CAUSES OF GETTING EFU LIFE ASSURANCE / TAKAFUL COVERAGE BY WISE FAMILIES

When an EFU Sales Consultant met with wise families to evaluate their family financial needs (present and future like family financial protection, children’s higher education / marriage, sickness, hospitalization, retirement / jobless period, loan repayment etc), he comes to know that wise families used to ask to give EFU Plan to cover their family financially with any of the following reasons in their back of the mind:

1.   MONEY at their pocket / home and at their bank is their EXPENSES and not SAVINGS, because such easy accessible money never be available whenever actually requires. For example one has a monthly expense of say Rs. 80,000/- against income of Rs. 100,000/- and balance of Rs. 20,000/- in pocket or in bank. After say 10 years such balance of Rs. 20,000/- per month should be grown to Rs. 24,00,000/- (20,000 x 12 x 10) but the fact of life is that after 10 years when they wants money for their children’s higher education or marriage or for repayment of emergency loan etc, this amount of Rs. 24,00,000/- never be available in pocket or at bank because it spent out as it is easily accessible money.

2.   Death is certain but the time of death is uncertain. One never knows whether he / she would be able to accomplish the targeted goals in life if not secured their family financially. For example If, Allah forbids, anything bad happened to the head of family due to "DISEASE" (cancer, heart attack, severe diabetes etc) OR "DISABILITY" (air or road accident etc) OR 'DEATH" (untimely) then EFU pay more than 2.5 CRORES to family to meet family financial needs with respect against yearly payment of Rs. 200,000/- plus. So a family can control emotional death but can not control every day financial death of a family.

3.   Investment opportunities are not always good and secure. For example take my case. I have investment of Rs. 60 lacs in mutual funds of a giant organization and so far suffered loss of around Rs. 12 lacs. So security of investments are not prudent and secured.

4.   Even sound and steady businesses do rise and fall, resulting in tension and losses.

5.   In Life assurance / Takaful industry, one can’t get amount before death or before maturity of policy. So if they want money to meet expenses say for children’s higher education / marriage or to repay loan or to meet expenses during jobless period etc. Then they will have to take money from insurance company as loan and who charge huge mark up / interest thereon. This is not the case with EFU Life assurance / Takaful. For example if after around 20 years when one’s sons / daughters have an age for higher education or marriage and want money before maturity of policy, EFU make available cash of more than ONE CRORE rupees without interest / mark up, against yearly payment of Rs. 200,000/- plus.

6.   Employer company/ Army's insurance facilities provided to an employee cover only death, accident and / or hospitalization and will NOT make available cash value to meet huge expenses like children higher education or marriage, loan repayment etc. Further one leave the job, such facilities withdrawn at once. While EFU covers all above facilities without interest and not as a loan but as it is your money.

7.   EFU coverage is not for prosperity days for a well settled family, but is a vehicle for savings / planning for future unfortunate financial days, if any. So plan in good days for possible bad days AS ADVISED BY QURAN IN VERSES 46 TO 49 OF SURAH YOUSUF (ES).

8.   EFU coverage is basically a family financial protection and secondary as an investment. For example if one has deposited Rs. 500,000/- in a bank saving account and same amount of Rs. Rs. 500,000/- paid as premium in EFU. If Allah forbids next month he expired due to accidental death, then bank will pay to his family Rs. 500,000/- plus one month interest at say 5% p.a while EFU Company will pay Rs. 4.75 CRORES. This is called family financial protection. Protection coverage offered by EFU is the highest in the Life assurance / Takaful industry in Pakistan.

9.   To enjoy income tax savings by taking income tax rebate on yearly premium payments.

10.  Business proprietor / partners take care to insure the physical assets against loss from fire, storm and other hazards. Yet protection against the loss of human value of these owners through life assurance / Takaful may be far more vital need. It has been estimated that the chances of death of such owners is 14 times greater at age 45 than the chance of a fire loss. Moreover a fire loss may never occur but death someday is inevitable.

11. One enjoy PRIMUS category of EFU company by enjoying facilities like free use of airport CIP lounge with one guest, one time Executive medical check up at first class hospital in Pakistan like Agha Khan Hospital in Karachi, gift hamper, discounts, attend within 48 hours etc. So EFU coverage enhance standard of living, give peace of mind and give feeling of financial security to a wise family.

12. Usually life assurance / Takaful is for wise, healthy and wealthy people. But one who is on hospital bed or having cancer, heart attack, severe diabetes or other critical illness will never be disappointed by EFU as he may obtain EFU Guaranteed Acceptance Plan to protect their family financially.

13. Policyholder who is on sick bed and unable to go for work to earn. He may not pay yearly premium till he recovers and back to work to earn and till that time EFU will pay his premium free of cost.

14. EFU believes that each and every Pakistani family irrespective of their status, must be insured and enjoy happy life with respect and that is why EFU has allowed yearly premium / contribution from Rs. 8,000/- to no limit with multiple benefits and facilities.

15. EFU give maximum benefits / facilities to a planned young family. As age grows, insurance become expensive or sometimes become impossible. I suggest that old age parent can cover their family financially by taking policy in the name of their son or daughter who are salaried working / business partner and pay premium by parents. Even old age grand parents may gift such EFU Plan to grandchildren for their higher education / wedding by obtaining coverage in the name of their children and pay premium by grandparent FOR THEIR CHILDREN FINANCIAL BETTERMENT. Nowadays legal income of most of the young sons and sons in laws are not lucrative so it will be a big financial support from parents or grandparents.

For details of Plans, clarification and queries, please contact Syed Imtiaz Abbas Hussain, Chartered Accountant. Executive Sales Consultant EFU Life Assurance / Takaful. Residing at Askari V, Malir Cantt, Karachi – Pakistan. Cell 0300 3572479 or Email: [email protected].