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HAYAH Simple Saver Investment Plan

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In the thriving investment hub of the UAE, where a multitude of investment avenues ranging from mutual funds to real estate entice investors, the realm of unit-linked plans stands out as an attractive option. Amidst this array of choices, one plan that has garnered attention for its unique approach is the HAYAH Simple Saver Investment Plan.

What sets this plan apart from other options is its linkage to the performance of the investment options chosen by the policyholders, ensuring a dynamic and flexible investment strategy. In this article, we will dive into the key details of the HAYAH Simple Saver Insurance Plan. We will explore its distinct features and compelling benefits, and shed light on who can opt for this plan.

Whether you are a seasoned investor seeking new avenues or a beginner exploring the unit-linked plans’ world, you will find plenty of details here to make informed financial decisions for a secure and prosperous future with our guide about this incredible investment plan.

Features and Benefits of HAYAH Simple Saver Investment Plan

Listed below are the key features and benefits of the Simple Saver investment plan-

  • Convenient Online Accessibility: The Simple Saver Plan is an exclusively online offering, granting policyholders easy access to their plan details through a personalised portal account. With multi-factor authentication ensuring the utmost security, all you need is a valid email address and mobile number to log in and manage your investments efficiently.
  • Dynamic Investment Performance: The plans’ success hinges on the performance of the Unit Linked Investment Options, which are influenced by various market variables. While these options offer the potential for gains, they also entail inherent risks, i.e., the originally-invested amount may not be fully recoverable.
  • Flexible Policyholder Options: The planholder can be an individual or two individuals, aged between 18 and 69, which makes it suitable for both personal and joint investments. Keep in mind that once issued, the designated Life Insured cannot be changed or removed from the Plan.
  • Open-Ended Policy Term: The Simple Saver Plan does not have a fixed term. It remains active until the demise of the last Life Insured or until voluntary termination.
  • Customizable Payment Term: At the outset, you can choose the payment term, which must be of 5 years or more. Once your selected term is completed, the plan status will be set to paid-up. You can then restart premium payments, subject to the eldest plan holder’s age being less than or equal to 74 years at the time of payment.
  • Efficient Plan Initiation: Your plan commences upon receipt of the first premium and the plan schedule is issued to your nominated email address.
  • Cancellation Flexibility: Within 30 days from the plan issue date, you have the option to cancel the plan via your portal account. Upon cancellation, the premium will be refunded and adjusted for any realised investment gains or losses during that period.
  • Premium Limits: The HAYAH Insurance website will publish the minimum premium allowed, with the maximum premium being capped at the initial amount chosen by you. You cannot increase the premium beyond this limit.
  • Premium Reduction Option: As a policyholder, you have the liberty to reduce your premium at any time by instructing the provider through your portal account (adhering to the applicable minimum premium requirement).
  • Daily Plan Valuation: Your plan's value is determined on a daily basis by multiplying the number of units with the latest unit price received for each selected investment option.
  • Freedom to Modify Investment Options: Through your portal account, you can alter your investment options as desired. This includes switching existing options, adjusting future premium investments, and tailoring your portfolio to meet changing financial goals.
  • Comprehensive Plan Statements: You can monitor your plan's progress regularly through your portal account, while receiving half-yearly statements on 30th June and 31st December of each calendar year.

Premium for Simple Saver HAYAH Investment Plan

Keep the following points in mind while assessing the premium of the HAYAH Simple Saver Investment plan –

  • Minimum and Maximum Premiums: The provider's website will disclose the minimum premium amount applicable to the Simple Saver Investment Plan. At the inception of the plan, you have the flexibility to select a premium amount — the maximum premium cannot exceed this chosen value. 

It's important to note that any attempt to raise the premium beyond the initially agreed level is not permissible.

  • Premium Reduction Option: The Simple Saver Plan allows you to reduce your premium at any point in time, providing financial flexibility in line with your evolving circumstances and investment preferences. 

By accessing your portal account, you can conveniently instruct HAYAH Insurance to make the necessary adjustments, subject to the minimum premium requirement applicable during that period.

  • Possibility of Premium Increase: This plan allows you to boost your investment contributions in case you had previously reduced your premium. Through your portal account, you can instruct the provider to increase the premium. Just make sure that you stay within the boundaries of the maximum premium applicable at that particular time.
  • Flexibility to Cease Premium Payments: At any juncture, you have the freedom to stop paying premiums by notifying HAYAH insurance through your portal account. If your plan value surpasses the minimum plan value, your plan status will be considered Paid-Up. 

Despite halting premium payments, the deduction of plan charges will continue, safeguarding the integrity of your investment and the maintenance of your plan's value.

Who Should Opt for a HAYAH Simple Saver Insurance Investment Plan?

The HAYAH Simple Saver Investment Plan presents an inclusive and accessible investment option for individuals seeking simplicity, affordability, and ease of online management.

Whether you are a young adult entering the world of savings or an experienced investor seeking a straightforward approach, this plan welcomes all those who wish to secure their financial future with prudence and convenience.

Here are some factors related to the ideal candidates for the HAYAH Simple Saver Investment Plan -

  • Age Range: The Simple Saver Investment Plan extends its benefits to individuals within the age bracket of 18 to 69 years, catering to a broad spectrum of potential investors.
  • Those Seeking Affordable Saving Opportunities: If you seek an investment avenue with a low entry barrier, the Simple Saver Plan is an attractive option. With the option to start saving for as little as USD 20 per month, it offers a budget-friendly approach to building your financial future.
  • Individuals Requiring Simplicity and Clarity: For those who prefer a no-frills, easy-to-understand savings and investment plan, the Simple Saver Plan aligns perfectly with this preference. This plan is designed to provide straightforward and transparent investment features, making it accessible to both novice and experienced investors.
  • Those Seeking the Convenience of Online Access: If you value the efficiency of online transactions and managing your finances digitally, the Simple Saver Plan's online-only nature certainly caters to your modern-day preferences. With a personalised portal account, you can effortlessly access and oversee your investment journey anytime, anywhere.
  • Immediate Action Takers: The Simple Saver Plan is tailored for individuals who are ready to embark on their savings journey promptly. Whether you are just starting your investment voyage or wish to diversify your portfolio, this plan offers an immediate and convenient pathway to initiate your financial growth.

Charges Associated with HAYAH Simple Saver Plan

Given below is a table depicting the charges associated with the HAYAH Simple Saver Investment Plan. Check it out for a clear breakdown of each charge and its calculation method -

Charge Name Description Calculation
Plan Management Charge The Plan Management Charge is levied daily and calculated as 1/365th of the annual charge applicable to your plan value at the end of each calendar month. The first and last charges are pro-rated based on the plan issuance and end dates. Deducted by selling Units proportionally from your selected Investment Options when the charge is due
Charges on Withdrawals Partial withdrawals don’t incur any charges. However, full withdrawals may be subject to a fee as specified in your Plan Schedule. The fee is deducted from the proceeds of the sales of your Investment Options
Administration Charge In case instructions are processed by HAYAH Insurance outside your Portal account, an Administration Charge of USD 100 may apply. -
Bank Charges While HAYAH Insurance does not impose direct bank charges, any charges by your bank or other financial institutions related to your plan activities are your responsibility. -
Foreign Exchange Charge In situations where currency conversion is required (e.g., premium receipt, withdrawal payment or purchasing or redeeming Units in a different currency), exchanges are done at prevailing market rates. -
Investment Adviser Fee If you have appointed an Investment Adviser, their fee is displayed in your Plan Schedule. The fee, calculated quarterly, is a quarter of the annual fee applied to your plan value. -

Withdrawal Options of HAYAH Simple Saver Plan

At any point in time, you can initiate a withdrawal request through your portal account. Upon receiving your request, HAYAH Insurance will instruct the sale of units from your selected investment options on the next available dealing day, following approval.

The time taken for the sale of units to settle will vary as per the specific investment option. Once all unit sales have been completed, the withdrawal amount will be paid in the plan currency to your nominated bank account.

The HAYAH Simple Saver Investment Plan offers various withdrawal options to provide you with the flexibility to access your funds as per your financial requirements. Here are the available withdrawal options and the process for each one -

  1. Partial Regular Withdrawals: If you require a steady stream of funds, you have the option to request partial regular withdrawals through your portal account. The minimum amount for regular withdrawals is USD 150 (per withdrawal). It can be set on a monthly, quarterly, half-yearly, or yearly basis as per your preference and financial requirements.
  2. Partial Lump Sum Withdrawals: For bigger financial requirements, you can request partial lump sum withdrawals of at least USD 150 through your portal account. This option allows you to access a portion of your investment while leaving the remaining funds invested for potential growth.
  3. Full Withdrawal (Surrender): If you find it necessary to withdraw the entire investment amount, you may request a full withdrawal through your portal account. However, please note that full withdrawals may be subject to charges, as specified in your plan schedule. 

It's essential to consider the implications of a full withdrawal, as it will result in the termination of your Plan.

How to Apply for HAYAH Simple Saver Plan?

Policybazaar Insurance UAE is the go-to site to check a diverse range of investment opportunities in the UAE. It is an excellent choice to apply for the HAYAH Simple Saver Plan in just a few clicks from the comfort of your home! 

Here's a step-by-step guide on how to apply for this investment plan through Policybazaarinsurance.ae:

  1. Visit the Official Website: To initiate the application process, visit Policybazaarinsurance.ae, the official website of Policybazaar Insurance UAE which provides a user-friendly platform for insurance and investment solutions.
  2. Explore Investment Options: Navigate to the investment section of the website, where a plethora of investment opportunities, including the HAYAH Simple Saver Plan, await your consideration.
  3. Complete the Lead Form: Fill out the lead form by providing essential details such as your name, email address, monthly income, date of birth, and mobile number. This information is vital for initiating your investment journey and ensuring personalised quotes and assistance.
  4. Redirect to the Investment Page: Upon submitting the lead form, you will be redirected to the investment page, where an array of investment options will be presented including the HAYAH Simple Saver Investment Plan.
  5. Review Features and Benefits: Take time to thoroughly review the features and benefits of the Simple Saver Plan. Make sure to assess how it aligns with your financial goals and preferences.
  6. Initiate the Application: When you are satisfied with the plan's advantages and suitability, click on the 'apply' button to kick-start the application process.

Advantages of Applying for an Investment Plan via Policybazaarinsurance.ae:

  • Wide Range of Options: Policybazaar Insurance UAE offers an extensive selection of investment plans that you can explore and compare to find the one that best fits your requirements.
  • User-Friendly Interface: The website's user-friendly interface ensures a seamless and convenient application process, helping you access all the relevant details and apply for the HAYAH Simple Saver Plan with ease.
  • Personalized Assistance: By providing your details in the lead form, you can benefit from personalised guidance and support throughout the application process.
  • Transparency and Information: Policybazaarinsurance.ae comprehensively provides all the details about the investment plans on its page to ensure the utmost transparency for you.
  • Trustworthy and Renowned Platform: Policybazaar Insurance UAE is a trusted and renowned insurance aggregator, ensuring reliability and credibility in managing your investments for a secure financial future.

Take a look at some frequently asked questions to gather more information on HAYAH Simple Saver Investment Plan.

Frequently Asked Questions

Q1. When does my HAYAH Simple Saver Investment Plan come to an end?

Ans: The HAYAH Simple Saver Investment Plan concludes upon the occurrence of the earliest of the following events -

  • If you make a full withdrawal and instruct the termination of the plan
  • In the event that the plan value falls below a certain threshold
  • When the last life assured passes away - in such a case, the Death Benefit will be payable to the nominated beneficiaries
  • If you choose to cancel the plan within the cooling off period (usually 30 days from the Plan Issue date), the plan will be terminated and appropriate provisions will apply for a refund of the premiums paid.
Q2. What makes the HAYAH Simple Saver Investment Plan stand out among other investment options?

Ans: The HAYAH Simple Saver Investment Plan distinguishes itself through its unique linkage to the performance of the chosen investment options, offering a dynamic and flexible investment approach for policyholders.

Q3. Can I access my investment plan online?

Ans: Yes, the Simple Saver Plan is an exclusively online offering, providing convenient access to your plan details through a personalised portal account. Multi-factor authentication ensures high security, and all you need here is a valid email address and mobile number to manage your investments efficiently.

Q4. Is there a specific age requirement for opting for the HAYAH Simple Saver Plan?

Ans: Yes, the plan is available to individuals aged between 18 and 69, catering to a broad spectrum of potential investors.

Q5. What is the policy term for the HAYAH Simple Saver Investment Plan?

Ans: The plan has an open-ended policy term, i.e., it remains active until the death of the last life assured or until voluntary termination.

Q6. Can I adjust my premium payments according to my financial circumstances?

Ans: Yes, you have the flexibility to reduce your premium at any time through your portal account, adhering to the applicable minimum premium requirement. Additionally, you can increase your premium if previously reduced, subject to the maximum premium limit at that time.

Q7. Are there any charges associated with withdrawals from the HAYAH Simple Saver Plan?

Ans: While partial withdrawals don’t incur charges, full withdrawals may be subject to fees as specified in your Plan Schedule. Please review the charges and implications before making a withdrawal decision.

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