Suhana Kal | Summit Bank

Suhana Kal

A combination of savings and protection elements ensuring that the family is secured even after retirement.

Product Type Unit linked life insurance
Policy Term Min 10 years to max up to 57 years with retirement age 55 – 75 years choice
Minimum Basic Premium Annual 24000/,semi-annual 12000/,

quarterly 6000/-

Monthly 2000/-

Premium Payment Method Direct debit from SMBL account
Eligible Age for Enrollment Min 18 years to Max 65 years
Unit Allocation 1yrs policy 30%2yrs policy 85%

3yrs policy 90%

4yrs onwards 100%

AVAP 100%

Investment Stratigies Managed FundYaqeen Growth Fund

Meesaq Fund

Capital Growth Fund

Loyalty Bonus 5 years and onwards 3%
Maturity Benefit At the end of the chosen term of the plan, the policy holder will receive the accumulated cash value of the plan. If the attained age of the policy holder at maturity is 55 years or above, he will also have an option to use the cash value, to buy a pension, especially tailored for individuals who prefer a steady stream of income instead of a lump sum amount, at the time of retirement. The Pension term and conditions will be defined at the time of the maturity.
Free Look Period 14 days
Partial Withdrawal If you need to withdraw cash for meeting some emergency needs, but do not want to surrender the policy, you can withdraw any amount provided that the residual cash value of your policy after withdrawal is greater than or equal to Rs. 24,000 (the residual cash value floor may be reviewed by Jubilee Life)
Grace Period 30 days (renewal)
Policy Surrender After completion of two policy years (given two year’s complete premiums have been paid), you can surrender your policy. At the time of surrender, you will be paid in full the cash value of your fund. However, surrender in early policy years may result in lower cash values.
Non-Medical Limit PKR 6.0 Million upto Age of 18 to 39 yrs
PKR 4.5 Million upto Age of 40 to 44 yrs
PKR 3.5 Million upto Age of 45 to 49 yrs
Optional Riders *Optional Riders available on request

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

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Last Updated 2018-02-21


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