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Alfa Transaction Takaful Copy
Alfa Transaction Takaful: For Secure and Confident Banking Transactions

At Bank Alfalah Islamic, we understand the importance of security when it comes to your financial transactions. With our multiple coverage options, you can be confident that you are secure against fraud ensuring financial protection. Choose Bank Alfalah Islamic and enjoy the security you deserve with Alfa Transaction Takaful by EFU!
 

How to Apply for Alfa Transaction Takaful by EFU?

  1. Login to Alfa

  2. Tap on Takaful

  3. Select Alfa Transaction Takaful

  4. Select your desired Contribution & Agree to the Basic Fact Sheet

  5. Confirm your consent by pressing 1 over recorded/IVR call

  6. Check your details in the Policy Briefcase
     

Product Summary:

Variant

Takaful

Product Description

Alfa Transaction Takaful by EFU provides coverage in case of loss of cash from the account/card of the participant due to fraudulent/unauthorized transaction into the accounts.

This plan has a built-in term takaful cover benefit as well which will provide complete financial security by paying a defined amount as per the selected option to the family in case of a participant’s death due to any cause.

Contribution Term

Annual

Coverage Term

One Year

Policy Currency

PKR

 

Policy Issuance:

Eligibility Age

  • Enrollment Age: 18 years to 64 years*

  • Coverage Age: 18 years to 65 years*

*Only applicable on Term Takaful

Free Look Period

15 days


Benefits & Contribution:

Benefit Structure

Category

Fraudulent Transactions Benefit

Term Takaful Benefit

Option 1

Up to  50,000

50,000

Option 2

Up to  100,000

100,000

Option 3

Up to  150,000

150,000

All amounts are in PKR

Contribution (PKR)

Category

Annual Contribution

Option 1

530

Option 2

850

Option 3

1,250

All amounts are in PKR

The contributions are inclusive of all applicable taxes, bank commission, duties etc. Any change in the tax structure or commission will affect the contribution accordingly.


Exclusions:

Exclusions

  • Any kinds of errors in Transactions Recording System

  • Debiting of participant’s account by amounts in excess of or less than the actual transaction amount

  • Debiting the account by an amount in excess of the allocated card limit allocated by the bank/ financial institution/ account balance

  • No cover for any kind of cyber fraud/ liability/ crime related and similar losses

  • No cover given for losses which were already known to the participant before the issuance date of this PMD

  • No coverage for spoofing where participant innocently or knowingly provide confidential bank information

  • No cover for any mysterious transaction whose cause of loss cannot be ascertained and determined

  • Any loss not discovered and intimated during the PMD period

  • Any kind of fraud committed by the participant himself/ herself whether alone or in collusion with anyone

  • Any loss resulting directly or indirectly by participant’s sharing the personal information including but not limited to OTP (One-time password), personal account and/ or card details etc. consciously or unconsciously or while under any threat or duress

  • War, SRCC, terrorism and political risk exclusion, nuclear risks exclusion, communication / infectious disease, Sanction Limitation Exclusion and Money Laundering exclusion

  • Suicide, intentional self-inflicted injury, Murder, assault, assassination, injury sustained through firearm injury, participation in any criminal activity or violation of law.

  • Coverage is on incident of fraud occurred and reported within Pakistan and no international incident will be part of the claim.

EFU- WTO is the product underwriter and BAFL is the distributor of the product.

Basic Fact Sheet - English
Basic Fact Sheet - Urdu

Frequently Asked Question

Yes, for Fraudulent Transaction Coverage, the age restriction is 18 and above. However, for Term Takaful coverage, enrolment is available for individuals aged 18-64.

you can only avail this product for one year.

No, you can only enrol through your Account.

No, you can only contribute in 1 policy on one CNIC.

EFU Life –WTO and EFU General – WTO will provide you the Participant Membership Document within 07 working days from your contribution deduction. However; you can view the policy General Term and Condition available in Alfa App, go to Policy Brief Case tab at anywhere and anytime. 

FLP is a period during which you can cancel your policy and get the full refund, it’s start from contribution deduction and FLP period of this product us 15 days.

You may simply click on the Policy Cancel button, instantly you will get the SMS and your contribution will be reversed within 5 - 7 working days.

You may simply click on the Policy Cancel button, instantly you will get the SMS and your contribution will be reversed within 5 - 7 working days.

You can cancel the policy after free look period passed but no contribution will be refunded.

In case of any claim with regards to the plan, please contact the insurers on below address:
•    For Fraudulent Transaction: EFU General Contact Details: First Floor, Kashif Center, Shahrah-e-Faisal, Karachi. Phone: (+92-21) 3565 3907-9 , Email to EFU General: central@efuTakaful.com  
•    For Term Takaful: EFU Life House Contact Details: EFU Life House - Claims Department, Plot No 112, 8th East Street, DHA Phase 1, Karachi. Phone: +92-21-111-338-111, Email to EFU: claims@efulife.com

In case of loss of cash from the account/card of the participant due to fraudulent/unauthorized transaction into the accounts or death.  

You will not receive anything as this is not investment linked product. The only benefit you gain is the coverage for Fraudulent Transaction and Death benefit.

A plan providing financial and Takaful protection benefits (Transactional Takaful/Term Takaful) aims to offer coverage to Bank Alfalah Islamic customers in the event of fraudulent transactions and death due to any cause.

You can enrol directly from Alfa by:
Login to Alfa  Tap on Takaful   Select Alfa Transaction Takaful  Select your desired Contribution & Agree to the Basic Fact Sheet  Confirm your consent by pressing 1 over recorded/IVR call  Check your details in the Policy Briefcase.

Alfa Transaction Takaful by EFU provides coverage in case of loss of cash from the account/card of the participant due to fraudulent/unauthorized transaction into the accounts.
This plan has a built-in takaful cover benefit as well which will provide complete financial security by paying a defined amount as per the selected option to the family in case of a customer’s death due to any cause.

Upon contribution deduction, you will get the confirmation SMS, in addition to that you can see your policy details anywhere and anytime by simply clicking on the Policy Brief Case tab on Alfa.

In case of loss of cash from the account/card of the participant due to fraudulent/unauthorized transaction into the accounts or death.  

You will not receive anything as this is not investment linked product. The only benefit you gain is the coverage for Fraudulent Transaction and Death benefit.

Yes, for Fraudulent Transaction Coverage, the age restriction is 18 and above. However, for Term Takaful coverage, enrolment is available for individuals aged 18-64.

you can only avail this product for one year.

No, you can only enrol through your Account.

No, you can only contribute in 1 policy on one CNIC.

EFU Life –WTO and EFU General – WTO will provide you the Participant Membership Document within 07 working days from your contribution deduction. However; you can view the policy General Term and Condition available in Alfa App, go to Policy Brief Case tab at anywhere and anytime. 

FLP is a period during which you can cancel your policy and get the full refund, it’s start from contribution deduction and FLP period of this product us 15 days.

You may simply click on the Policy Cancel button, instantly you will get the SMS and your contribution will be reversed within 5 - 7 working days.

You can enrol directly from Alfa by:
Login to Alfa  Tap on Takaful   Select Alfa Transaction Takaful  Select your desired Contribution & Agree to the Basic Fact Sheet  Confirm your consent by pressing 1 over recorded/IVR call  Check your details in the Policy Briefcase.

Alfa Transaction Takaful by EFU provides coverage in case of loss of cash from the account/card of the participant due to fraudulent/unauthorized transaction into the accounts.
This plan has a built-in takaful cover benefit as well which will provide complete financial security by paying a defined amount as per the selected option to the family in case of a customer’s death due to any cause.

Upon contribution deduction, you will get the confirmation SMS, in addition to that you can see your policy details anywhere and anytime by simply clicking on the Policy Brief Case tab on Alfa.

In case of loss of cash from the account/card of the participant due to fraudulent/unauthorized transaction into the accounts or death.  

You will not receive anything as this is not investment linked product. The only benefit you gain is the coverage for Fraudulent Transaction and Death benefit.

Yes, for Fraudulent Transaction Coverage, the age restriction is 18 and above. However, for Term Takaful coverage, enrolment is available for individuals aged 18-64.

you can only avail this product for one year.

No, you can only enrol through your Account.

No, you can only contribute in 1 policy on one CNIC.

EFU Life –WTO and EFU General – WTO will provide you the Participant Membership Document within 07 working days from your contribution deduction. However; you can view the policy General Term and Condition available in Alfa App, go to Policy Brief Case tab at anywhere and anytime. 

FLP is a period during which you can cancel your policy and get the full refund, it’s start from contribution deduction and FLP period of this product us 15 days.