Frequently Asked Questions

You cannot switch to another plan within the existing plan which has been taken up by the client at the time of purchasing the policy. However, you can switch to another fund by filling in the “Change in fund” section in the alteration form and submitting the form directly at your parent bank/agency branch.

Nomination is the process of authorizing person(‘s) who will be entitled to receive sum assured in case of the unfortunate demise of the life insured. The Policyholder should nominate the beneficiary by filling in the beneficiary details in the proposal form.

• Any change in Beneficiary
• Any change in percentage allocation of the Beneficiaries
• Any correction in the relationship of the Beneficiary with Life Insured

Correction in the spelling of Beneficiary’s name, The Policyholder can request for the above mentioned Beneficiary related changes by sending us the duly filled and signed copy of Alteration Form for Change/ Alteration. We will make the requested changes and send you the revised documents. (Only blood relatives are allowed to be beneficiaries)

In case the name of Policy Owner/ Life Insured is incorrectly spelled on the policy documents; send us the Alteration form duly filled and signed by the Policy Owner. We will correct the spelling error and send you the acknowledgment letter.

In case the Date of Birth of Policy Owner/ Life Insured is incorrectly mentioned on the policy documents; send us the Alteration Form duly filled and signed by the Policyholder along with a copy of CNIC. We will correct the Date of Birth and send you the revised acceptance letter, if required, which will be signed by the policy holder. Upon completion of documents a revised policy schedule will be sent to you for your records.

For changing the account number provided earlier for Auto Debit premium deduction, send us the Alteration Form duly filled and signed by the Policyholder along with the revised Auto Debit Instruction for your new account. You can find Auto Debit Instruction form at your respective Bank Branch.

Adamjee Life offers payment modes subject to policy anniversary, for your convenience. You can change your Premium Payment Mode after the completion of first policy year. For changing the premium mode please submit the following documents at your respective bank branch:

• Alteration Form duly filled and signed by the Policy Owner
• Revised Auto Debit Instruction (Available at Bank Branch)
• Risk Evaluation Form (Duly filled by the Insured person)

You can make changes to your Premium Paying Term on policy anniversary subject to the specifications of the product you have opted. For making changes to your Premium Paying Term submit the following documents at your respective bank branch:

• Alteration Form duly filled and signed by the Policy Owner
• Revised Auto Debit Instruction (Available at Bank Branch/ for Banca policies only)
• Risk Evaluation Form (Duly filled in all respects by the Life Insured)

Upon receiving your request, we will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made). Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days.

Adamjee Life offers customers an option to continue with their policy with reduced premium in case of financial strain. You can request for premium reduction on policy anniversary. For reducing your premium submit the following documents at your respective bank branch/Agency office:

• Alteration Form duly filled and signed by the Policy Owner
• Revised Auto Debit Instruction (Available at Bank Branch/ for Banca policies only.)
• Health Questionnaire (Risk Evaluation Form) (Duly filled in all respects by the Life insured)

Upon receiving and reviewing your request the policy will be underwritten again. We will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made) subject to the conditions that the request is approved and within the parameters of the product specifications. Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days. After which further requirement may be called for finalization of the request.

To make changes to the Sum Assured on policy anniversary, you are required to submit the following documents at the respective bank branch / agency office:

• Alteration Form duly filled and signed by the Policy Owner
• Revised Auto Debit Instruction (Available at Bank Branch/for Banca policies only)
• Risk Evaluation Form

Upon receiving and reviewing your request the policy will be underwritten again. We will send you the revised Illustration and Acceptance letter (reflecting the financial impact of the changes made) subject to the conditions that the request is approved and within the parameters of the product specifications. Please send us back the Illustration and Acceptance Letter duly filled by the Policyholder within 30 days. After which further requirement may be called for finalization of the request.

The riders, applicable to the product, can be added in the on policy anniversary, you are required to submit the request at the respective bank branch/ Adamjee life branch. Upon receiving and reviewing your request the policy will be underwritten again after which further requirement may be called for finalization of the proposed changes.

You can add additional amount to your investment as Ad-hoc. The minimum Ad-hoc amount required varies from product to product while there is no maximum limit to it. You can send us the Ad-hoc amount through Cheque, pay order or bank draft. A confirmation letter will be sent to you upon realization of this amount.

The due date of the premium payment as depends on the mode selected in the Policy Schedule. The responsibility to pay the renewal premium lies on the policy holders; however we would help you in remembering the Renewal Date of your policy for your ease, we do send Renewal Notices and SMS one month before each Premium Due Date.

The premium can be conveniently paid using the following means:

• Cheque,
• Pay order,
• Cash (For payment up to Rs. 50,000/-)
• Online Transfer through bank,
• Mobile application
• Website

You are requested to write your correct Policy Number at the back of the Cheque/Pay order. You can also contact your sales agent/ consultant who would visit to collect your premium payment. For Bancassurance customers, you are requested to share the scan copy of the deposit slip/copy of cheque/online bank transfer statement on [email protected] to receive your payment receipt as confirmation of receiving.

The account details for conventional policy holders are as follows:

Account Title: Adamjee Life Assurance Co Ltd
Account no "0442690111002594"
IBAN # PK36MUCB 0442690111002594
Bank: MCB

The account details for takaful certificate holders are as follows:

Bank name: MCB Islamic Bank Limited
Account title: Adamjee LIFE ASSURANCE CO LTD WINDOW TAKAFUL Account number: 0011000014310024
IBAN: PK72MCIB0011000014310024.

System generated payment receipts will be sent to your correspondence address once the payment is received at our end. However, in case the payment receipt is not delivered, you can get payment confirmation by emailing us on [email protected]

To make sure that the claim is processed as quickly as possible, we do ask that you, or someone on your behalf to let us know of any claim within 30 calendar days from the date that the incident occurred.

In such a case a written explanation would also be required to validate the delayed intimation.

We have 4 Steps

Claim process:

• Claimant to intimate Adamjee Life Assurance Co Ltd about the claim
• Adamjee Life Assurance Co Ltd informs the claimant to complete the documentation for faster claim processing
• Claimant to submit complete set of the required documents
• Adamjee Life Assurance Co Ltd to take decision on the claim

The claim forms and the claim process are available on our website www.adamjeelife.com where you may download them

Please refer to the website for downloading the claims forms heading to the claims page and following the procedure

They can be downloaded from here: - __________ https://www.adamjeelife.com/claim-procedure/

For Death Claim
Basic Requirements are:

• Claim Forms
• Death certificates (NADRA / Union Council and Hospital Death Certificate)
• Original Policy Documents
• CNIC Copies of the Beneficiary and the Deceased
• Police Report and Post Mortem Report (if accidental death).
• Hospital & Medical Records.
• In case of accidental death newspaper cutting and rescue report

Additional documents may be asked if deemed necessary.

For Disability Claims

• Claim Forms
• Hospital /Medical Records, X-rays and other treatment records
• Disability Certificate
• Police Report and MLO Report (if registered)

Additional documents may be asked if deemed necessary.

Normally when all the requirements have been submitted, It takes 5-7 working days for the decision of the claim. In case where verification is needed this time could be extended however in such cases the claimant is notified about it.

The claim proceeds will be paid to the beneficiary who generally is the nominee as mentioned by the Life Assured in the application form for Insurance.

You can know the status of your claim or clarify any of your queries by contacting our 021-111-11-5433 or email us at

[email protected] for group life claims or use the E-Services portal to lodge a claim

The company honors claim payments through cheques or online fund transfers to your account.

On survival of the Insured Person to the Maturity Date stated in the Policy Schedule and whilst the Policy is in full force, the Company shall pay, the Cash Value less any Indebtedness or recoverable amount.

In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay according to the policy terms and conditions. Policy documents are required to be submitted at the time of surrender, cancellation and for lodging benefit for claim. Therefore, the documents must be retained in safe custody.

At present Adamjee Life Assurance Company Limited is offering the following types unit linked life assurance plan:

• Regular premium plan: This plan allows the policyholder to pay premiums at regular intervals during the tenure of plan such as monthly, quarterly, half yearly or annually. Under these plan the policyholder is obliged to pay the premium every year till maturity or the end of premium paying term, whichever is earlier.

• Single premium plan: This plan allows the opportunity to pay the premium upfront (at the inception of the policy) for the entire life of the plan and is not obliged to make further premium payments.

Adamjee Life Assurance Company Limited at present is offering the following five unit linked funds:

• Investment Secure Fund: This fund is equivalent to a fixed income fund and is offered with our regular premium plans.

• Investment Secure Fund II: This fund is equivalent to a fixed income fund and is offered with our single premium plans.

• Investment Multiplier Fund: This fund is equivalent to an asset allocation fund and is allowed to take exposure towards fixed income avenues and listed equities. This fund is offered with both of our regular premium and single premium plans.

• Amanat Fund: This fund is equivalent to an Islamic asset allocation fund and is allowed to take exposure towards Islamic income avenues and Islamic listed equities. This fund is offered with both of our regular premium and single premium plans.

• Investment Diversifier Fund: This fund is equivalent to an asset allocation fund and is allowed to take exposure towards fixed income avenues, listed equities and commodities. This fund is offered with both of our single premium plans.

• Dynamic Secure Fund: To deliver regular and steady return primarily by investing in Government and fixed income securities.

• Dynamic Growth Fund: To generate high returns through active allocation in fixed and equity securities.

• Maazaf Fund: A moderate to high-risk profile fund that generates higher returns over the long run in shariah compliant

• equities and Islamic mutual fund.

• Tameen Fund: A low to moderate risk profile fund that generates stable and secure returns by balancing the investment in long term money market investments including term deposit in Islamic Banks and Sukuk Bonds

• Saman Fund: A moderate risk profile fund that aims to generate steady returns from investments in wide variety of Shariah compliant fixed income securities, term deposits in Islamic Banks and Government securities with limited exposure to Shariah compliant

For further information please refer to the Historical Investment Performance at https://www.adamjeelife.com/type/fund-performance/

The latest bid prices of the funds offered by Adamjee Life Assurance Co. Ltd can always be viewed at the website of the company ( www.adamjeelife.com )

You can increase the investment component of your plan anytime by opting to pay Adhoc premium which is also known as fund accelerated premium.

As per income tax laws applicable in Pakistan, a resident individual, who derives income chargeable to tax can under the head “salary” or “income from business”, can obtain tax credit in respect of life insurance premium paid as per the following formula, provided he or she has not claimed any tax credit on purchase of units of mutual funds or newly offered listed equities.

Formula:

(A/B) x C

where A is the amount of tax assessed to the person for the tax year before allowance of any tax credit

B is the person’s taxable income for the tax year, and C is the lesser of –

(a) total premium paid

(b) twenty per cent of the person’s taxable income for the year; or

(c) two million rupees

Policy Number is the unique identity assigns to your policy however Client ID shows the number of policies has been issued on your ownership.

The person applying for cover on the life of the Life Insured Person. An insurable interest has to exist between the policyholder and the insured person. In addition, if you are not the main insured person you need to have been given permission by the main insured person to take out a policy on the life of the Main insured person ,Spouse or children of the main insured person or spouse.

The person on whose lives the cover under this Policy is affected. This Policy may provide cover only in respect of a Main Insured Person or a Spouse or Child of the Main Insured Person where applied for by you in terms of this Policy. No Spouse or Child will be covered unless nominated by you and listed in the Policy Schedule. Persons who are not nominated in the Policy Schedule will not be covered in terms of this Policy. All nominations will remain in force until you notify the Company in writing of any change.

Proposal for insurance is the application made on prescribed company perform by the Policyholder/ life assured for a life insurance policy from the company.

The sum assured is the amount of money an insurance policy guarantees to pay upon the death of the insured person. This is also known as the cover or the coverage amount and is the total amount for which an individual is insured.

Premium is an amount paid periodically to the insurer by the policyholder for covering his risk. For taking this risk, the insurer charges an amount called the premium.

A life insurance policy "illustration" is a set of projections, prepared by the actuarial department of the insurance company. These projections forecast the expected returns on investment (which is the term premium paid on renewal date) tabulated under the surrender cash value column per year. (illustration values may vary). Plan illustration is to be signed and submitted by the policyholder with proposal for insurance at the time of applying Life Assurance policy.

Once your proposal for insurance has been accepted, a short message service (SMS) alert would be sent to your provided contact number. You will also receive your policy documents through courier at your registered mailing address.

Adamjee Life offers its clients the option to increase their yearly premiums by a certain percentage. This option can be exercised by the clients at any point in time during the term of the policy. Indexation can help the client counter act the effects of increasing inflation, periodic increase in savings amount, or any other reason that may benefit the client with increased financial security.

In order to claim your maturity benefit, you are required to submit the following documents at your parent bank/agency branch. The payment instrument is issued subject to the policy holder’s consent to the communicated maturity cash value subjective of market performance.

The documents required are as follows:

• Maturity form

• Original policy documents

• Valid CNIC copy

• Zakat declaration form

When the premium is not paid within the days of grace provided after the due date, the policy lapses. The grace period is of 31 days.

The reinstatement of the policy requires initial following requirements.

• Outstanding premiums

• Declaration of Good Health Form duly signed by the Client / Risk Evaluation Form

• In case of adverse medical health, the company reserves the right

*Reinstatement is subject to approval by our underwriting department.

Customers, who are living abroad and yet continuing policy with us, can conveniently avail e-Services payment gateways and pay using their own Master/ Visa card.

System generated payment receipts will be sent to your correspondence address once the payment is received at our end. However, in case the payment receipt is not delivered, you can get payment confirmation by emailing us on [email protected]

Assignment of an insurance policy is a transfer: for of all rights and liabilities to the insurance policy endorsing to assignee. This facility is being offered by Adamjee Life Assurance Co.Ltd.

To inquire about the assignment or in case of any further queries or concerns, feel free to contact our Customer Services Department via any of the following means as mentioned below:

Adamjee Life Assurance Co. Ltd, 3rd Floor, Main I.I Chundrigar, Karachi. 111-11-(5433)

[email protected]