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Askari Betterlife
Mehfooz Kal Plan

Askari Betterlife Mehfooz Kal Plan

  • Introducing Our Universal Life Plan

    We've crafted our Universal Life plan to help you build a secure financial future for yourself and your loved ones. For just PKR 24,000 per year, you can get started on a path that's both flexible and reliable. We all know that life can be unpredictable, and our plan is designed to provide emergency savings for your family in case something happens to you. This ensures coverage of essential expenses such as household needs, outstanding debts, and children’s education costs.

  • Protection and Savings Combined

    Our plan offers a healthy insurance cover that will help your loved ones maintain their standard of living, even if you're no longer around. But that's not all - it also comes with a savings component that lets you build a financial cushion over time. This way, you can work towards your long-term goals, whether that's sending your kids to a good school, retiring comfortably, or simply having a financial backup plan.

  • A Smart Investment for Your Future

    By investing in our Universal Life plan, you're taking care of two important things at once: protecting your family's financial future and building a savings account that can help you achieve your goals. With a PKR 24,000 annual premium, you can start building a secure financial future for yourself and your loved ones. Our plan is designed to be flexible, reliable, and a source of peace of mind, making it a great choice for anyone looking to take control of their financial well-being.

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Key Features
All in one Package!
As we go through each stage in life, our financial responsibilities change. Our perspective on life and savings changes with time. Recognizing your evolving financial needs, Mehfooz Kal Plan not only provides long-term protection from unforeseen circumstances but also brings prosperity into your life. Whether you are at the beginning of your career, have just started a family, require funds for your child’s education or marriage or would like to plan for your retirement, all possibilities are ensured through this plan.
Strengthen your Child’s Future
When a child is born, a dream is born. We, being a parent, would want to shape that dream and bring it to reality in the best possible way. Either it’s the question of providing top-quality education or making best arrangement for their marriage, we always want the best for our child. Mehfooz Kal Plan helps you in achieving all those dreams with ease, as this plan offers one of the most effective ways to keep your child's future secured along with the peace of mind of opting for various exclusive benefits and coverage enhancement options that can be tailored as per your child’s future financial needs.
Annuity Benefit
Through this option, you will be given the option to get your maturity value on a monthly basis up to the years you have selected. Maturity value will continue to grow through Investments in your Investment Account till the last month of your selected tenure to receive the monthly Annuity benefit.
Make Your Own Plan
With Mehfooz Kal Plan, you can design the future you want for yourself! It provides you the flexibility to personalize your plan according to your own goals and family’s unique lifestyle. There are many flexible options this plan provides one of which is altering your investment and protection level. In addition to flexibility, you can also opt from various optional add-ons with the help and expert advice of our certified financial advisor that will add more benefit to your policy.

Basic Features

This feature provides additional flexibility to your existing plan. If you have any additional funds available at any stage, you can park them as investment under Mehfooz Kal 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.

A sudden demise of a bread-earner can make many lives difficult. In that case financial security for your family is of utmost priority. With Mehfooz Kal Plan, you can ensure desired financial security for your family by fixing a significant lump sum amount, as much as you anticipate would be enough to fulfill their future financial needs, which could be set as high as 400 times of the premium amount.

What do you do when you have an urgent requirement of cash? You either borrow it from someone or sell your valuables. To save you from all those hassles and to fulfil your urgent cash requirement, Mehfooz Kal Plan offers a valuable loan facility and easy access to cash (of up-to 50% of your account value).

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

Life insurance 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.

Policy Term

Min Entry Age Max Entry Age Min Policy Term
18 Years (Age Nearest Birthday) 60 Years (Age Nearest Birthday) 10 Years
Min Paying Term Max Paying Term Max Policy Term
10 Years Equal to Policy Term Up to age 70

Policy Year % of Basic Premium Allocated to Account Value Surrender Charges as % of Account Value
1 70% 100%
2 90% 50%
3 100% Nil
4 and above 100% Nil

Mehfooz Kal Plan is a long term saving and investment plan. The longer you continue this plan, the higher the rewards. If you opt and continue the plan for a period of 5 years and beyond, you will earn lucrative loyalty bonuses over and above your contribution made during the policy term.

Policy Year % of Initial Basic Premium Allocated to Account Value
5 15%
7 25%
10 75%
15 150%
20 200%

Policy Fee
The monthly policy fee is PKR 200/- only, which will increase by 10% annually.
Investment Management Charges
1.75% of the account value to be deducted annually.
Insurance Cost
With reference to attained age and based on the mortality table.
Premium Expense
5% expense will be deducted from each premium.
Optional Benefits
Apart from standard applicable benefits such as protection and investment, Mehfooz Kal Plan also offers you additional benefits, and the liberty to choose from various optional insurance benefits, based on your goals and financial capabilities.

Education Solution

School Fee Waiver

It’s every parent’s dream to see their child educated and successful in life, but sometimes life has other plans. Wouldn’t it be great to know that your child’s education will always be uninterrupted even in case of any misfortune? With this exclusive School Fee Waiver benefit, Mehfooz Kal Plan will ensure your child’s education in your absence by covering the school fee of your child. It also provides you the flexibility to choose the cover term as per your need (maximum up-to 10 years).

Financial Support against Major Surgery

Imagine having to worry about your finances in case of under-going a surgery. Such a calamity can create a havoc in your family. Thus, financial readiness for such situations is equally important. Mehfooz Kal Plan offers this exclusive benefit that provides you with an upfront financial support in case you get diagnosed with a chronic disease, so you can manage your hospital bills and expenses without any obstacles. This benefit is specifically designed to offer living benefits to our customers as depicted in our Brand’s mantra of “Jee Lo Har Ghari” so you and your loved ones continue living your life & enjoying every moment to the fullest!

Health Protection Solution

Hospital’s Stay Expense Covered for up to 60 days in case of Accident

Leading a healthy lifestyle in the modern high-stress routines is challenging. Medical emergencies can arise without any intimation. At such times, treatment costs can put a huge financial burden on families. Sometimes, such huge payments can cause imbalances in your family finances. To ensure that you are well-protected against unforeseen medical expenses, the Mehfooz Kal Plan offers a unique benefit of hospitalization coverage (applicable only for accidental hospitalization). This benefit provides coverage in case of hospitalization exceeding one day due to an accident.

Monthly Income Benefit

Throughout our life, we try to provide comfort, happiness and protect our loved ones emotionally and financially. But there are times when you ask yourself, what if I am not around to take care of my family? Have I secured my loved ones financially? Can I plan for the financial security of my family while meeting my current goals? Askari Life is proud to introduce one of the most unique benefits that will protect you and your family from financial uncertainties even in case of an unfortunate event that results in death or disability by providing them regular monthly income to manage their monthly expenses with ease.
Protect yourself from unexpected medical costs
Waiver of Premium (Disability)
We all work towards the well-being of our family to safeguard their present and ensure their future is financially secure. Be it your child’s higher education, planning a family holiday or a secure retirement, we want to provide the best to our loved ones. Even in case of any eventuality, you prepare for the future to ensure your family maintains the same living standards and has a financially secure future. But what if you are unable to earn and pay your premiums because of unexpected events that may result in disability? With this exclusive add-on, we bring to you Premium Waiver Rider, which allows you to get your insurance policy benefits even if you’re unable to pay your future premiums.
Waiver of Premium (Death)
If you are seeking maximum protection for your family and want your policy to be active even if you are not there to support them; this benefit is for you! With this add-on, your family will not just receive the guaranteed lump-sum amount (Sum Assured) against the coverage you fixed initially to cover up the sudden financial burden, but will also receive the significant amount as maturity benefit at the end of the policy term.
Accidental Death & Disability Rider
In the journey of life, you always walk an extra mile to provide better future to your family. However, this journey of life is full of uncertainties; you never know how the future will unveil. In today’s scenarios, with the increase in the number of instances of accidents, it is imperative to shield your family’s future. As a responsible individual you would like to safeguard your family’s future against such eventuality. Askari Life’s Accidental death and disability rider, offers an additional financial security to your family in the event of an accident that may result in death or disability.
Level Term Rider (Additional Coverage Option)
We all aim to ensure that our family is protected and financially secure, both now and in the future. And we do so by financially preparing for all circumstances. But what if we foresee expenses rising and want to suitably increase the protection level (Sum Assured)? Furthermore, with changing life stages, insurance needs might change too. For instance, after getting married, becoming a parent or after your parents retire. This add-on is specifically designed to ensure that the rising expenses of your family are taken care of. If you opt the life insurance policy along with this add-on, your nominated family member will not only get the sum assured or cash value but an additional amount benefit attached due to this new Term Assurance Benefit by paying a nominal fee along with your policy.
Critical Illness Benefit
Everyone looks for medical coverage for the unexpected emergencies and medical help. This is especially important today, when medical care is quite costly and unplanned. A critical illness can put the entire family in huge financial debt and crisis. To combat with all those adverse circumstances, Mehfooz Kal Plan offers critical illness rider that provides coverage against major life threatening diseases (mentioned in the policy details). In case you are diagnosed with any of the mentioned illnesses, a lump sum amount is paid. This lump sum amount is in addition to the main plan benefit
Disclaimer

Mehfooz Kal Plan is a Universal Life Plan which is subject to investment risk and the cash value of the plan will vary directly with the performance of the investment fund

Bank is acting as a corporate sales agent on behalf of Askari Life, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.

Askari Life shall be the sole responsible with respect to policyholder services, claim lodgements and claim processing.

All Mehfooz Kal Plan applications are processed and approved by Askari Life, as per their underwriting guidelines. Bank is not responsible for the processing and approval of these applications in any way, whatsoever.

A personalized illustration of benefits will be provided to you by our sales representative. Please refer to the notes in the illustration for a detailed understanding of the various Terms and Conditions.

This brochure only provides an introduction to the benefits available under the policy. A detailed description of how the contract works is given in the ‘Terms and Conditions’, which will be provided after the customer avails the service.