Bancassurance is simply the distribution of insurance products through bank branches. In Bancassurance, the bank serves as a distributor of insurance company’s products to its clientele.
EFU Life started Bancassurance in early 2000s and now has the most number of Bancassurance partners in Pakistan.
Currently, EFU Life has Bancassurance partnerships with the following banks:
Bancassurance offers bank account holders an option to have their policy premiums deducted automatically throughout the term of the policy. Moreover, Bancassurance products are tailored to the need of the banking customers.
In order to apply for a life insurance policy, you only need to provide a copy of your CNIC. Bancassurance sales officer in the branch would get the following forms filled and signed from you:
Depending upon the sum assured you apply for, EFU Life would decide whether or not a medical examination is required. In case it is required; EFU Life will pay for the medical examination. EFU Life has a network of doctors/medical facilities across Pakistan where all required medicals are done on credit.
Coverage under your life insurance policy would start once you receive the detailed policy documents directly from the insurance company on the address mentioned by you on the insurance application form.
After receiving your application and the necessary documents, EFU Life will evaluate (underwrite) the case and if required, might ask you to undergo a medical examination. Once the evaluation process is completed, a decision on your application would be made. For all approved cases, policy documents would be dispatched to the clients directly at their correspondence address within seven (07) working days.
The policy document pack sent to you would include:
We suggest that you should go through all the documents in detail so that you have a clear understanding of all the aspects of your policy. Also, please check if all details mentioned on your policy schedule are correct.
Policy documents are of high importance as they are a mandatory requirement for all future policy related services/processes (alteration, surrender, claim etc.). Therefore, it is strongly recommended that you keep these policy documents at a safe place.
EFU Life offers it’s policyholders a free-look period of fourteen (14) days during which you can decide whether or not to continue the policy. However, it is strongly recommended that you call us or contact your relevant bank branch for clarification before you decide to exercise your free-look period option.
You can apply for a duplicate set of policy documents by signing an Indemnity Bond printed on a stamp paper worth Rs. 100. You can either contact your relevant bank branch or can contact us directly for assistance.
EFU Life would send you a renewal notice one (01) month prior to your policy due date. All you need to do is to maintain sufficient balance in your bank account marked for premium deductions at the time of buying the Bancassurance policy.
In this case, EFU Life will send you a renewal reminder soon after your policy due date has passed requesting you to pay your renewal premium by maintaining funds in your bank account marked for premium deduction.
Yes, EFU Life gives every client a grace period of one (01) month for renewal premium payment during which the client remains cover under the benefit.
In case of non-receipt of renewal payment, your policy status would get changed to Lapsed, Auto-Non Forfeiture (ANF) or Paid-up depending upon your policy year and a relevant letter is also sent to the policyholder mentioning the procedure for reinstatement (reactivation) of policy.
In case of non-receipt of renewal payment, the policy is converted into any of the following;
You can reinstate (reactivate) your insurance policy by submitting an application for reinstatement and special health declaration form (both available in the download section) along with due renewal premium(s) in your relevant bank branch. EFU Life would process the request and would reinstate the policy after due underwriting (risk evaluation).
Yes indeed. EFU Life would send you an sms as soon as your premium is received and the policy is renewed followed by a renewal confirmation letter along with a formal premium receipt.
All non financial changes in the policy like change of nominee, address, phone number etc. can be requested at any time during the course of the policy. While all financial changes to the policy like change in premium amount, mode, sum assured, addition/deletion of policy riders etc. can only be requested one (01) month prior to policy anniversary.
You can request non-financial changes in your policy by visiting your relevant bank branch and filling up an application for Policy Alteration/Change in Nomination (available in the download section). You can also submit the filled alteration form directly at firstname.lastname@example.org.
All financial changes can be requested one month prior to policy anniversary by visiting your relevant bank branch and filling up the application for Policy Alteration (available in the download section).
Yes, you can invest additional amount in your policy under an option called Fund Acceleration Premium (FAP) if it is available in your policy. This benefit acknowledges the fact that you may have surplus cash available at any point in your life as it gives you the flexibility to top-up your savings by depositing your surplus funds as lump sum contributions in the Plan. The FAP payments will increase the cash value of your plan, but will not affect the sum assured.
Yes you can. All policyholders have an option of encashing their policy for its underlying cash value, any time after payment of at-least two (02) annual premiums. The process of early encashment of policy is called Policy Surrender Process.
After payment of at-least two annual premiums, a policy can be surrendered completely or partially for its cash value. You can submit an application for Policy Surrender (available in the download section) along with your original policy documents and zakat exemption certificate to your relevant bank branch. You would also need to un-mark your Auto Debit Instruction to avoid future deductions against your policy. EFU Life will dispatch the surrender cheque directly at your correspondence address.
Partial Surrender: When a policyholder wishes to withdraw some cash value out of the policy and at the same time intends to continue the policy, he can avail the option of partial surrender. In partial surrender, the benefits in the policy are proportionally reduced.
Full Surrender: When a policyholder wishes to withdraw the full cash value available in the policy, he can avail the option of full surrender. After the full surrender, your policy is closed and its benefits are stopped forever.
A claim can be lodged by contacting EFU Life directly or through the relevant bank branch. An online claim intimation form is also available in the download section of our website. Once a claim is lodged, it is assessed and requirements (if any) are communicated to the claimant in writing. Upon fulfillment of all necessary requirements, claim is settled in accordance with the terms and conditions mentioned in the policy documents.
It is a component of the Fund in a unit linked policy.
Under unit-linking system, insurance companies utilize a certain percentage of premiums to buy units in an investment fund. The units of a fund are just like shares of any company but carry no dividends as such. These funds are managed by the experts who utilize their profound knowledge of financial markets to reap the maximum investment benefit for clients. Of course, the performance of the fund is subject to economic conditions of the market and thereby the unit price of any fund varies due to prevailing market scenario.
As the funds are judiciously managed by investment experts, normally the trend of unit prices on a longer term remains up-sloping. From the investment point of view, the growth and return attainable from the fund is usually favorable.
A typical composite fund managed by the life company invests in:
The fundamental purpose of life insurance is to provide money to meet financial losses caused by death, disability, or illnesses. However, unit-linked life insurance policies also provide investment benefits that is, money is payable on survival of the life assured rather than only on death.
Should you wish to know the name of the fund your policy is linked to, please refer to the Policy Schedule included in your Policy Documents. The name of the Fund is mentioned under the section Special Condition on your Policy Schedule. Or you can also refer back to the illustration you signed at the time of buying your policy.
Each unit of a fund has two prices at a time; the Offer price at which the investor buys into the fund and the Bid price at which the investor sells out the fund.
The difference between the Offer & Bid price is the spread which is charged by the Company on each basic premium. This Bid/Offer spread is normal and customary charge levied by all life insurance companies across the world, who market unit-linked policies.
Cash Value of a policy is defined as the amount that has been accumulated in the underlying investment fund to which that policy is linked. Cash value is a product of the units available in your policy and the latest bid price.
You can determine the cash value of your policy at any time by simply multiplying the number of units allocated in your policy to the Bid Price of the fund your policy is linked to. Also, you can contact us anytime to get the current cash value of your policy.
The Bid Prices are published in the newspapers and can also be viewed on our website www.efulife.com. It is quoted daily (on all working days) after the valuation of fund.
The cash value of the policy is dependent upon the performance of the underlying fund to which your policy is linked. Since the performance of fund is subject to economic conditions, it is not possible to quote the exact cash value of your policy in advance. However, an Illustration of projected cash value of your policy based on certain assumptions was signed by you at the time of buying the policy. You can refer to that to get an idea of the expected cash values at maturity.
We love to hear from our clients! We consider your feedback crucial in our continuous effort to improve our services. You could contact us through the following means:
EFU Life Assurance Ltd.
EFU Life House, Plot No.112, 8th East Street, Phase 1, DHA, Karachi, Pakistan.