Arif Habib Investments Limited
Insurance Coverage
by American Life Insurance Company (Pakistan) Limited
For Participants
of Pakistan Pension Fund
FREE
Insurance Coverage
Arif Habib
Investments as the Pension Fund Manager of Pakistan Pension Fund has arranged
for insurance cover of Accidental Death and Total and Permanent Disability through
American Life Insurance Company (Pakistan) Limited for all Participants of
Pakistan Pension Fund aged between 18 to 65 years. This insurance
coverage shall only be available for as long as the Participant contributes to
the Pakistan Pension Fund.
The coverage is
linked with the Monthly Contribution amount and is expressed as 100 multiples
of contribution subject to a maximum of Rs. 5,000,000 (Rupees five million only)
per any one insured Participant.
OPTIONAL
Insurance Coverage
Arif Habib
Investments as the Pension Fund Manager of Pakistan Pension Fund also offers
the following Optional insurance coverage through American Life Insurance
Company (Pakistan) Limited to all Participants of Pakistan Pension Fund
aged between 18 to 65 years. This insurance coverage shall only be available
for as long as the Participant contributes to the Pakistan Pension Fund at a
minimal premium. The benefit is provided on an optional basis and the eligible
Participants of Pakistan Pension Fund who opt for it are enrolled. The
enrolment will be on a guaranteed issue basis without requirement of any
medical or clinical examination etc. Following are Insurance Coverage are
available:
·
Accidental Medical Reimbursement
The
optional Accidental Medical Reimbursement plan provides protection in the event
of hospitalization due to accident of the insured. The insurance wrap provides
reimbursement of all medical expenses incurred up to an annual limit of Rs.
100,000 (Rupees one hundred thousand)
The
Coverage will be effective on payment of a yearly premium of Rs. 500 (Rupees
five hundred only)
·
Critical Illnesses
The plan
provides comprehensive insurance coverage in case of diagnosis of any of the
covered dread diseases of Heart Attack, Stroke, Multiple Sclerosis, Kidney
Failure, Cancer, Major Organ/ Bone Marrow Transplantation and Paralysis.
The
insurance wrap provides single lump sum payment of Rs. 200,000 (Rupees two
hundred thousand) upon diagnosis of any of the above stated dread diseases.
The
Coverage will be effective on payment of a yearly premium of Rs. 1,300 (Rupees
one thousand three hundred only)
·
Life Insurance
The plan
provides life insurance benefit to the eligible participants of Pakistan
Pension Fund who opt for it. The insurance wrap provides payment of definite
benefit in the event of death of an insured due to sickness or accident.
The Life
Insurance benefit depends on the monthly contribution of the participants
towards Pakistan Pension Fund as shown below;
·
Monthly
contribution in Pakistan Pension Fund : Less than Rs. 10,000;
Benefit of Rs. 500,000
·
Monthly
contribution in Pakistan Pension Fund : More than Rs. 10,000; Benefit of
Rs. 1,000,000
Premium:
Yearly premium
: Rs.
900 for
insurance benefit of Rs. 500,000
Yearly premium
: Rs. 1,800
for insurance
benefit of Rs. 1,000,000
Coverage
will be effective on payment of the yearly premium.
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