FutureSecure

The minimum age to enroll for FutureSecure is 18 years whereas the maximum age is 65 years.

The term of the policy can be of any period from 10 years up to the point when policyholder turns 80 years old.

The minimum basic annual premium is PKR 50,000 which can be paid in either one lump sum payment or in two semi-annual installments of PKR 25,000 each. There is no maximum premium amount.

Medical examination may be required if your age and/or insurance coverage amount exceeds the nonmedical limits determined by American Life Insurance Company (MetLife Alico). If you are required to undergo a medical and/or clinical examination, policy issuance will be subject to its results.

Yes, you may cancel your policy for full refund of premium within a free look period of 14 days, starting from the policy issuance date. If the policy is cancelled during free-look period, entire amount of the premium less charges of medical and/or clinical examination, if any, will be refunded.

Basic Life Cover is expressed as a multiple of the Basic Annual Premium you choose to pay. Minimum multiple is 5 while maximum allowed multiples can go as high as 50 depending on your age. This means that in the unfortunate event of your death, your designated beneficiary (ies) will receive lump sum payment equal to the higher of your Basic Life Cover or your accumulated 'account value'.

Alternatively, you may opt for an investment-focused policy with minimum insurance cover. In that situation, the life cover will be equal to the higher of the sum of all Basic Annual Premiums paid or your accumulated 'account value'.

The investment strategy you choose defines where your allocated premiums are invested. You have four investment strategies to choose from:

-Secure Strategy: Secure strategy aims to preserve your capital. If you choose this strategy, your funds will be invested in government securities only. This strategy is ideal for people who have no tolerance for investment risk. It is a no risk strategy with potentially lower returns than cautious strategy.

-Cautious Strategy: Cautious strategy aims to provide a higher investment return than cash but with low risk. If you choose cautious strategy, your funds will primarily be invested in government securities and bank deposits. If you do not like exposure to equities, this may be a suitable strategy for you. It is a low risk strategy with potentially higher returns than cash.

-Balanced Strategy: This strategy aims at steady growth in capital through a combination of investment in equities, government securities and bank deposits. You may consider this strategy if you are comfortable with and able to take moderate investment risk for potentially higher returns than cash and fixed interest type products. It is a medium risk strategy with potentially medium returns.

-Adventurous Strategy: This strategy seeks to provide you with long term capital growth mainly through investments in equities and equity linked securities. It is suitable for young professionals and other individuals who are comfortable with and able to take higher investment risk for potentially higher growth of their investment. It is a high risk strategy with potentially high returns.
You may switch your investment strategy at anytime during the policy term. First two switches in a year are free. Subsequent switches in the same year are charged at a nominal rate of PKR 300 per switch. Frequent switches can lead to dilution of investment returns. Switches should only be done if warranted by your financial circumstances and capital market conditions.

Yes! The product is designed keeping in mind that as you progress in life, your financial circumstances may change. You can change policy premium at policy anniversary, subject to minimum premium payment of PKR 50,000 per annum. Changing premium amount and payment mode will impact your account value and Basic Life Cover.

If you alter your premium payment during the course of policy, loyalty bonus will be paid on the basis of average annual premium paid in the previous 5 years. Consider the following example:
You pay four annual premiums of PKR750,000 each and a fifth annual premium of PKR300,000.
Average Annual Premium over five years = [(PKR750,000 X 4) + (PKR300,000)]/5 = PKR660,000
Since, PKR660,000 falls under Platinum plan, you will be given its loyalty bonus allocation.
Bonus Amount = PKR660,000 X 50% = PKR330,000

FutureSecure is very flexible and allows premium payment breaks if you have financial hardships. Even if you stop premium payment, account value will keep on accumulating. Similarly monthly deductions will continue to be made from the account value in respect of administrative charges and cost of insurance (if applicable).
Your policy will lapse if the account value becomes insufficient to cover the monthly deductions. It is advisable to continue premium payments under the policy for full premium payment term because FutureSecure is a long term plan.

You may top-up the regular premiums by investing surplus funds as lump sum contributions to your account value. A lump sum contribution is called "Account Value Accelerator" (AVA) and can be made at any time while the policy is in force subject to the minimum allowed contribution of PKR100,000. The AVA will increase the account value of the Plan, but will not affect your life insurance coverage.

You will be paid your account value upon completion of the specified policy term in lump sum.

Yes, you may make a partial withdrawal by redeeming a limited number of units after the third (3rd) policy anniversary. A maximum of up to 50% of the account value may be withdrawn, subject to maintaining at least PKR50,000. In case of a partial withdrawal, entitlement to the loyalty bonus on the following 5th year policy anniversary will be lost. A partial withdrawal is considered permanent and does not have to be repaid. Partial withdrawals will reduce your account value and Basic Life Cover.

Yes, you may surrender your policy for its net cash surrender value at any time only after the second (2nd) policy anniversary. However, if a surrender is made in the early years of the policy, the account value maybe less than the sum of all basic premiums paid. FutureSecure is a long term savings and investment product and should ideally be kept till maturity to maximize your chances of meeting your objectives.

Yes, each Basic Premium and Account Value Accelerator (AVA) payment you make are subject to a bid offer spread of 5%. In addition, a management fee of 0.125% of your account value is deducted monthly. There is also a nominal administration fee of PKR25 per month.

By visiting your HSBC branch and filling out the required documents before your annual premium due date.

An annual statement will be couriered to your designated mailing address upon request. The unit prices of FutureSecure’s underlying funds will be published on a weekly basis in leading local newspapers and on MetLife Alico’s website: www.alico.com.pk

By visiting your HSBC branch and filling out the required documents. Partial withdrawals or surrender before maturity of the policy may result in you getting back less than the basic premiums paid and you not meeting your investment objective.

For claims, please directly contact MetLife Alico Pakistan Claims Manager at (021) 111-111-711 from anywhere in Pakistan, send an email to claims@alicopak.com or write to:

Claims Manager
American Life Insurance Company (Pakistan) Limited
Floor 13th (Level 16), Dolmen Executive Tower
Block 4, Scheme 5, Clifton,
Karachi

All claim documents must be directly provided to MetLife Alico within 90 days of the insured event.
MetLife Alico will settle all claims within 15 business days of completion of all required documentation.

By simply contacting your HSBC Relationship Manager.

American Life Insurance Company (Pakistan) Limited - MetLife Alico, registered and supervised by Securities and Exchange Commission of Pakistan (SECP).

HSBC is only acting as the exclusive distributor of FutureSecure.