Product Plan: Four Stage Payment Assurance Plan (With Profit)

Introduction :

To fulfill the situation demand and policyholder gets the payment security in 4 installments, Mercantile Islami Life Insurance Limited launched this most popular product for our prospective customers. As the policyholder getting the installment during the term of the policy, they can utilize the money to bear the child education expense, to establish new business line and others.

Features:

• This plan assures emergency inflows of cash for necessity of policyholder
• Premiums can be paid annually, half yearly & quarterly
• Policy term would be for 12 years, 16 years, 20 years & 24 years
• This policy would be surrendered after two yearly installments are paid.
• Policy holder may obtain a loan (maximum 90% of surrender value) against the policy.
• Accidental Death Benefits (ADB) & Permanent Disabilities Accidental Benefits (PDAB) may be covered.
• Income tax rebate may be obtained by taking the policy.
• The claim amount is also tax free.

Benefit:

1. Survival Benefit:
   1. The policy holder will receive 20% of the basic sum assured at the end of the one-fourth of the premium payment term.
   2. The policy holder will receive another 20% of the basic sum assured at the end of two-fourth of the premium payment term.
   3. The policy holder will receive another 20% of the basic sum assured at the end of three-fourth of the premium payment term.
   4. The policy holder will receive remaining 40% of the basic sum assured together with accrued bonus on maturity at the end of the term.


2. Death Benefit: The nominee will receive full sum assured on death of the policyholder within the term of the policy together with the bonus accrued up to the date of his/her death.