The amount payable upon surrender is the prevailing cash value of the policy i.e., cash value after all surrender requirements have been received at the Head Office.

You can determine the cash value of your policy at any time by simply multiplying the number of units allocated in your policy to the Bid Price of the fund your policy is linked to.

Mathematically,

Cash Value = Number of units x Bid Price of the Fund. Let us assume, the total number of units allocated in your policy are 985.12. At a particular point of time Bid Price of the fund is Rs. 1, 200/-. Hence the cash value of the policy at that time would be:

Cash Value = 985.12 x 1, 200

= Rs. 1, 182, 144/-

Generally, if a policy is surrendered prior to the payment of two full years’ premiums after commencement, no amount is payable by the Company.

To know if your policy is eligible for surrender, may we request you to refer to your Policy’s Provisions and Conditions which highlights the Clause regarding Policy Surrender.

In order to fully surrender your policy, the following documents would be required:

• Surrender Form, duly filled in and signed by the policyholder
• Original Policy Documents
• Valid Copy of CNIC
• Zakat Declaration (if you wish to apply for Zakat Exemption)

To get the ‘Surrender Form’, please call us at our Call Centre.

After completing the above requirements, you may send them directly to us at EFU Life Head Office on the following address:

Client Service Department

EFU Life Assurance Ltd

EFU Life House, Plot No.112, 8th East Street, Phase 1, DHA, Karachi, Pakistan,

The same can also be submitted at any of the branch offices of our Company, convenient to you.

However, if you have taken this policy through our bancassurance channel, we would request you to submit the requirements to the parent bank / branch from where the policy was taken.

Upon receipt of all requirements at EFU Life’s Head Office, the process may take 4-5 working days, after which the surrender amount will be settled via IBFT.

Once all the surrender requirements have been fulfilled, our Client Services Department may call you for verification. Once verification is completed, the policy is surrendered on the Bid Price determined on the next valuation of Fund i.e., the Bid Price of the next day. The Bid Price is unknown in advance. The final surrender value payable is calculated by multiplying the number of units surrendered with the Bid Price.

Personal bank account within Pakistan is mandatory. It is recommended to open bank account in Pakistan for surrender payout if you do not currently have one.

In case of lost policy documents, we require Surrender ‘Indemnity Bond’ to be executed on Rs.100/- Stamp paper and attested by Oath Commissioner as a replacement of original policy documents. A sample of the said requirement can either be obtained from your respective servicing branch or by writing to us at csd@efulife.com.

If the surrender is still in process, you may send us the request and we will be pleased to cancel the surrender status and continue your policy under the original terms.

A nominal Surrender Processing Fee of Rs. 500/- is deducted from the total cash value at the time of full surrender.

If you have submitted the Zakat Declaration form then there is an exemption from Zakat, else 2.5% of total cash value will be deducted from the cash value as Zakat.

No, at present, the surrender value is given without deduction of any tax amount.

Yes, we can initiate the process upon receipt of scanned copies. However, physical/hard copies of all documents are required to complete the surrender process.

Upon surrender/partial surrender of your policy, a cheque crossed in favor of policy holder’s name and bank account number (to be mentioned on the Surrender Form) will be sent to you.

Partial surrender refers to withdrawal of certain amount from policy’s cash value to meet personal/financial needs without terminating the policy.

To partially surrender your policy, the following documents would be required:

• Surrender Form, duly filled in and signed by the policyholder
• Valid CNIC of the policyholder
• Zakat Declaration (if you wish to apply for Zakat Exemption)

To get the ‘Surrender Form’, please call us at our Call Centre.

Once all the partial surrender requirements have been fulfilled, our Client Services Department may call you for verification. Once the verification is completed, an Acceptance Letter indicating the revised Sum Assured is sent. Upon receipt of same, duly signed by you, your policy is partially surrendered on the Bid Price determined on the next valuation of Fund i.e., the Bid Price of the next day. The Bid Price is unknown in advance. The final partial surrender value payable is calculated by multiplying the number of units surrendered with the Bid Price.

Please note that on Partial Surrender, the sum assured of your policy will proportionally reduce (for certain plans). The good news is that you can request to restore the previous sum assured of your policy. For us to do the same, please send us a written request at our Head Office or call us at our Call Centre.

Yes, you would be pleased to know that the amount withdrawn through partial surrender option may be invested as Fund Acceleration Premium in your policy (depending on the availability of this option in your policy) or by taking a new single premium plan.

Sum Assured is decreased in proportion to the cash value withdrawn. Let us explain this by giving an example. The cash value of your policy 100, 000/- and Sum Assured of the main plan is 1, 000, 000/. If you withdraw 20 % of the total cash value that is Rs. 20, 000/-, the Sum Assured of your policy will also reduce by 20% i.e., will become 800, 000/-.

You may either request for restoration on the acceptance letter or later you may send us signed request for the same. Upon receipt of such a request, we shall send you a letter for medical / non-medical requirements.

You can send us these requirements via email at csd@efulife.com or at our Head Office address mentioned below:

Client Services Department EFU Life Assurance Ltd EFU Life House, Plot No.112, 8th East Street, Phase 1, DHA, Karachi, Pakistan,

The decision to restore the Sum Assured shall be taken once the policy has been under-written upon receipt of the requested requirements. In most cases Sum Assured is restored, however, the same could be declined or extra-premium could be charged if any abnormality is found in the policy holder’s health or if the policy holder has reached 60 years of age.

Once all the partial surrender requirements have been fulfilled, the policy is partially surrendered on the Bid Price determined on the next valuation of Fund i.e., the Bid Price of the next day. The Bid Price is unknown in advance. The final partial surrender value payable is calculated by multiplying the number of units surrendered with the Bid Price.