The Bronze, Silver, Gold and Platinum Statuses refer to the status achieved by a member as a result of achievement of various goals and assessments/questionnaires, as set out under the terms and conditions.

How Vitality Works

Vitality rewards its members through a point system based upon physical activity and certain health-related questionnaires. The program runs through the Vitality app on the participant’s smartphone and points can be measured through the Health app or an optional wearable device.

Daily Points are awarded based on the number of steps taken for the day or increased heart rate to a level for a minimum of 30 minutes, whichever is higher.

Physical activity is measured through the Samsung Health app on android phones and the Health App on Apple iPhones. Both these apps sync with the IGI Life Vitality app in order to transfer the data to Vitality.

Points are awarded as per the below table:

Steps :

Heart Rate :

Vitality Fee :

A fee of PKR 320 will be deducted at the beginning of each month for each member from the account value. Vitality Fee may vary from time to time, at the discretion of the Company. If the customer has more than one membership of the Vitality Integrated product, then Vitality Fee will be deducted from one membership only; no deduction of Vitality Fee will be made from the other Vitality integrated policies. The details are in the Terms & Conditions.

Optional Supplementary Benefits*:

The plan allows you to choose from a range of supplementary benefits. The list of these benefits and their respective description is mentioned below

Additional Protection Benefit: APB enhances the benefit payable on participant's death, whether due to accidental or non-accidental causes. The APB face amount is payable in a single lump sum in addition to any other death benefit payable under the basic membership.

Accidental Death Benefit: ADB pays a lump sum amount in case of accidental death of the participant.

Waiver of Contribution – Disability: WoC waives the future contributions in case of permanent total disability due to sickness and accident of the covered person up to the end of the term of this .

Income Benefit - Death/Disability: A monthly income benefit will be paid following the permanent total disability/death of the participant up to the end of the elected term.

Waiver of Contribution – Disability: WoC waives the future contributions in case of permanent total disability of the covered person up to the end of term.

Sehat Afza: Provides financial protection in case of illness or accident that leads to hospitalization to cover in-patient expenses.

Hifz O Amaan: If the covered person is diagnosed with any one of the covered conditions, this benefit will pay up to the limits stated in the membership term.

*Additional contribution will be charged for each optional rider.

Top Up Contributions (TOP UP)

The Plan is a regular Contribution plan but you may top-up the regular Contributions by depositing surplus funds as lump-sum Contribution in the Plan. These lump-sum Contributions, called "Account Value Acceleration Contribution" (TOP UP) payments can be made at any time. The TOP UP payments will increase the Account Value of the Plan, but will not affect the basic sum at risk.

Continuous Coverage

If you are not able to pay your Contribution after the first Membership year, your sum covered amount will still be payable as long as your account value is sufficient to pay for charges made against your Membership.

Contribution Indexation:

Indexation is an optional feature offered in this plan. Under this feature your contributions and sum covered will increase by a fixed amount every year leading to a better cash value accumulation and consequently a higher maturity benefit. Even once opted, you still have a right to decline the option and continue paying level contribution subject to certain terms and conditions.

Withdrawal of Investment

This plan provides you the option to withdrawal the cash value of your Membership, by encashing the number of units partially or completely after the first two Membership years.

Partial Surrender

The minimum partial withdrawal amount is PKR 10,000, and the maximum can go up to 50% of Account Value as long as an amount of PKR 250,000 remains in the Account Value. A partial withdrawal will, however, reduce the Account Value and Sum Assured Amount by the amount of partial withdrawal.

Complete Surrender

In case of complete surrender during the first two policy years, a surrender charge (as tabulated below) will be deducted. In such an event the units will be redeemed at the bid price and the policy will be terminated.

Contribution Allocation Percentage

Vitality Takaful Plan – IGI Life WTO offers one of the best Contribution allocations thereby optimizing the returns on your investment. The proportion of Basic Contributions and TOP UP allocated to Participant Account Value is as follows:

*First-year allocation is valid from 1st July 2024 onwards.

Extra Unit Allocation

The longer you continue the Plan, the higher rewards you will gain in the form of extra unit allocation. The extra unit allocation, starting from membership year 06, is as follows:

Unit Pricing Methodology:

The underlying funds are valued at market value on a daily basis. The Underwriting Department clears the applications/builds the membership. On each Unit Valuation Day (UVD) the total net contribution figure (reflecting contribution receipts, claims, withdrawals, and switching) received is provided to the Accounts Department, which invests the Contribution in the mutual funds to buy units for the umbrella funds on the same day.

At the end of UVD, the NAV of the umbrella fund is re-calculated given the prices of mutual funds as of that date. The revised NAV is divided by the number of units in the umbrella fund to determine the revised bid price and another price (105% of the bid). The NAV of the additional investment made in the mutual funds is divided by the existing unit price of the umbrella fund (as calculated above) to determine the additional units added to the umbrella fund. The umbrella fund prices thereby calculated (based on the prices of mutual funds as at the end of UVD are input into the system the next morning and all transactions are accordingly carried out i.e. allocation of units with respect to Participation in Takaful Membership, surrender, switching etc. The umbrella fund prices which are put in the system are updated on our website every day for the knowledge of the participants and are also communicated to the field office to facilitate their Distribution of Takaful Membership.

Opportunities for Growth

You have the option to choose from the following Investment Strategies to match your risk profile and financial objectives:

Under each strategy, you have an investment account as listed in the application. The percentage of Contribution you wish to allocate to buy units in an investment account should be indicated in the application.

Your Contributions, by default, will be allocated to Secure Strategy of IGI Life Window Takaful Plan. However, you have the option to invest in any fund by signing the declaration form.

Unit Linked Fund Selection :

At the time of issuance, as a default units will be allocated to a low-risk fund. After the membership has been issued the participant will have the option to reallocate the units in the fund of his choice, based on his risk appetite, at no additional fee. The new fund mix can comprise of multiple funds and will be at the participant's discretion as long as the total of the mix is 100%.

What is the Wakalah Fee (Allocation Fee) ?

The Wakalah Fee as a percentage of the contribution on the IGI Life WTO Vitality Takaful plan is as follows:

Charges & Fees

The bank does not have any fees or charges related to this product. However, IGI Life WTO has the following charges and fees:

*All charges & fees are reviewable by the Takaful Operator.

Claim

In case of an unfortunate event, you may file your claim intimation through your BOP branch walk-in, visiting the IGI Life Head Office or by visiting any of the IGI Life branches in the country. For a swift speedy process, you may also call us at our UAN (021 111-111-711) or simply visit our website, fill in the intimation form and email it to us at services.life@IGI.COM.PK. Thereafter, you will be contacted for the next steps. Always remember to mention the current address and contact number of the claimant while submitting an intimation.

Disclaimer :

• This product is underwritten by IGI Life - Window Takaful Operations. It is not guaranteed or covered by Bank of Punjab or its affiliates and is not a product of BOP. Hence IGI Life - Window Takaful Operations is responsible for all underwriting risk.
• Bank of Punjab is just a promoter/ distributor and corporate takaful agent of this product to its valued participants.
• Arrangements of all Takaful Claims, charges and payments relating to the Takaful Memberships shall be the sole and exclusive responsibility of IGI Life - Window Takaful Operations.
• The past performance of the fund is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and neither IGI Life - Window Takaful Operations nor BOP will incur any liability for the same.
• A personalized illustration of benefits will be provided to you by our consultant. Please refer to the notes in the illustration for detailed understanding of the various Terms and Conditions; you are required to fully understand the illustration and other terms and conditions of the plan.
• Service Charges and taxes will be applicable as per the Bank’s schedule of charge and taxation laws as stipulated by relevant authorities.
• A description of how the contract works is given in the Participant Membership Documents. This product’s brochure only gives a general outline of the product’s features and benefits.
• If you have any grievance regarding your Takaful Membership, you may contact IGI Life Window Takaful Operations on (021) 111-111-711.

Please Note: This is a brochure not a contract. The detailed Terms & Conditions are stated in the Membership document.

Contact details

In case of complaint, claim or further details, you may contact:

IGI Life Insurance Limited-Window Takaful Operations

Suite No. 701-713, 7th Floor, The Forum, G-20, Block-9, Khayaban-e-Jami. Clifton, Karachi – 75600.

Tel: (+9221) 111-111-711

Fax: (+9221) 3529-0042

Website: www.igilife.com.pk

Bank of Punjab

UAN: (+92 21) 111-267-200