Salient features of Iqra:

• Minimum term of the plan is 10 years
• Age of the policyholder should be between 18-55 years
• Periodic reviews to keep the plan in line with changing requirements
• The flexibility of paying premiums for only a selected period
• Premiums can be increased annually to cover inflation impacts
• Choice in the level of cover
• Tax free growth
• Flexibility of encashing the plan any time (early surrender may result in losses)
• Ability to make partial withdrawals from your plan, without affecting the protection feature
• Choice of extra protection through the following supplementary options:
  • Accidental death and dismemberment
  • Critical illnesses
  • Wavier of premium option

IQRA Education Insurance Plan is a unit-linked product through New Jubilee Life Insurance (NJI), providing you an excellent vehicle for savings and investments with vital protection against the tragic incidents of life.

This how the plan works in different situations:

Goal:
Provide your child with the best possible higher education.

Financial objective:
Save as little as Rs 1,500 per month to allow him/her to study in the best institution when the time comes.

Solution:
IQRA Education Insurance Plan.

Components:
Continuity of school education in case of your death and savings for college education in future.
Open an Account with Standard Chartered and apply for a comprehensive education plan with New Jubilee Life Insurance (NJI).

This plan will:

• a) Ensure continuity of your child's school education in case of death of the sponsoring parent.
• b) Allow you to start a compulsory saving on a monthly basis so that you can provide him/her the best college / university education in future. All you need to do is visit our branch, choose a plan according to your needs and fill out an Account debit instruction.

Let us draw an example:

The father's age is 28 years and he has a 2 year old child. His goal is to send him/her to a reputed university in 18 years time.

Estimated workings of the insurance plan:

So, by saving just Rs 100 per day, you can secure your child's higher education needs.  

Note:

• Service charges and taxes will be applicable as per the Bank's Schedule of Charges or taxation laws as stipulated by the relevant authorities.
• Unit growth rate assumed at 8% p.a.
• This brochure gives a general outline of the product. The above figures are indicative and for illustration purpose only; Terms and Conditions apply.
• Past performance of funds is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds.
• This product is not guaranteed or insured by Standard Chartered Bank (Pakistan) Limited or their affiliates and is not a Standard Chartered Bank (Pakistan) Limited product.
• Iqra is underwritten by New Jubilee Life Insurance (NJI)