Saturday, August 15, 2009

Blessings for Life

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:

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%.

*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:

1. Select the term of the plan, amount you wish to contribute and the frequency you wish to contribute with the plan, OR
2. 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:

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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