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.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.
How Does Savings Plan work?
The Savings Plan is designed to save funds to meet your child's college fees or your son’s/daughter’s marriage expenses on payment of regular premium.
ALICO Pakistan will need the following information to quote the premium:
For subscription to Savings Plan for your child’s college education fees:
- Years to College.
- Term in College.
- Annual College Fee (Estimated).
Expected For subscription to Savings Plan for your child’s marriage plan.
- Target Marriage Fund.
- Your present age.
You have the option to investigate the current expenses pertaining to college fees or marriage (as the case may be) and apply indicative inflation factors to estimate the expected annual college fee or marriage funds required.
The premiums will be payable by you from the date you subscribe to the policy and may continue between 10 years to 25 years depending on the duration of the policy (as selected by you). At the end of such period, the accumulated account value will be paid to you unless surrendered prematurely in terms of the policy.
Eligibility
Citibank customer holding a Credit Card and/or a Branch Banking Account between the age of 18 & 75 years are eligible to enrol into this plan. The maximum age of entry under the Savings Plan is 75, provided no supplementary contracts i.e. Rider (Insurance) is availed.
Cancellations
Customers are given a Free Look Period of 30 days within which cancellation will allow for a reversal of Premium. Customer continues to have the option of cancelling the policy at any time after the 30 days Free Look Period. However cancellation post 30 days of 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. Customer can cancel the policy anytime by submitting a written notice for cancellation to:
ALICO Pakistan Ltd, 13th floor (level 16) Dolmen City, Plot # HC-3 Block-4, Scheme 5 Clifton, Karachi-75600. UAN: 111-111-711, Fax #: 021-5290042/43.
Claims
You should contact the Claims Manager of ALICO (American Life Insurance Company, Pakistan Ltd) from any where in Pakistan at
(021) 111 111 711.
Complaints & Queries
For any inquiries and complaints, please call Citiphone at 111-222-222 and speak to a Citiphone Banking Officer who will use their best endeavours to facilitate the process.
Or write at the following address:
Citibank Customer Services
3rd Floor, State Life Building No.1
I.I. Chundrigar Road, Karachi.
The premium will have to be paid within the due date. If by that date the premium has not been paid, then the company will deduct the premium from the account value. If the Net Cash Surrender Value, on any Monthly Due Date is insufficient to cover the next Monthly Deduction, a grace period of 31 days shall be allowed for the payment of the premium as determined by the Company to cover the shortfall and shall be subject to a minimum amount acceptable by the Company. If the premium has not been paid by the end of the grace period the policy shall terminate without any value.
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
Disclosures
- Savings Plan is underwritten by ALICO (American Life Insurance Company, Pakistan Ltd).
- Citibank, N.A. does not offer insurance advice or underwrite or issue insurance policies including in respect to any accumulated cash value or death benefits.
- Premiums collected will be paid to ALICO Pakistan. Premium amount(s) for Savings Plan are 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.
- Citibank N.A. will not be responsible in any matter if the application for subscription to or subsequent claim pursuant to enrolment to the policy (or otherwise) is rejected, nor will Citibank be responsible to investigate or provide any opinion on the merits of the claim(s)
- Subscription/ enrolment to the Savings Plan is optional and is not required to obtain or maintain credit.
- Customer’s are advised to understand the terms & condition of the Savings Plan and purchase the policy on independent judgment and decision.
- Savings Plan is subject to the terms & condition as stated in the contract of insurance and all matters and/or claims under the policy must be directed to ALICO Pakistan.
- Savings Plan is not insured by any governmental agency.
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