The Savings for life, need help

[hraza1991]

AOA, Guys

I'm a married guy, with a Son 4 months old and many more to have inshallah, and it's the time I'm making up a decision to save some money for my child and my own self for further time of life, when ill need it, so I came across these policies for savings and life coverage(if you have any other saving options please share, I can only see this possible way to save some money and its efficient with easy way to pay up annually premier amount every year for 20 years) and now it comes to the policy companies that they provide the service.

1.EFU Life(Private company with good standards and has served for great amount of time in Pakistan)

2.State life Insurance(Government based insurance corporation)

3. Jubilee etc others

1.EFU Life:

A valuable good company with great policy plans but with unit purchasing system, the profit may go higher to lower positions and good thing about it that it would be easy to claim funds at maturity time and have a great customer support and relations.

2. State Life :

Has my desired policy plan with coverage of me and my wife guarantees or Claim to have better profit than others, but the fear factor is that it's a government sector and I've been told by a friend of mine that they are bit itchy when it comes to claiming funds(Like agent ke through hi kaam hoga waisay nahi and yes agent will hit your wallet hard) and he added that once his premier amount was gone missing from their records.

I've never been into a policy thing before any suggestions comments and ongoing policy holders please share your experiences and shed some light.

Thanks
Regards
Hraza1991

 

[haroonshaikh]

I have myself taken EFU policy
These policies are also offered from banks as well for example from Meezan bank as meezan kafala, etc etc
I would suggest EFU as they are very professional in dealing claims, etc

 

[cobby]

dude every thing of these consist of Interest Sood , if u are okay with it then i say go for National defense certificates much better secure investment than these insurances . Or go for meezan or Alfalah Mutual funds much more money than any thing

 

[hraza1991]

dude every thing of these consist of Interest Sood , if u are okay with it then i say go for National defense certificates much better secure investment than these insurances . Or go for meezan or Alfalah Mutual funds much more money than any thing

EFU life has a unit purchase system and they call it managed growth funds, they claim to buy some units and do Business, their profit can go low to high in all these 20 years of investment. and after that they told about guranteed growth funds which is Interest, like i agree upon a percentage for ex: they made illustration of funds there were some percentage 6 10 12 15 % at the time of agreement, ill agree upon for 15 % for whole tenure that becomes Interest

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I have myself taken EFU policy
These policies are also offered from banks as well for example from Meezan bank as meezan kafala, etc etc
I would suggest EFU as they are very professional in dealing claims, etc

So you got the policy through the EFU affiliated bank or Through Efu themselves ?

 

[haroonshaikh]

I got it thru efu direct sales person
P.s theu will show you its halal and they also have a shariah compliant fatwa with them.
I took a mere 10k per month policy for 20 years.
If you want contact. Let me know. I will pm you the contact person of efu. He will guide you to everything and will also semd you the forms etc.
My office fellow have meezan kafala. But i noticed their returns were very low as compared to efu
Also in efu. You cam vary the amount of life.insurance. If you keep life.insurance high then overall returns will be lower. If you keep.life insurance low then overall returns will be higher

 

[shahzadfootball]

I got it thru efu direct sales person
If you keep life.insurance high then overall returns will be lower. If you keep.life insurance low then overall returns will be higher

What ? Could you elaborate this point please ?

 

[hraza1991]

What ? Could you elaborate this point please ?

Yes Elaborate this and also have your funds reached maturity time, have you claimed any of the funds by means of end term 20 years or so.

 

[haroonshaikh]

For example lets assume the policy of 10k per month for a period of 20 years
Takaful death coverage is: PKR: 700,000/-
Annual Premium: 120,360
Cash Value after 20 years: 8,919,889 (@ expected 11% return per year. However, 9 to 7% is expected as well)

Now the from what i understand is if you see the returns on yearly basis. They keep on rising on exponentially. i.e the increase in your profits from year 15-20 will be much much more than the increase in profits from year 5-10 or 10-15.
Now if you keep the takaful death coverage high. then the rate of growth of in initial years will be LOW. for. example you keep takaful death coverage 1,000,000/- At this rate your investment cash value will reach 1,000,000 in 10 years. So after 10 years the profit will go up sharply

IF you keep the death coverage low (700,000). At this rate in year 6 your cash value will reach 700,000 and from year 7 your profit will shoot up high.

However, the cash value at the end of 20 years will be same for both cases. its just the matter of growth (slow or fast)

This is as per my understanding. You could contact their sales rep and they will visit your home. If you want contact? i can give you one. He will provide you all details on email and also send you a draft plan for your review

 

[deltree]

AOA, Guys

I'm a married guy, with a Son 4 months old and many more to have inshallah, and it's the time I'm making up a decision to save some money for my child and my own self for further time of life, when ill need it, so I came across these policies for savings and life coverage(if you have any other saving options please share, I can only see this possible way to save some money and its efficient with easy way to pay up annually premier amount every year for 20 years) and now it comes to the policy companies that they provide the service.

1.EFU Life(Private company with good standards and has served for great amount of time in Pakistan)

2.State life Insurance(Government based insurance corporation)

3. Jubilee etc others

1.EFU Life:

A valuable good company with great policy plans but with unit purchasing system, the profit may go higher to lower positions and good thing about it that it would be easy to claim funds at maturity time and have a great customer support and relations.

2. State Life :

Has my desired policy plan with coverage of me and my wife guarantees or Claim to have better profit than others, but the fear factor is that it's a government sector and I've been told by a friend of mine that they are bit itchy when it comes to claiming funds(Like agent ke through hi kaam hoga waisay nahi and yes agent will hit your wallet hard) and he added that once his premier amount was gone missing from their records.

I've never been into a policy thing before any suggestions comments and ongoing policy holders please share your experiences and shed some light.

Thanks
Regards
Hraza1991

These policies are really not worth it. Spoke to a few financially savvy friends who deal in other investment vehicles. Your best bet would be to invest in real estate, trust me I have got one child and another on the way. I have researched all of these opportunities, had one insurance guy follow me for 6 months while I said no within a month. Right now my ultimate goal is trying to get into installment based but reliable enough real estate schemes (no bahria town for me, that amount of risk I cannot contend with).