Vitality Plan-IGI Life

Live healthy, Earn rewards & Save money

Vitality Plan – IGI Life takes a unique approach for integrating better health and better care, which truly sets us apart from any other takaful plan in the market.

Vitality Plan – IGI Life offers rewards, in the form of Food panda & Mobile Top-up vouchers. It also puts an equal focus on better health, by helping you to stay healthy. This combination of bringing the two together into one truly integrated offering is the real power of Vitality. As you engage with the Vitality Programme and benefit from better health, it enables us to share some of the takaful savings that emerge in the form of better product benefits and incentives – fueling a virtuous cycle.

The plan consists of two core aspects:

Insurance coverage: caters to your need for financial security and provides investment opportunities.

Vitality: focuses on wellness by providing you with an understanding of your current health status and incentivising you to improve your health.

Plan Objective

The Plan that can save your money and offers tools and resources to help you live a longer and healthier life. Because when you live healthy, you can earn rewards and save money. So, start discovering your path to a healthier, happier you.

Important Details

Free Look Period

If you cancel your policy within a free look period of 14 days from the date of receipt of the policy documents, you are entitled to a full refund of premium less any expenses incurred by IGI Life in connection with your medical or clinical examinations.

Protection Benefit

In the unfortunate event of death, the higher of Account Value or Sum Assured (less any partial withdrawals) PLUS Account Value of AVAP (if any), is payable.

The range of Cover Multiples offered under this plan is 5-70.

For example, if your annual basic premium is PKR 250,000 and you have selected a cover multiple of 5, your total sum assured would be PKR 250,000*5= PKR 1,250,000

The Sum Assured amount will be a multiple of Basic Premium depending on the age of the customer as follows:

Maturity Benefit

On completion of the policy term, accumulated account value along with the Account Value of AVAP (if any) will be payable to the customer.

Vitality Benefits:

In the 1st week of activating the IGI Life Vitality app, the member gets a target to complete 300 points in a week.

On completion (achievement) of the weekly Active Reward goal, the customer will have the option to select

an EasyTickets voucher as their reward. The voucher will be for a 50% discount off on a cinema ticket booking with EasyTickets.

OR

a Rs. 500 Mobile Top Up voucher with Easytickets.

OR

a FoodPanda voucher as their reward. The voucher will be for a PKR 500 discount off a FoodPanda order at selected restaurants.

Monthly Reward – Fitness Device Cash Back Benefit:

Along with the weekly rewards, Vitality Members can earn up to 100% cashback towards the purchase price of a selected Fitness device over a 24-month period*, up to a maximum cashback cap on the purchase price. The member can earn their monthly cashback by performing physical activities over the course of the month, and subsequently earning the respective physical activity Vitality Points for those activities. By reaching a required physical activity points threshold throughout the particular month, the member will receive an applicable cashback percentage level for reaching that particular points’ threshold.

*Terms & Conditions apply

Annual Vitality Integrated Benefit :

At every fifth policy anniversary, an additional amount (% of premium) will be paid into the account value as Vitality Integrated Benefit, subject to achievement of Silver, Gold or Platinum status. The percentage of the integrated benefit is dependent on the Vitality Status and the Face Amount multiple at the end of each year in the preceding 5-year period. The table below shows the percentages of the Vitality Integrated benefit:

*First year allocation is valid till 30th June 2023

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 policy of the Vitality Integrated product, then Vitality Fee will be deducted from one policy only; no deduction of Vitality Fee will be made from the other Vitality integrated policies. The details are in the Terms & Conditions.

Optional Riders* :

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

Accidental Death Benefit :

Pays an additional benefit in case of death due to accident.

Elaj Aasan (EA) :

Elaj Aasan benefit amount will be paid if the insured is diagnosed for the first time with one of the covered diseases provided the insured is alive after the expiry of 14 days from the date of surgery or from the date of diagnosis of the disease. If the insured has been diagnosed or has undergone surgery for a disease covered by EA, he/she will qualify to receive the benefit amount and still remain insured under EA for a reduced number of diseases in accordance with the table of First and Subsequent Diagnosis.

Family Protection Benefit - Disability (FPR-Disability):

Family Protection Rider waives the future premiums in case of permanent and total disability of the insured up to the end of rider term.

Income Benefit – Death (IBR-Death):

A monthly income benefit will be provided to the designated beneficiary following the death of the insured up to the end of the elected term.

Income Benefit – Disability (IBR-Disability):

A monthly income benefit will be provided following the permanent and total disability of the insured up to the end of the elected term.

Level Term Insurance Benefit (LTR):

Level Term Insurance Benefit enhances the benefit payable on the insured’s death. LTR benefit amount is payable in addition to any other death benefit payable under the basic plan.

Accident Care Benefit (ACB):

This rider pays an additional benefit in case of death, disability or dismemberment due to an accident.

HealthSure:

Provides financial protection in case of illness or accident that leads to hospitalization to cover in-patient hospital expenses as per the terms and conditions, including expenses related to ICU, physician visits, specialist consultation and surgical operation.

Accident Medical Expense Reimbursement (AMR):

Provides total blanket protection for reasonable, customary and necessary medical expenses in or out of the hospital that are made necessary due to accident.

Permanent and Total Disability (PTD):

In the event, the insured suffers a permanent and total disability, the PTD benefit amount is paid in 3 installments of 20%, 30% and 50% over a period of 24 months during the continuance of disability. In case the insured dies before receiving all the installments, the remaining installments are payable in a single lump sum.

*Additional premium will be charged for each optional rider.

Account Value Acceleration Premiums (AVAP)

The Plan is a regular premium plan but you may top-up the regular premiums by depositing surplus funds as lump-sum premium in the Plan. These lump-sum premium, called "Account Value Acceleration Premium" (AVAP) payments can be made at any time. The AVAP 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 premium after the first policy year, your sum assured amount will still be payable as long as your account value is sufficient to pay for charges made against your policy.

Combating Inflation

Under this feature, your premium and sum assured 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 premium subject to certain terms and conditions.

Withdrawal of Investment

This plan provides you with the option to surrender the cash value of your policy, by encashing the number of units partially or completely after the first two policy 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.

Premium Allocation Percentage

Vitality Plan – IGI Life offers one of the best premium allocations thereby optimizing the returns on your investment. The proportion of Basic Premiums and AVAP allocated to Account Value is as follows:

*First-year allocation is valid till 30th June 2024.

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 policy 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 policies. On each Unit Valuation Day (UVD) the total net premium figue (reflecting pemium receipts, claims, withdrawals, and switching) received is provided to the Accounts Department, which invests the premium 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 o°er 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 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 purchase, 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 policyholders and are also communicated to the field orce to facilitate their sales.

Opportunities for Growth

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

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

Charges & Fees

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

*All charges & fees are reviewable by the company.

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

• BOP is only acting as a Corporate Insurance Agent (Distributor) of Vitality Plan – IGI Life on behalf of IGI Life and shall not be held responsible in any manner whatsoever to any person, including but not limited to, the insured customer(s), Beneficiary or any third party.
• BOP is the third party distributor for Vitality Plan – IGI Life. The product is not guaranteed or insured by Bank of Punjab or its affiliates and is not a Bank of Punjab product.
• Past performance of funds is not necessarily a guide to future performance. Any forecast made is not necessarily of future or likely performance of the funds.
• IGI Life refers to IGI Life Insurance Limited. Your relationship is with IGI Life. In turn, IGI Life makes investments in line with the strategies you have chosen, and your Policy Account Values will reflect the
performance of the strategies you select. The Investment Account earnings will fluctuate up or down and principal and investment returns are not guaranteed. Thus, the investment risk shall be borne by the policyholder. The Investment Strategies and Investment Sub-accounts offered are subject to the Company's ability to invest in mutual funds or in any other investment instruments. The composition of the investment strategies is subject to change, the updated mix is available on the company’s website.
• Please note that at all times your investment is in your IGI Life Policy and the various Investment Strategies it offers. IGI Life is the investor and owner of units in any Fund it currently uses to achieve investment goals on your behalf. Neither IGI Life nor any of its affiliates, agents or representatives is giving investment advice in relation to any of the Investments Strategies and/or in connection with the underlying Funds used to achieve the investment goals selected by the Policy Owner. Neither IGI Life nor any of its affiliates, agents or representatives is giving any professional advice regarding the compatibility of the Underlying Funds with any set of religious precepts or guidelines.
• In order to continue to best serve its Policy Owners, or in the event of change in applicable legislation, IGI Life may add, combine, or delete sub-accounts and/or funds, which back the investment strategies without notice to its Policy Owners. As the Policy Owners' investments are made with IGI Life, in Vitality Plan – IGI Life, rest assured that IGI Life's obligations to its individual Policy Owners under Vitality Plan – IGI Life will not be altered or amended by any such change.

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

Contact details

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

IGI Life Insurance Limited

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,/b>