3 Payment Plan is a unique endowment assurance as its provides an option to avail the benefit of 25% withdrawal of the sum assured on the completion of one-third and two-third term of the policy. This plan provides an option for pre-determined, periodic withdrawals during the currency of policy. In case of death during the term of the policy, the plan provides for lump sum payment of full sum assured (irrespective of periodic withdrawals) to the beneficiaries.
This plan is a safe instrument for cash provision at the time of need. With this plan, the policy holder can secure greater protection and continued prosperity for the family at an affordable cost.
Bank Alfalah Limited in partnership with State Life Insurance Limited offers 3 Payment Plan
Features and Benefits
- All your invested premiums are completely secure. This means at the time of maturity of the plan you get the entire cash value accumulated during the term of the plan plus bonuses.
- It is a flexible plan which gives you the ability to select the sum assured of your choice.
- If the life assured expires during the term of the plan, his beneficiaries will be entitled to the sum assured plus accrued bonuses up till that point in time, irrespective of the periodical payment made.
- The range of cover multiples available to the policy holder varies with the age at the time of entry of the life assured.
The premiums can be made annually, semi-annually, quarterly or monthly. Given below is a breakdown of the minimum premium contributions that can be made:
For a better understanding in making your selection according to your savings and insurance needs,
you may contact representatives at your nearest Bank Alfalah branch.
The plan is available to all Bank Alfalah Limited customers between 20 years to 57 years of age.
Term of Plan
Minimum Term: 18 years
Maximum Term: 30 years
This is a modified form of endowment assurance and is also called ‘Three Payment Plan’., the plan offers three payments throughout term of the policy. The plan offers survival benefits equal to 25% of sum insured on completion of 1/3rd and 2/3rd term of the policy It gives you the opportunity to earn guaranteed bonuses and guaranteed payouts on your savings. On completion of the term, the 50% balance of the sum assured plus accrued bonuses are payable.
In case of Policyholder’s death (God forbid) during the currency of the policy State life pays full Sum Assured plus accrued bonuses, up till then, irrespective of the periodical payments made.
ESSENTIAL DOCUMENTS REQUIRED TO PROCESS DEATH CLAIM
- Policy Schedule.
- Original Policy Documents.
- Death Certificate duly issued by the competent authority i.e. NADRA / Union Council etc.
- Copy of valid CNIC of deceased, claimant and identifier.
- Claim Forms:
- Claim Form A (Claimant Statement)
- Claim Form A-5
- Claim Form B, (Medical Attendant Statement)
- Claim Form C (Identification Statement)
- Claim Form D (Employer Statement)
- Premium Collection Record.
- Claim investigation report (in case of early death Claim)
Claim Form A-5 is to be used where policies stand assigned in favor of the Provident Fund Department.
- BS forwards the same to Bank Operations
- Bank Ops scrutinizes the documents and dispatches the same to SLIC/GBA
- SLIC/GBA verifies the received documents
- SLIC/GBA process the claim and sends documents to SLIC
- SLIC receives the documents for claim processing
- SLIC issue the claim forms to the claimant
- After submission of the claim forms/papers and other requirement if any, SLIC process the claim
- SLIC counter check and process the claim
- SLIC sends the claim cheque to GBA
- GBA prepares discharge letter
- GBA Sends the Claimant Cheque and Claim Amount Discharge Letter to the Bank Ops
- Bank Ops Forwards the same to DSFO/respective branch
- Beneficiary visits the Bank to collect the cheque
- BS calls the beneficiary to collect the cheque in person
BS ensures the claimant by
- Original CNIC
- Copy of the cheque signed by beneficiary and sends to SLIC/GBA
- Signature on Discharge Letter
- Bank forwards the original relevant documents to SLIC/GBA
The product is underwritten by State Life Insurance Corporation of Pakistan. It is not guaranteed or insured by Bank Alfalah Limited or its affiliates.