All Individual Alfa accounts, active and dormant, shall be automatically enrolled in the scheme from the date of its launch.
Coverage for accidental death, permanent disability, Cash Withdrawal, Loss of Identity documents and hospitalization due to accident shall come into effect immediately once the monthly average balance in the preceding month is maintained.
An accountholder becomes ineligible for insurance coverage if his/her account closes down for any reason
The Customer’s monthly average balance in the month preceding the date of incident should be greater than or equal to Rs.2,500/- for coverage to apply
For Accidental Death/Disability Claim, the exceptions are listed. here
The Age limit in respect of Personal Accidental Death should be in between 18 years to 60 years.
The risk of terrorism and sabotage is specifically excluded from coverage.
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. This facility is extended only on withdrawal within Islamic Republic of Pakistan
The coverage is non-transferable and non-saleable.
Spouse or any other family member will not be eligible to receive cover under this scheme
Customers having more than account with the bank shall be offered single coverage.