Takaful Coverage

Accidental Death and Permanent Disability

To provide support to our customers in times of adversity, Meezan Bank provides Accidental Death and Permanent Disability* and ATM Cash Withdrawal** Takaful coverage (Islamic Insurance) of up to Rs 1 million to all account holders maintaining an average monthly balance of Rs. 10,000/- or more.

This coverage is provided FREE of cost and the Takaful claim amount is based on the average balance maintained in your account during the month preceding the date of the incident.

*Accidental Death and Permanent Disability Takaful is offered to account holders of up to 60 years.
**ATM Cash withdrawal Takaful is offered to all deposit account holders irrespective of the customer's age against snatching within 30 minutes of the withdrawal or 1.5 km radius (whichever comes earlier).

Monthly Average Account Balance

Claim Amount

Rs. 10,000/- to Rs. 49,999

Rs. 250,000

Rs. 50,000/- to Rs. 249,999

Rs. 500,000

Rs. 250,000/- to Rs. 499,999/-

Rs. 750,000

Rs. 500,000/- & Above

Rs. 1,000,000

Compensation Schedule

Death

Compensation - 100%

Permanent Disablement

Capital Sums in accordance with the following scale of percentages based on (1)

Permanent total loss of sight of both eyes	100%
Total loss or permanent total loss of use of the limbs	100%
Total loss or permanent total loss of use of the right arm	75%
Total loss or permanent total loss of use of the left arm	60%
Total loss or permanent total loss of use of the right forearm	65%
Total loss or permanent total loss of use of the left forearm	56%
Total loss or permanent total loss of use of the right hand	60%
Total loss or permanent total loss of use of the left hand	50%
Total loss or permanent total loss of use of thigh	50%
Total loss or permanent total loss of use of leg at or below the knee	50%
Total loss or permanent total loss of use of foot	40%
Permanent total loss of sight of one eye	50%
Permanent total deafness in two ears	50%
Permanent total deafness in one ear	15%
Total loss or permanent total loss of use of thumb on right hand	25%
Total loss or permanent total loss of use of thumb on left hand	20%
Total loss or permanent total loss of use of index finger on right hand	20%
Total loss or permanent total loss of use of Index finger on left hand	15%
Total loss or permanent total loss of use of middle finger on right hand	12%
Total loss or permanent total loss of use of middle finger on left hand	10%
Total loss or permanent total loss of use of third (ring) finger on right hand	10%
Total loss or permanent total loss of use of third (ring) finger on left hand	8%
Total loss or permanent total loss of use of little finger on right hand	8%
Total loss or permanent total loss of use of little finger on left hand	6%
Total loss or permanent total loss of use of big toe	5%
Total loss or permanent total loss of use of any other toe	3%

Terms & Conditions

This is a free service for all Chequing account holders maintaining monthly average balance of Rs. 10,000/- or above.
All new and existing accounts, (Individual, Joint, Rupee or Foreign Currency chequing accounts, both Current and Mudarabah based savings deposits), whether dormant or active, shall be automatically enrolled in the scheme.
In addition to individual and joint, sole proprietorships accounts are eligible for covering this scheme; however corporate accounts, partnership firms and other account types are excluded from this scheme.
This scheme only applies to the balances of the chequing accounts and does not apply to the Certificates of Islamic Investments (COIIs).
Accounts with last month average balance of less than PKR 10,000/- are excluded from Takaful cover of Accidental Death and Permanent Disability. Customers aged 60 or above are excluded from Takaful cover of Accidental Death and Permanent Disability but eligible for the ATM cash withdrawal Takaful.
In case of joint accounts, only single coverage will be offered.

The Takaful Coverage is provided by Pak Qatar General Takaful Ltd (Pak Qatar) whereas the Contribution for the Takaful coverage is borne by the Bank. Pak Qatar will process the claim of Meezan Bank account holder after completion of all necessary requirements / formalities.

All staff of Meezan Bank and its subsidiaries are also eligible for Takaful coverage.

Newly opened accounts are eligible for Takaful coverage from the time of account opening – provided those accounts meet the criteria of average balance for the previous month. In case the claim is received in the first month of opening the account, the average balance of the days during which the account was active shall be used for calculation of Takaful claim.

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

Customers having more than one account shall be offered single Takaful coverage – based on the account with the maximum balance.

Takaful Policy shall cover the accountholder only, spouse or other family members will not be eligible to receive Takaful cover under this scheme.

The policy is only for permanent disability and permanent partial disability; no benefit will be given in case of temporary disability.

In case a customer gets Takaful claim for permanent disability and he eventually dies, he shall not be entitled for multiple claims.

In case of death, Claim Amount will be paid to the legal heirs as per policy of the Bank.

In case of cash withdrawal coverage, the coverage shall commence from the moment Meezan Bank account / cardholder withdraws cash from any 1-Link or M-net of scheduled bank ATM in Pakistan and shall be valid upto 30 minutes or within the radius / area of 1.5 kms from such withdrawal, whichever occurs first. The customer shall intimate Meezan Bank within 24 hours of the incident and shall register FIR with police within 48 hours of the incident.

All intimations regarding cash withdrawal claims must be reported to Pak Qatar General Takaful Limited within 7 days of the occurrence. Occurrences reported any later will not be covered.

In case of ATM withdrawal Takaful, amount mentioned in the FIR registered with Police Station, not exceeding actual amount withdrawn from ATM shall be considered for claim.

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 Disability benefit coverage.

In case of ATM withdrawal Takaful, actual amount withdrawn from ATM shall be considered for claim. Subject to the condition that such valid claim would be paid not more than 2 time to an individual during a year by the company.

The policy is non-transferable and non-saleable.

The Bank reserves the right to change these Terms and Conditions at any time without giving notice to its account holders.

The company shall provide 50% of the sum covered against Accidental Death Coverage and Disability claims where the accidental deaths/disability occur anywhere outside Pakistan. This coverage will not cover any event occurring in the following countries: Iran, Afghanistan, Iraq, Syria, Saudi Arabia, North Korea, Libya, Yemen, Central African countries.

Please be informed that all claims relating to Personal Accident/Disability will be communicated to the Bank within a period 150 days of the date of loss, all claims intimated after the aforesaid period will not be entertained by the Bank.

Exceptions

Bodily injury willfully incurred.
Death, bodily injury due to or resulting from intentional self injury, suicide or attempted suicide (whether felonious or not) or from deliberate exposure to exceptional danger (except in an attempt to save human life).
Death, bodily injury due to or resulting from or happening during intoxication, insanity, fighting or unlawful act on part of the Participant or surgical or medical treatment, except in case where such treatment is made necessary by the particular injury for which the claim is made.
Death or bodily injury sustained by the Participant whilst flying other than as a fare-paying passenger in an aircraft operated by a licensed and regular airline over an established route with published schedules.
Death or bodily injury directly or indirectly due to or resulting from war, invasion, act of foreign enemy, hostilities, warlike operations (whether war be declared or not), civil war, rebellion, revolution, terrorism, insurrection, military or usurped power, riot or civil commotion.
Death or bodily injury resulting from service on duty with armed forces.
"Big-games", polo, motorcycling, hunting, steeple chasing, mountaineering (involving the use of ropes or guides), racing of any kind, winter sports and hang-gliding, bungee jumps, the use of circular saw or wood working machinery.
Childbirth or pregnancy in case of women.
AIDS or AIDS related complexity.

Another first by Meezan Bank – the Premier Islamic Bank