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
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.
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.
Claim Form A-5 is to be used where policies stand assigned in favor of the Provident Fund Department.
BS ensures the claimant by
The product is underwritten by State Life Insurance Corporation of Pakistan. It is not guaranteed or insured by Bank Alfalah Limited or its affiliates.