Askari Betterlife Azaadi Plan

Product Description

Designed for visionary high-net-worth individuals, our Premier Wealth Accumulation Universal Life Askari Betterlife Azaadi Plan, with a minimum premium of PKR 100,000, masterfully blends protection and investment. This exclusive plan offers curated investments for growth and stability, symbolizing distinction as you secure and pass down wealth according to your wishes.

Minimum/Maximum Age at Entry

18-60 years nearest birthday

Maximum Age at Maturity

75 years age next birthday

Available Term & Payment Range

05 - 25 years

Minimum Annual Premium

PKR 100,000/-

Unit Allocation as % of Basic Plan Premium

Year 1 - 75%

Year 2 - 90%

Year 3 & onwards - 100%

Additional Investment Option (Top-up)

Ad-Hoc Premium Allocation - 101%

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 Azaadi Plan during the course of the policy term that will further enhance your cash value. Many people use this option to make yearly premium payment by placing additional investment as top-up with their policy.

Bonus Allocation as % of Basic Plan Premium

Unlock a brighter financial future with our Exclusive Advance Bonus feature. Receive our advance bonus before completion of the 1st year & allocated to you in the third year as a testament to your dedication.
Stay committed for 5+ years and earn more attractive loyalty bonuses in the future years.

Year 01 - 20%

Year 07 - 30%

Year 10 - 100%

Year 15 - 150%

Year 20 - 200%

Cover Multiple

5 - 200 times of Annualized Premium as per the discretion of the policy owner subject to Underwriting limits defined by the company.

Sum Assured

Regular Basic Premium x Cover Multiple

Premium Payment Mode

Yearly, Half-Yearly.

Inflation Protection

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. Azaadi Plan offers this unique feature dedicated to combat inflation with up to 5% - 20% increment in the premium every year.

Partial Withdrawal / Surrender

Partial Surrender / Withdrawal: This option provides an option to withdraw any amount up to 50% of the cash value after two years, to meet a sudden need, without surrendering your policy.

Surrender Benefit: You may surrender your plan after the second year’s premium has been paid. Upon surrender, you will receive the account value on the date of surrender, less any applicable surrender charge, outstanding indebtedness, and adjustments for partial withdrawals. Please note that surrendering in the early years of membership may result in a lower cash value.

Following Charges and Penalties are applicable:

Surrender / Partial Withdrawal Processing Fee: PKR 500.

Surrender Penalty:
Year 01 - 100%
Year 02 - 75%

Death Benefit

Higher of the account value or the Sum Assured less any partial withdrawals and indebtedness.

Optional Riders

Hospitalization Cash Rider
School Fee Waiver Rider
Major Surgery Rider
Waiver of Premium Rider (Death)
Waiver of Premium Rider (Disability)
Accidental Death and Disability Rider
Level Term Insurance Rider
Critical Illness Rider
Monthly Income Benefit Rider

Applicable Charges

Premium Expense: 5% of premium expense will be deducted from every Premium.

Investment Management Charge: 1.75% of the account value to be deducted annually.

Policy Fee: Rs. 200 to be deducted monthly. (This will increase by 10% every year).

Insurance Cost: An age-based mortality charge applies for the life insurance risk each year and is dependent on the sum at risk. No mortality charges applies in years where the cash value exceeds sum assured.

Surrender / Partial Withdrawal Processing Fee: PKR 500.

Surrender Penalty:
Year 01 - 100%
Year 02 - 75%

Free Look Period

Azaadi 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.

Fund

Universal Life Investment Fund: up to 100% in Government PIB's and T-Bills, Up to 100% in Bank Deposits and Fixed Income Securities, Up to 70% in Equities and Up to 30% in Real Estate.

Claim

In the unfortunate event of a claim, you may submit your request through any UBL branch, by visiting Askari Life’s Head Office, or at any Askari Life’s branch nationwide. For a faster and smoother process, you may also contact our call centre at 021-111-225-275 or email us at claims@askarilife.com.