IGI Life | Summit Bank

IGI Life

IGI Life Insurance Limited has marked the entry of IGI Financial Services ( part of Packages Group) into the Life Insurance arena through acquisition of controlling shares in American Life Insurance Company (Pakistan) Limited in April 2014. Acquisition by Packages Group makes IGI Life one of a kind life insurance provider in Pakistan as IGI Life’s multinational heritage is now coupled with the experience of Packages group which is one of the most reputed business conglomerates having several joint ventures with leading global brands in the FMCG, Pharmaceutical and Packaging sectors.

IGI Life’s current product suite includes Life Insurance plans, Accident & Health Insurance and Employee Benefit Solutions. IGI Life is also amongst the first few companies who commenced Family Takaful business in 2015 under Window Takaful Operations enabling the Company to offer Shari’ah compliant solutions.

Believing in fair play and an adherence to high ethical standards, IGI Life continues to provide consumers and businesses with life insurance, accident and health insurance, retirement planning, family takaful and wealth management solutions.

At IGI Life, our covenant with the customers will always be to provide the best insurance solutions in Pakistan. Thus we continue to achieve success through a total commitment to customer satisfaction, a highly professional attitude toward prudent underwriting and sound management practices. We strive to create value for our customers and shareholders as we believe in a long term relationship built on strong foundations.

Wedding Planner

Eligible Enrollment Age 18 – 65 Years
Policy Term Minimum 10 years and maximum up to 70 years
Minimum Basic Premium PKR 25,000
Account Value Acceleration
Premium (AVAP)
Facility Available – If customer has surplus funds, he or she may top-up the regular premiums by depositing a lump sum contribution to the plan
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal  After 5 Years
Policy Surrender After 2 Years, In case of earlier surrender, compensation will be charged
Choice of Investment strategies Make your own mix (Switching Facility Available)
Non-Medical Limit Upto PKR 10 Million
Loyalty Bonus Payable at the end of every 5 Years
Death Benefit Basic Face Amount OR Account Value (whichever Is Higher)
Maturity Benefit Accumulated Account Value or Account Value (whichever is higher)
Built-in Riders Family Protection Rider (FPR) – In case of permanent and total disability of the insured, all due future premiums are waived from the date of diagnosis of disability.

Graduate Plan

Eligible Enrollment Age 18 – 55 Years
Policy Term Minimum 10 years and maximum up to 70 years
Minimum Basic Premium PKR 25,000
Account Value Acceleration
Premium (AVAP)
Facility Available – If customer has surplus funds, he or she may top-up the regular premiums by depositing a lump sum contribution to the Plan
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal  After 5 Years
Policy Surrender After 2 Years, In case of earlier surrender, compensation will be charged
Choice of Investment strategies Make your own mix (Switching Facility Available)
Non-Medical Limit Upto PKR 10 Million
Loyalty Bonus Payable at the end of every 5 Years
Death Benefit Basic Face Amount OR Account Value (whichever Is Higher)
Maturity Benefit Accumulated Account Value or Account Value (whichever is higher)
Built-in Riders Family Protection Rider (FPR) – In case of permanent and total disability of the insured, all due future premiums are waived from the date of diagnosis of disability

Golden Age

Eligible Enrollment Age 18 – 65 Years
Policy Term Minimum 10 years and maximum up to 85 years
Minimum Basic Premium PKR 25,000
Account Value Acceleration
Premium (AVAP)
Facility Available – If customer has surplus funds, he or she may top-up the regular premiums by depositing a lump sum contribution to the plan
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal  After 5 Years
Policy Surrender After 2 Years, In case of earlier surrender, compensation will be charged
Choice of Investment strategies Make your own mix (Switching Facility Available)
Non-Medical Limit Upto PKR 10 Million
Loyalty Bonus Payable at the end of every 5 Years
Death Benefit Basic Face Amount OR Account Value (whichever Is Higher)
Maturity Benefit Accumulated Account Value or Account Value (whichever is higher)
Built-in Riders Family Protection Rider (FPR) – In case of permanent and total disability of the insured, all due future premiums are waived from the date of diagnosis of disability.

Goals

Eligible Enrollment Age 18 – 65 Years
Policy Term Minimum 10 years and maximum up to 85 years
Minimum Basic Premium PKR 25,000
Account Value Acceleration
Premium (AVAP)
Facility Available – If customer has surplus funds, he or she may top-up the regular premiums by depositing a lump sum contribution to the plan
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal  After 5 Years
Policy Surrender After 2 Years, In case of earlier surrender, compensation will be charged
Choice of Investment strategies Make your own mix (Switching Facility Available)
Non-Medical Limit Upto PKR 10 Million
Loyalty Bonus Payable at the end of every 5 Years
Death Benefit Basic Face Amount OR Account Value (whichever Is Higher)
Maturity Benefit Accumulated Account Value is used to buy
monthly pension that is payable for lifetime
of the customer and guaranteed for a
minimum of 20 years
OR;
Accumulated Account Value Payable in four
equal annual installments
OR;
Accumulated Account Value payable in lump
sum

Takaful Asasah

Eligible Enrollment Age 18 – 65 Years
Policy Term Minimum 10 years and maximum up to 85 years
Minimum Basic Premium PKR 25,000
Account Value Acceleration
Premium (AVAP)
Facility Available – If customer has surplus funds, he or she may top-up the regular premiums by depositing a lump sum contribution to the plan
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal  After 5 Years
Policy Surrender After 2 Years, In case of earlier surrender, compensation will be charged
Choice of Investment strategies Make your own mix (Switching Facility Available)
Non-Medical Limit Upto PKR 10 Million
Loyalty Bonus Payable at the end of every 5 Years
Death Benefit Basic Face Amount OR Account Value (whichever Is Higher)
Maturity Benefit On completion of the membership term, the available Participant’s Investment Account (PIA) value along with the account value of Top-UP amount (If Any) will be payable to the participant. The Accumulated value in PIA can be taken as a lump sum; or applied to take life-time pension commencing from the maturity date or taken partly in cash and the balance applied to take pension
Additional Benefits Waiver of Contribution – Disability
Additional Protection Benefit

Disclaimer:
“The product is underwritten by IGI Life Insurance etc. It is not guaranteed or insured by Summit Bank.” 
 

©2016 Copyright Summit Bank Limited. All rights are reserved.

Last Updated 2017-04-17


Browser Compatibility: Chrome, Mozilla, Opera, Internet Explorer 8 and latest Safari.