All Individual and Joint, Rupee and Foreign Currency transactional accounts (Qard & Mudarabah based deposits), active and dormant, shall be automatically enrolled in the scheme from the date of its launch.
All individual, joint and sole proprietorships accounts are eligible in this scheme. However, corporate accounts, partnership firms and any other account types are excluded from this scheme.
Takaful coverage for accidental death and total permanent disability shall come into effect immediately once the monthly average balance in the preceding month is maintained.
Takaful coverage for cash withdrawal through ATM and over the counter shall come into effect immediately at the time card is issued to the customer.
An accountholder becomes ineligible for takaful cover if his account closes down for any reason
Customer’s monthly average balance in the month preceding the date of incident should be greater than Rs.10,000/- for Accidental Death/Disability Claim, without any exceptions as listed here.
The Age limit in respect of Personal Accidental Death Takaful should be in between 18 years to 60 years.
The risk of terrorism and sabotage is specifically excluded from takaful coverage.
Account Holders with active services within any military, naval, air, police or correctional services (like armed forces, police, rangers and security guards) are excluded from this scheme.
The cash withdrawal coverage offered herein shall only be applicable if the accountholder suffers loss of cash whilst personally withdrawing the amount from the ATM and over the counter (debit card holders only). This facility is extended only on withdrawal within Islamic Republic of Pakistan (excluding FATA & Tribal Areas).
The Takaful is nontransferable and non-saleable.
The Takaful shall only cover the primary debit card holders.
Spouse or any other family member will not be eligible to receive Takaful Cover under this scheme
Customers having more than one debit card with the bank shall be offered single takaful coverage.
In case of Joint Accounts, there will be single takaful coverage, which will be divided equally among the account holders in case of personal disability/death of all the joint holders.