Free Accidental Death & Personal Disability Takaful FAQSFree Accidental Death & Personal Disability Takaful FAQS

Free Accidental Death & Personal Disability Takaful FAQS

GENERAL

The Takaful coverage covers accidental death, permanent disability for all new and existing accounts (Individual, Joint, Rupee or Foreign Currency checking accounts) upon meeting the eligibility criteria. Cash Withdrawal & Wallet and Cash over Counter Coverage plan is available for ALL account holders with a Debit card.

All checking accounts including current, savings, sole proprietors, joint and FCY accounts with account balances of Rs. 10,000 or more will become eligible for accidental death & permanent disability coverage. All debit cardholders are automatically eligible for the cash withdrawal & wallet coverage.

The Takaful plan is a free service for all account holders and debit cardholders.

The Takaful shall only cover the account holders. Spouse or any other family member will not be eligible to receive Takaful Cover under this scheme.

The Takaful plan is provided by Alfalah Insurance Company – Window Takaful Operations whereas the contribution for the Takaful plan coverage is borne by Bank Alfalah Islamic Banking.

In case of joint account, only single takaful shall be covered.

Customers having more than one account with bank shall be offered single Takaful coverage.

Customer’s average account balance maintained during the month preceding the date of the incident will determine the tier of claim amount for Accidental Death and Permanent Disability plan.

 

Following are the claim amounts:

Monthly Average Account Balance Claim amount limit
Rs. 10,000 to Rs. 499,999 Rs. 500,000
Rs. 500,000 and above Rs. 1000,000

The maximum claim amounts are:

Cash Withdrawal from ATM: Rs.25,000/-

Cash over the Counter: Rs.35,000/-

Complimentary Wallet: Rs. 3,000/-

In case of death, the claim amount will be paid to the legal heirs as per policy.

Customers having more than one debit card with the bank shall be offered single Takaful coverage only.

Coverage shall commence from the moment an individual account/card holder withdraws cash from any ATM and shall be valid up to 30 minutes or within the radius/area of 1.5 kilometers from such withdrawal, whichever occurs first.

The Takaful coverage shall not be applicable for the following month if the customer’s preceding month’s account balance falls below Rs. 10,000.

An account holder becomes ineligible for Takaful plan if his account closes down for any reason.

The coverage is only applicable within the territorial limits of Pakistan excluding FATA and PATA.

The coverage is only applicable within the territorial limit of Pakistan excluding FATA and PATA.

Coverage shall commence from the moment an individual account/card holder withdraws cash from any ATM and shall be valid up to 30 minutes or within the radius/area of 1.5 kilometers from such withdrawal, whichever occurs first.

The claimant/successor should contact the designated branch within one month of the Accident, otherwise claim will not be entertained. Average monthly balance of the month preceding the date of incident shall be checked.

The claimant should contact the designated branch within 24 hours of the incident or else the claim shall not be entertained.

If the customer is unable to report the incident by visiting the branch physically, he/she can contact the call center of Alfalah Insurance Company – Window Takaful Operation at (042) 111-786-234

The Claim will be settled and deposited through cheque or banker’s cheque to the Customer’s account within 15 working days after receipt of survey report in case of accident death or permanent disability and within 7 working days incase of ATM cash withdrawal/over the counter or loss of personal documents

Alfalah Insurance Company – Window Takaful Operations will process the claim of the Bank Alfalah Islamic account holder after completion of all necessary requirements and formalities.

The Bank reserves the right to change these Terms and Conditions of the Takaful plan at any time after giving 30 days’ notice to its account holders.

Upon intimation of the accident/permanent disability, the branch/Alfalah insurance company – Window Takaful Operations shall explain the detailed process along with the documentary requirements to the customer.

Upon intimation of the stolen wallet/cash/personal documents, the branch/Alfalah insurance company – Window Takaful Operations shall explain the detailed process along with the documentary requirements to the customer.

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