, we always want the best for our child.
Customized Plan
With Askari Life Value Plan, you can design the future you want for yourself! It provides you the flexibility to personalize your plan according to your own goals and family’s unique lifestyle.
Additional Investment Option (Top-up)
This feature provides additional flexibility to your existing plan. If you have any additional funds available at any stage you can place them as investment under Askari Life Value Plan during the course of the policy term that will further enhance your cash value.

Basic Features

A sudden departure of a bread-earner can make many lives difficult. In that case financial security for your family is of utmost priority.

What do you do when you have an urgent requirement of cash? You either borrow it from some one or sell your valuables.

It’s an unfortunate fact that the money we have is worth a little less every day. As rising inflation erodes all our savings bit by bit, we need a plan to keep our savings intact. Askari Life Value Plan offers this unique feature dedicated to combat inflation with just 5% increment in the premium every year

With Askari Life Value Plan, you can also avail tax benefit, as per prevailing norms under section 62 of income tax ordinance 2001

Life insurance plan is a long-time commitment towards your goal to provide desired financial security and prosperity to yourself and your loved ones. However, in case you realize that you are not satisfied with the product offering, you need not to worry, as Askari Life offers a free look period where you can cancel the policy within 14 days of receipt of policy documents and get 100% refund.

Policy Term

Min Entry Age Max Entry Age Min Policy Term
18 Years (Age Nearest Birthday) 75 Years (Age Nearest Birthday) 10 Years
Min Paying Term Max Paying Term Min Policy Term
10 Years Equal to Policy Term Upto age 85

Policy Year % of Basic Premium Allocated to Account Value Surrender Charges as % of Account Value
1 60% 100%
2 80% 25%
3 90% Nil
4 and above 100% Nil

Policy Year % of Initial Basic Premium Allocated to Account Value
5 25%
10 100%
15 175%
20 300%

Policy Fee
The monthly policy fee is PKR 125/- only, which will increase by 10% annually
Investment Management Charges
1.75% of the account value to be deducted annually
Insurance Cost
With reference to attained age and based on the mortaility table
Premium Expense
5% expense will be deducted from each premium
Optional Benefits
Apart from standard applicable benefits such as protection and investment, Askari Life Value Plan also offers you additional benefits, and the liberty to choose from various optional insurance benefits, based on your goals and financial capabilities

Education Solution

School Fee Waiver

It’s every parent’s dream to see their child educated and successful in life, but sometimes life has other plans. Wouldn’t it be great to know that your child’s education will always be uninterrupted even in case of any misfortune? With this exclusive School Fee Waiver benefit, Askari Life will ensure your child’s education in your absence by covering the school fee (Rs.10,000 per month). It also provides you the flexibility to choose the cover term as per your need of max. up-to 10 years.

Health Protection Solution

Hospitalization Coverage

Leading a healthy lifestyle in the modern high-stress routines is challenging. Medical emergencies can arise without any intimation. At such times, treatment costs can put a huge financial burden on families. Such huge payments can cause imbalances in your family finances.

To ensure that you are well protected against unforeseen medical expenses, Askari Life Value Plan offers you a unique benefit which offer hospitalization coverage, which in case of hospitalization due to accident for more than 1 day, will cover up your hospitalization expense (Rs. 5000/ per day) for up to 60 days at any hospital of your choice.

Monthly Income Benefit

Throughout our life, we try to provide comfort, happiness and protection to our loved ones emotionally and financially. But there are times when you ask yourself, what if I am not around to take care of my family? Have I secured my loved ones financially? Can I plan for the financial security of my family while meeting my current goals?

Askari Life is proud to introduce one of the most unique benefits that will protect you and your family from financial uncertainties. If you have chosen the monthly income benefit, then in case of any unforeseen circumstance in the covered person’s life as defined in the provisions, Askari Life Assurance will pay a monthly income to the beneficiary (ies) of the plan for the remaining term. The monthly income benefit has a minimum criteria of Rs. 10,000 to max. Rs. 100,000; purely limited to the financial well-being of the policy holder.
Protect yourself from unexpected medical costs
Waiver of Premium (Disability)
We all work towards the well-being of our family to safeguard their present and ensure their future is financially secure. Be it your child’s higher education, planning a family holiday or a secure retirement, we want to provide the best to our loved ones. Even in case of any eventuality, you prepare for the future to ensure your family maintains the same living standards and has a financially secure future. But what if you are unable to earn and pay your premiums because of unexpected events that may result in disability. With this exclusive add-on. We bring to you Premium Waiver Rider, which allows you to accrue your insurance policy benefits even if you’re unable to pay your future premiums.
Waiver of Premium (Death)
If you are seeking maximum protection for your family and wants your policy to be active even if you are not there to support them. This benefit is for you! With this add-on, your family will not just receive the guaranteed lump-sum amount (sum assured) against the coverage you fixed initially to cover up the sudden financial burden, but will also receive the significant amount as maturity benefit at the end of the policy term.
Accidental Death & Disability Rider
In the journey of life, you always walk an extra mile to provide better future to your family. However, this journey of life is full of uncertainties; you never know how the future will unveil. In today’s scenarios, with the increase in the number of instances of accidents, it is imperative to shield your family’s future. As a responsible individual you would like to safeguard your family’s future against such eventuality. Askari Life Accidental death and disability rider
Level Term Rider (Additional Coverage Option)
We all aim to ensure that our family is protected and financially secure, both now and in the future. And we do so by financially preparing for all circumstances. But what if we foresee expenses rising and want to suitably increase the protection level (sum assured)? Furthermore, with changing life stages, insurance needs might change too. For instance, after getting married, becoming a parent or after your parents retire.
Critical Illness Rider
Everyone looks for medical coverage for the unexpected emergencies and medical help. This is especially important today, when medical care is quite costly and unplanned. A critical illness can put the entire family in huge financial debt and crisis.
Askari Life Value Plan
A versatile plan for all times, expertly tailored to your evolving circumstantial needs.


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Disclaimer

Askari Life value Plan is a Universal Life Plan which is subject to investment risk and the cash value of the plan will vary directly with the performance of the investment fund

Bank is acting as a corporate sales agent on behalf of Askari Life, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.

Askari Life shall be the sole responsible with respect to policyholder services, claim lodgements and claim processing.

All Askari Life value Plan applications are processed and approved by Askari Life, as per their underwriting guidelines. Bank is not responsible for the processing and approval of these applications in any way, whatsoever.

A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms and Conditions.

This brochure only provides an introduction to the benefits available under the policy. A detailed description of how the contract works is given in the ‘Terms and Conditions’, which will be provided after the customer avails the service