Endowment PlanEndowment Plan

Endowment Plan

Endowment Plan is a unique saving and protection scheme through which the policy holder can get a particular amount of money at a specific time speculated on the basis of his/her future requirements. Endowment plan is most suitable for people who are far sighted and want to fulfill their future needs.
Bank Alfalah Limited in partnership with State Life Insurance Limited offers Endowment 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.
  • The range of cover multiples available to the policy holder varies with the age at the time of entry of the life assured.

Payment Frequency

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:

Yearly 15000
Half Yearly 10000
Quarterly 7500

Note

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.

Eligibility

The plan is available to all Bank Alfalah Limited customers between 20 years to 65 years of age.

Term of Plan

Minimum Term: 10 years
Maximum Term: By the age of 75 years

Claims

The Plan provides a handsome, lump sum amount at maturity or (God forbid) at the death of the assured. Customer’s beneficiary/Nominee/claimant visits branch for claim. BS requests for the required documents for the claim

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:
    1. Claim Form A (Claimant Statement)
    2. Claim Form A-5
    3. Claim Form B, (Medical Attendant Statement)
    4. Claim Form C (Identification Statement)
    5. Claim Form D (Employer Statement)
  • Premium Collection Record.
  • Claim investigation report (in case of early death Claim)

Note

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

Disclaimer:

The product is underwritten by State Life Insurance Corporation of Pakistan. It is not guaranteed or insured by Bank Alfalah Limited or its affiliates.

Apply Now Or you can apply for Endowment Plan at the branch.
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