Insurance Solutions

Shelter for Life

“A small price for a secure future”

While you save to assure your family’s financial security, what you need is an investment opportunity that helps you shoulder your responsibilities towards your family; you need a plan that fosters your financial growth while giving you complete life cover that secures your family’s future.

Faysal Bank in association with Adamjee Life brings Shelter for Life Plan that combines long-term savings and comprehensive life insurance coverage, specially designed for you to focus on your goals and maximize savings for future.

Faysal aikFaisla Shelter for Life Plan helps you cover life’s challenges and risks. Shelter for Life is a unique life insurance plan that offers you a combination of investment and protection solutions and the flexibility to customize your plan to cater to your specific needs.

Key Features

  • Your savings will grow faster with Highest 1st year (40%) investment allocation to your fund, with 100% allocation from 3rd year onwards.
  • You have the option to beat any impact that inflation might have on your investments with a unique inflation protection option that adjusts your premium by 5% to 10% every year.
  • You will enjoy guaranteed loyalty bonuses on 5th, 10th, 15th and 20th year of your policy to maximize returns.
  • You can gain all the advantages of high returns and life insurance by just paying the premium for 10 years. The policy can be continued for 25 years.
  • You have the option to boost your cash value any time during the term of the plan through ad-hoc investment option. All ad hoc investments are allocated in the cash value at 103%.
  • You have the option to choose your growth fund based on your financial requirements, risk appetite and religious beliefs.
  • An optional built-in Monthly Annuity Benefit is provided to customers who want to avail their maturity cash value on a monthly basis.
  • You can enjoy the benefits on savings and life insurance with an annual premium as low as Rs. 8,000.
  • You can start investing for your children at an early age as Shelter for Life gives the option to acquire the plan for a child as young as 5 years.
  • You also have the freedom to increase the financial security for your loved ones by choosing an Enhanced Sum Assured through cover multiple options and by choosing additional protection riders.

Plan Benefits

Monthly Annuity Benefit:

On survival of the insured till maturity of the policy, the Monthly Annuity Benefit will be given as per the term selected by the insured. The term can be 5, 10, 15 or 20 years. The units will remain invested and will grow over the annuity term as well.

Choice of Insurance coverage:

You have the option to choose from the different levels of life insurance through protection multiples with the same premium amount. The maximum coverage can be up to 200 times your premium amount.

Monthly Income Benefit:

A monthly benefit is paid to you or to your beneficiary for the defined term of income benefit rider from the date of death or permanent disability.

Protection Benefit:

In case the policy owner dies during the plan term, the sum assured or accumulated account value whichever is higher less any partial withdrawals and indebtedness, will be paid to the beneficiary(ies). The plan has a built in 5 cover multiples feature.

Plan Maturity Benefit:

At the time of maturity of the policy term the insured will get the amount equal to his/her account value.

Account Value Build up and Unit Accumulation:

Contributions made towards the plan are invested in various investment vehicles including equities, fixed interest instruments, bonds and other money market instruments. Diversification is achieved by selecting a mix of instruments which also optimize returns. The two investment fund options for customers are Investment Secure Fund and Investment Multiplier Fund. You can choose to invest fully in one of the funds, depending upon your investment strategy. The returns earned after deduction of risk, monthly administration and investment management charges are credited to the unit account balance and accumulate as the policyholder’s cash value. Funds are managed by a team of expert investment managers at Adamjee Life, who adjust the investment mix in light of economic conditions, market trends and investment opportunities.

Investment Options:

  • Investment Secure Fund: is a moderate to low risk profile fund that generates stable and secure returns by balancing the investment in long term money market investments including Govt. securities and bonds as well as equities.
  • Investment Multiplier Fund: is a moderate to high risk profile fund that generates higher returns over the long run with a mix of investments in equities along with money market instruments.

You are entitled to two initial free fund switches at any time in every plan year and each subsequent switch would be charged at Rs.300.

Basic Premium Allocation:

As you continue the policy towards its full term, your account value will be credited with a proportion of basic premiums that you pay in. The proportions allocated to your account value will be as follows:

Policy Year % Allocation of Basic Premium to Account Value
1 40%
2 80%
3 100%


Continuation Bonus:

Continuation bonuses are provided at regular intervals during the term of the plan to customers who continue the policy for longer term. The bonus which is in form of additional units in your account value boosts your investment. The extra units will be allocated to your account value, this extra unit allocation is in addition to the basic units of allocations. The continuation bonus allocation is as follows:

Policy Year Continuation Bonus Unit Allocation as % of Basic Premium to Account Value
5 10%
10 20%
15 25%
20 30%


Optional Benefits:

Critical Illness Rider (CI):

A lump sum benefit is paid to you in case you are diagnosed with one of the listed 20 diseases during the enforce term of this rider. This lump sum benefit is additional to your main plan benefit.
Accidental Death and Accidental Disability Benefit (AD and D):
A lump sum benefit is paid to you or your chosen beneficiary in case of accidental death or accidental permanent disability.

Spouse Protection Rider (SPR):

In the unfortunate event of the death of the insured person’s spouse during the enforce term of this rider, the rider sum assured is payable. The feature is aimed at providing complete family coverage to the insured person’s family.

Level Term Insurance Rider (LTR):

This feature guarantees a lump sum amount payable to your chosen beneficiary in case of death of insured person over and above the sum assured and cash value amount.

Waiver of Premium Rider-Death (WOP-Death)

On death of the insured person, Adamjee Life will pay the initial (un-escalated) basic premiums for the remaining term of the rider. The beneficiary will receive the maturity benefit at the end of the policy term.

Waiver of Premium Rider-disability (WOP-Disability)

On total permanent disability of the insured person, Adamjee Life will pay the initial (un-escalated) basic premiums for the remaining term of the rider. The policy holder or beneficiary will receive the maturity benefit at the end of the policy term.

Policy Term and Eligibility:

Minimum entry age 5 years (Age nearest birthday)
Maximum entry age: 70 years (Age nearest birthday)
Minimum policy term: 10 years
Minimum premium paying term: 10 years
Maximum Policy Term: 25 years or up to age 85 (whichever comes first)


Basic Premium:

Minimum basic premium: PKR 8,000
(annual, semi-annual and quarterly)
PKR 3,000 (monthly)


Payment Frequency:

Annually, Semi-annually, Quarterly or Monthly
All payments are automatically deducted from your bank account with FBL.

Partial Withdrawal:

The plan offers the option of making partial withdrawals from your account value after the plan has been enforce for 3 years. Withdrawals can be made 4 times a year and are limited to 50% of the net cash surrender value subject to maintaining a minimum balance of Rs.10,000.

Policy Surrender:

After the completion of two policy years in which you have made on time full premium payments, you can surrender your policy. At the time of surrender, you will be paid in full the Cash Value of your fund. There will be no Surrender Value in the first two years. After two years, it will be equal to the Cash Value of the policy. However, surrender in early policy years may result in Lower Cash Value.

Free-Look Period:

Adamjee Life offers a free look period of 14 days during which you can review your policy terms and conditions and cancel the policy if needed. Your premium will be refunded on receipt of written request within 14 days from the date of receipt of the policy document. Please note that Adamjee Life reserves the right to deduct the expenses incurred on medical examination.


Management charges: 160 basis points of annual yield (1.6%)
Administration Fee: Nil
Policy Fee: Nil
Bid/Offer Spread: 5% of net regular premium


  • Shelter for Life is a Unit Linked Plan which is subject to investment risk and the cash value of the plan will vary directly with the performance of the unit fund.
  • Faysal Bank is acting as an agent on behalf of Adamjee Life, and is not responsible in any manner, whatsoever, to the customer, his/her beneficiary/ies or any third party.
  • Adamjee Life is registered and supervised by Securities and Exchange Commission of Pakistan.
  • The cash values have been worked out with Rate of Return assumptions of 7%, 9% and 11% per annum.
  • Depending upon the performance of the underlying investments in the fund, the cash values may be higher or lower than the ones shown in the table.
  • 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 Adamjee Life Assurance Ltd., nor Faysal Bank Limited will incur any liability for the same.
  • 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.
  • All service charges and taxes will be applicable as per the Bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.
  • All Faysal aikFaisla shelter for Life applications are processed and approved by Adamjee Life, as per their underwriting guidelines. Faysal Bank is not responsible for the processing and approval of these applications in any way, whatsoever.
  • 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.