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ProtectionPlan

ProtectionPlan

Product Toolkit

Instant protection, easier than ever.

MCB Banc assurance brings you broad access to finding financial solutions even if you don’t have formal banking relationships. All you need is your mobile phone and you can get yourself a complete comprehensive protection plan and insurance coverage with just a few easy steps. You don’t even have to get any medical endorsements to get this protection plan. Register to MCB Mobile Banking and get yourself instantly insured in a quick and easy way at a very nominal cost with the MCB Protection Plan and get your ‘Har Pal Mehfooz’!.

Apply for MCB “Protection Plan” today, and make your ‘Har Pal Mehfooz’.

For more information please call 111-000-622 (MCB Bank).

NOTE:

  • MCB Bank Ltd is only acting as a distributor / facilitator any further service for policy maintenance & claim filling should be directly dealt with Adamjee Life’s Head Office the Bank and is not responsible in any manner whatsoever to the customer, his/her beneficiary/ies or any third party.
  • The insured customer’s statement of the account maintained with the bank will act as his/her enrolment under the policy (if his/her account is charged under the policy).
  • This information provides only an introduction of the benefits available under the policy. A description of how the contract works is given in the ‘Terms and Conditions’, which will be provided after the customer(s) avails the service.

BENEFITS:

Coverage Package A Package B
Charges (PKR per month)  209 417
Natural Death Benefit  250,000 500,000
Accidental Death Benefits    
Option 1:

   • 100% as lump sum 

500,000 1,000,000
Option 2:

   • 50% lump-sum and

   • 50% as monthly income for 10 years 

 

2,500

2,500

 

500,000

5,000

Accidental Disability Benefit    
Option 1:

   • 100% as lump sum

Option 2:

   • Take as monthly income for 10 years

250,000


2,500
500,000


5,000
  • Natural Death Benefit

Payment of lump sum amount (Sum Assured) to your family in the event of death within the policy term.

  • Accidental Death Benefit

If the insured person dies due to accident, a sum, double the Natural death benefit will be paid to the beneficiary.

Customer has the option to take 50% of the accidental death benefit as lump sum immediately upon Accidental death and remaining 50% can be taken in the form of 120 equal monthly installments of 1 % of the Accidental death Sum Assured.

  • Accidental Disability Benefit

The Natural death benefit will be paid even if the customer becomes permanently disabled due to accidental causes.

Customer has the option to take Accidental Disability Benefit as in the form of 120 equal monthly installments of 1% of the basic death benefit.

POLICY TERMS & ELIGIBILITY

  • Minimum Entry Age:             & nbsp;              &nb sp;           18 Years (Age nearest birthday)
  • Maximum Entry Age:             & nbsp;              &nb sp;          50 (Age nearest birthday)
  • Minimum Policy Term:                             &n bsp;       01 years (Age nearest birthday)
  • Maximum Policy Term:                             &n bsp;      up to Age 51 years

OFFER TO ACCEPT 

  • I hereby declare that I have been given notice regarding my freedom of choice.
    • to enter into a new policy;
    • to the value of policy benefits in the new policy

And I / We have not been subject to any concern or inducement in applying for this policy.

  • I also authorize Adamjee Life Assurance Company Ltd. to obtain; from any source it deems Appropriate, information concerning my health.
  • In case event occurs prior to registration of Beneficiary / Nominee the claim settlement will be subject to the fulfilment of Succession Certificate.
  • If the above particulars and declaration is not correct, then the insurer shall have the right to cancel the policy.
  • MCB Bank Ltd is acting as a distributor of PROTECTION Plan on behalf of Adamjee Life Assurance Company Ltd. and is not responsible in any manner whatsoever to the customer, his/her beneficiary/ies or any third party.
  • All MCB Bank PROTECTION Plan applications are processed and approved by Adamjee Life Assurance Company Ltd. as per their underwriting guidelines. MCB Bank is not responsible for the processing and approval of these applications in any way whatsoever.
  • This information provides only an introduction of the benefits available under the policy. A description of how the contract works is given in the ‘Insurance Certificates’ and ‘Terms and Conditions’, which will be provided after the customer(s) avails the service.
  • Adamjee Life Assurance Company Ltd. is registered & supervised by Securities Exchange Commission of Pakistan.
  • The terms and conditions are subject to the regulations of the Securities Exchange Commission of Pakistan.
  • Your application will be accepted (coverage commencement) or rejected subject to underwriting decision and premium payment.
  • Protection plan is an annual policy with mode of monthly payment and will be renewed automatically for the subsequent years on the designated date (based on all premium paid) unless that the policyholder himself does not deactivate the coverage by written request duly signed for deactivation at Adamjee life.

What is Protection Plan?

Protection Plan is designed to provide a comprehensive insurance protection at a nominal cost to MCB mobile banking Customers.

Why should I buy protection plan?

  • Hassle-free Enrolment Process: The most pre-eminent aspect is that you will not have to go through any medical examination in order to get this protection plan. You can buy your life protection on your mobile.
  • Instant Decision: You don’t have to wait for underwriting decisions. It would take less than a minute for you to either qualify or not, and you would be notified immediately
  • Immediate Coverage: Your coverage begins right away once the premium amount is deducted from your account.

Am I eligible for the Protection Plan insurance coverage?

All MCB mobile banking customers between 18 to 50 years of ages are eligible and you can remain enrolled till your 51st birthday (based on all premiums paid).

How can I enrol for Protection Plan?

  • You can enrol for the Protection plan by visiting www.mcbmobile.com, after sign in to MCB Mobile, from the “Main Menu” you will select “Buy Insurance”, and to view the product benefit you will click on “Protection Plan” and follow the simple steps.
  • You will authorize the purchase by entering your Automated Teller Machine (ATM) Pin and submitting transaction for processing. Offer to accept of the policy can be viewed at www.mcb.com.pk/mobinsure. By clicking the submit button on your mobile screen, you will agree to “Offer to Accept “the policy.
  • After the successful deduction of your funds under protection plan you will receive a registration phone call from Adamjee life within 48 hours for fulfilment of policy details.

How will I know that I am enrolled under the Protection plan?

You will be covered once your premium is successfully deducted from your account, your bank statement will serve as proof of your enrolment. Moreover, you will receive the complete ‘Terms & conditions’ of the policy on your email address (if provided) and on your corresponding address within three business days.

Do I have a Free- look period under protection Plan?

Yes, Protection plan offers you a 14 days free look period from the date of enrolment in which you can review your policy terms and conditions, even cancel the policy by providing written request at Adamjee life, and have your premium refunded.

Can I take more than one Protection Plans?

Yes, a maximum of coverage amount of PKR 500,000 can be taken by you under the protection plan, which means you can take two policies of package ‘A’.

How can I renew my Protection Plan coverage?

Protection plan is an annual policy with mode of monthly payment and will be renewed automatically for the subsequent years on the designated date (based on all premium paid) unless that the policyholder himself does not deactivate the coverage by providing written request duly signed for deactivation at Adamjee life.

Can I reinstate my Protection Plan coverage in case I miss any due premium?

Yes. You will submit a written request duly signed to Adamjee Life for Policy Re-instatement.

Who will be the beneficiary /nominee of this cover?

The beneficiary will be anyone who you assign at the time of your policy fulfillment.

What should I do in case of an incident?

In case of an incident, you have to contact and inform Adamjee Life Assurance at

Adamjee Life Assurance Company Limited, The Forum, Suite No.301, Plot G 20, Block 9, Clifton Karachi. Tel No. 92 21 35362620 & 23 Fax: 92 21 35362621, Ext: 114 UAN: 111-11 LIFE (5433), [email protected]

Who is the underwriter of Protection Plan?

Adamjee Life Assurance Company Limited is the underwriter of Protection Plan.

Who should I contact for the more information regarding Protection Plan?

You can contact MCB Call Center at 111-000-622 or Adamjee Life at 92-21-38636976-78 or 111-11-LIFE (5433).


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