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How do you imagine spending
your retirement? Relaxing with your family?
Vacationing Overseas? Or burdened with financial
problems? It’s time to let go of all the
anxiety and look forward to a comfortable post
retirement life, and to make timely decisions
for timeless support!
RBS has tied up with NJI life to bring to you Blessings for Life – a post retirement income plan with a built in advantage of life insurance. We provide you an array of products and services and tailor them to your individual needs to help you reach your financial goals for your retirement years, so that you and your family are always well provided for.
How Does This Plan Work?
Contributions from the policy holder
are invested in NJI Life Managed Fund
or Meesaq (Interest Free) Fund (whichever
they choose) and returns
earned, accumulate as policyholder’s cash
value.
What Are The Benefits Of This Plan?
Blessings for Life is especially designed to
provide you and your family with maximum financial
stability at the time of your retirement or
in case of your untimely death, during the term
of the plan.
Maturity Benefit
At the end of the term of the plan, policyholder will receive the cash value accumulated during the term of the plan.
Policyholder will also have an option to use the accumulated 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. This option is only available to policyholders who at maturity are at least 55 years of age.
Death Benefit
If the life assured expires during the term of the of the plan, following benefits will be paid to the nominee(s)
- PKR 200,000 PLUS
- Accumulated Cash Value or Regular Premiums paid, whichever is higher.
Are There Any Optional Benefits Available With This Plan?
Additional benefits* can also be availed
on optional basis under Blessings for Life.
- Family Income
Benefit – caters to the
financial needs of one’s
family in case of an untimely death of the
life assured during the term of the plan.
It provides a steady stream of monthly payments,
in addition to the death benefit, to the
family until the end of the policy term.
- Accidental
Death Benefit – provides an
additional cover of PKR 200,000
in case of an accidental death of the life
assured during the term of the plan.
- Premium Waiver
– ensures continuity of premium payments
by NJI Life into Blessings for Life plan
on behalf of the policyholder in case policyholder
is unable to pay premiums due to illness
or disability.
How Is This Plan Different From Any Other Retirement Plan Available In The Market?
Blessings for Life offers a guarantee of 100%
return of regular premium in case of death of
the life assured in addition to the payment
of PKR. 200,000.
How Is The Money Invested In This Plan?
Any contributions made as a participant of this
plan will be invested in one of the two funds
mentioned below according to the choice of fund
YOU want to invest in.
NJI Life offers two different types of funds
that YOU can choose from;
- NJI Life Managed Fund
- NJI Life Meesaq Fund– an Interest Free Fund
These funds are managed by
expert investment managers and are backed by
premium securities to ensure optimized returns
with manageable risk exposure. Investments in
these funds are regulated by the Securities
and Exchange Commission of Pakistan under Insurance
Ordinance 2000.
How Are The Funds Allocated in This Plan?
The funds are allocated as per the schedule shown below:
| Year |
Allocation % |
| 1st Year |
35% |
| 2nd Year |
85% |
| 3rd Year |
100% |
| 4th Year Onwards |
102% |
How Much Do I Have To Pay To Avail This Plan?
Only PKR 36,000 annually (PKR 3,000 monthly),
will help you ensure that your tomorrow is secure.
What Is The Premium Payment Frequency For This Plan?
Blessings for Life offers you the option to
pay premiums for this plan annually, semi-annually,
quarterly or monthly.
Can I Withdraw My Funds From This Plan, When I Need Them?
Funds can be withdrawn from
the accumulated cash value if
and when required (after completion of two policy
years). A minimum amount PKR 36,000 is to be
left with the plan in order for the plan to
stay active.
Death benefit will be reduced by partial withdrawals made under the plan.
What if I want to make contributions in addition to regular premiums?
You may have extra funds available with you
at any stage. You can top up your regular investments
under this plan by making ad-hoc premium payments.
Ad-hoc premium will be allocated at 100%.
Who can enroll for this Plan?
Enrollment for this plan is subjected upon fulfilling the below criteria;
| Description |
Minimum |
Maximum |
| Entry Age |
18 Years |
65 Years |
| Term of Plan |
10 Years |
*57 Years |
| Annual Premium |
PKR 36, 000 |
No Limit |
*Maximum age at maturity should not exceed 75 years
What steps should I take to enroll for this Plan?
Blessings for Life can be availed by following
two simple steps:
- Select the term of the
plan, amount you wish to contribute and
the frequency you wish to contribute with
the plan, OR
- Contact your personal banker for further
details.
What Are The Charges Applicable To This Plan?
Following charges* will be applicable on your plan:
- A bid/offer spread of 5%,
- Trimmed premium allocation in first two policy years,
- An investment management charge of 1.5% per annum of the fund value that will be deducted on weekly basis.
- Administration fee. Currently PKR 28 per month.
- Benefit assured charges to provide death benefits under this plan.
*All charges are reviewable
by the company
Things to Remember:
- Blessings for Life is a Unit Linked Joint
Life Plan which is subject to investment
risk.
- NJI Life or RBS Pakistan Ltd does not
guarantee the value of Units.
- The value of units may rise, fall or remain
unchanged. No guarantees in respect of any
Funds are given by NJI Life or RBS Pakistan
Ltd.
- The past performance of funds is not necessarily indicative of the future performance of any of these funds.
- All benefits payable under the policy are subject to applicable laws (financial or otherwise), as they exist in Pakistan from time to time.
- Unit prices of NJI Life Managed Fund are published in all leading dailies on a weekly basis. (every Thursday)
- Please refer to the policy document of this plan and ad-on benefits for details.
- For further information regarding products
offered by NJI Life, you may visit our website:
www.njilife.com
Disclaimer:
The applicant/buyer of this product fully agrees and understands that the Bank shall under no circumstances whatsoever, be responsible nor shall the Bank be held liable to the applicant/buyer or any other third party in respect of any representation and/or undertaking made by NJI Life in relation to this life insurance product and/or any benefit arising out of it. Should the applicant/buyer proceed to subscribing to this life insurance product, he/she shall do so on a voluntary basis at his/her sole risk and the Bank shall have no responsibility or liability whatsoever in respect of any disputes and/or claims arising as a consequence of the investment performance of the Fund comprising of contributions from the applicant/buyer and/or for any other reason whatsoever. The cash value/account value and benefits shown assume that premiums are paid in full when due and no withdrawals have been made from the policyholder’s cash value/account value.
All guarantees mentioned in this brochure are backed by NJI Life and the Bank is not liable for the performance of NJI Life on this part.
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