Life is full of uncertain events &commitments that require planning with precision. As a responsible individual, you need to ensure that your child's future is secured and savings are preserved against the rising cost of financial obligations. For this you need a plan that offers you both, savings and protection.
Why Savings Plan?
This plan offers you a Financial Solution enabling you to spread the financial outlay of regular premium payments over the term of the policy. It’s a flexible policy that combines Savings with Life Cover.
Key Benefits of Savings Plan Policy
- Lump sum payment of Rs. 200,000 without any extra charge in the event of Death of the parent (life assured) due to Sickness or Accident.
- Additional lump sum payment of Rs.1,000,000 without any extra charge in the event of Accidental Death of the parent (life assured).
- Guaranteed minimum Annual Yield of 4% on accumulated cash value.
- No Medical Checkups required.
- Partial Withdrawal & Loan Facility available for key milestones in your child’s life.
- Hedging option available to protect accumulated cash value against inflation.
Eligibility
Citibank customers holding a Citibank Credit Card and/or a Branch Banking Account between the age of 18 & 75 years are eligible to enroll into the Savings Plan. The maximum age of entry under the Savings Plan is 75, provided no supplementary contracts i.e. Rider (Insurance) is availed. However, the built-in Life Insurance and Additional Accidental Death Benefits are available till customer age 65 and 75 years respectively.
Cancellations
Customers are given a Free Look Period of 30 days from the policy issue date within which cancellation will allow for a reversal of Premium paid by the customer. The customer continues to have the option of canceling the policy at any time 'after the 30-day Free Look Period. However, cancellation post 30 days of the Free Look Period will be treated as a surrender of the Savings Plan and the customer will be required to pay applicable surrender charges as applicable in terms of the policy. The customer can cancel the policy anytime by submitting a written notice for cancellation to:
ALICO Pakistan, 13th floor (level 16) Dolmen executive tower, Block-4, Scheme 5, Clifton, Karachi -75600. UAN: 111-111-711
Fax No.: 021-5290042/43.
Claims
You should contact the Claims Manager of ALICO (American Life Insurance Company, Pakistan Ltd.) on (021) 111-111-711 from anywhere in Pakistan.
Complaints & Queries
For any inquiries and complaints, please visit your nearest Citibank branch and speak to your Relationship Manager who will forward your complaint to ALICO Pakistan and use their best endeavors to facilitate the process through the said Insurance Company.
Or write to the following address:
Citibank Customer Services
Dewan Trade Centre
B-53 / A, SITE Area
Karachi, Pakistan
Key Exclusions
- HIV or AIDS related diseases
- War or war like activities (Active or Passive)
- Suicide/self destruction/ self inflicted injury whilst sane or insane within two years from the date of issue of the Policy
- Pre- Existing conditions (disease / sickness)
Important Information/Disclosures
- Savings Plan is underwritten by ALICO (American Life Insurance Company, Pakistan Ltd.).
- Citibank, N.A. is acting merely as distributor of this insurance product.
- Citibank, N.A. does not offer insurance advice neither underwrite nor issue insurance policies including in respect to any accumulated cash .value or death benefits.
- Premiums collected will be paid to ALICO Pakistan. The Premium amount(s) for Savings Plan is not a bank deposit. or other obligation of, or a guarantee by Citibank, N.A., Citigroup or any of its affiliates neither do such entities assume any obligation in respect of, nor guarantee repayment of such sums.
- Savings Plan is not insured by any governmental agency.
- Citibank, N.A. will not be responsible in any matter if the application for subscription to or subsequent claim pursuant to enrollment to the policy (or otherwise) is rejected, nor will Citibank, N.A. be responsible to investigate or provide any opinion on the merits of the claim(s).
- Subscription/enrollment to the Savings Plan is optional and is not required to obtain or maintain credit or any other banking services/ facilities.
- Customers are advised to understand the Terms &Conditions of the Savings Plan and purchase the policy on their independent judgment and decision.
- Savings Plan is subject to the Terms &Conditions as stated in the contract of insurance and all matters and/or claims under the policy must be directed to ALICO Pakistan.
|
 |
|
