Provides a one year death coverage.
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Product Features

We live in a world with uncertainty where maintaining financial security for our families is crucial for all of us. Cover for Life is a simple and affordable way of ensuring your family is provided for in case you're not around.

"Cover for Life" is a term life insurance offered by American Life Insurance Company (Pakistan) Limited. The plan insures your life for a lump sum amount of Rs 1,000,000. The money can help provide for your family's general living expenses, children's education and marriage etc when you are not around.

"Cover for Life" provides a one year death coverage, from the date premium is deducted from your account.

Coverage Benefit Amount (Rs) Annual Premium Per Customer (Rs)
Death due to accident or sickness 1,000,000 lump sum 3,000

Your account will be deducted for an amount of Rs 3,000 upfront for the entire 1 year cover. Furthermore, "Cover for Life" provides life cover only and there's no investment in the product hence no cash-in value at any time.

Term and Eligibility

This product is only for Standard Chartered Bank (Pakistan) Limited ("SCBPL") Current and Savings account holders aged above 18 years and under 60 years.

How to Enroll

It's easy:

  • Just click on the 'Apply Online' button
  • A SCBPL representative will call you personally and get your comments and other details to enrol you under the insurance program.

FAQs

    • How will I know that I am enrolled under the program?
      After obtaining your consent for the enrollment through the above method, you will be enrolled under Cover for Life. Once premium has been deducted from the account, your bank statement will serve as proof of your enrollment. Also, acceptance certificate and detailed terms and conditions will be sent to your mailing address by the insurance company.

    • Whom should I contact for the renewal of the Cover?
      "Cover for Life" is a 1-year term policy and will be renewed automatically for subsequent years if the Terms and Conditions remain unchanged. However, if the Terms and Conditions of the initial offer change, then you will be contacted to obtain your fresh consent. Once enrolled at age under 60 years, you can remain enrolled till the enrollment date anniversary immediately following your 65th birthday.

    • What is the cancellation procedure?
      In case the cover is cancelled within the first 30 days from the enrollment date, the entire premium will be reversed. However if you cancel your policy after 30 days from the enrollment date, none of the premium amount will be refunded. In this case the customer will still be covered for 1 year from the date the premium was deducted but the policy will not be renewed automatically after the present term ends.

    • How will I be indemnified?
      It is a standalone, non-transferrable life insurance cover providing for a lump sum death benefit irrespective of the other life insurance policies/coverages which you may have on your life. But you can be indemnified only once under Cover for Life. The policy cannot be purchased twice on one CNIC.

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Disclaimer

SCBPL refers to Standard Chartered Bank (Pakistan) Limited, a banking company incorporated under the laws of Pakistan and having its registered office at Standard Chartered Building, I.I. Chundrigar Road, Karachi.

MetLife Alico refers to American Life Insurance Company (Pakistan) Limited.

Cover for Life is an insurance product underwritten, issued and subject to Terms and Conditions set by MetLife Alico. It is not a bank product.

Cover for Life is only the name of the product and does not, in any way, indicate the quality of the product and its future returns.

SCBPL is acting as the exclusive distributor of Cover for Life on behalf of MetLife Alico. SCBPL will not be responsible in any manner if your application or claim is rejected by MetLife Alico nor will it investigate or provide any opinion on merits of the claim.

Terms and Conditions

Apply Online

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111 002 002

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