Free Takaful Coverage
UBL Ameen - Islamic Banking
UBL Ameen Islamic Banking now provides FREE Takaful Cover of Accidental Death and Permanent Disability up to Rs.1,500,000/- to its customers in collaboration with UBL Insurers Limited – Window Takaful Operations.

Free Takaful Cover

UBL Ameen Islamic Banking now provides FREE Takaful Cover of Accidental Death and Permanent Disability up to Rs. 1,500,000/- to its customers in collaboration with UBL Insurers Limited – Window Takaful Operations

What is Takaful?

The word “Takaful” originates from the Arabic word “Kafalah” which means “To Guarantee”. Through inflection it changed to “Takaful” which means to “jointly guarantee each other”. Takaful is a viable alternative to conventional insurance based on the principles of brotherhood, solidarity and mutual cooperation.

Features & Benefits

The Takaful Coverage limit varies with the monthly average balance available in bank account and will be determined as follows:

Benefits Table

Monthly Average Balance Takaful Limit in PKR
0 - 4,999 No Coverage
5,000 - 49,999 150,000
50,000 - 249,999 250,000
250,000 - 499,999 500,000
500,000 - 999,999 1,000,000
1,000,000 and Above 1,500,000

Additional Benefit

Double Indemnity: If the account holder dies in any road, sea or air accident together with his/her spouse then the amount payable will be 1.5 times the sum covered.

Terms & Conditions

  • From March 1, 2020 all existing and new individual Ameen account holders are covered.
  • Customers age 75 & above are excluded from this policy.
  • Customers with dormant accounts (Inactive for 12 months) are not eligible for takaful coverage
  • Account balances less then Rs. 5000/- are not covered in this policy
  • Account holders having more than one account in UBL Ameen Branches and/or Islamic Banking Window will be provided only one takaful cover.
  • For claim settlement, average monthly balance of previous month of occurrence of accident during policy period will be taken into account.
  • The policy shall only cover the account holder, and any other family member are not covered excluding additional benefit of Double Indemnity.
  • Accidental Death/Disability reported after 90 days of the occurrence of the accident will be excluded.
  • The policy covers Permanent disability and Permanent partial disability, no benefits will be given in case of temporary disability.
  • In case of account holder gets compensation for permanent disability and he eventually dies, the account holder shall not be entitled for multiple claims.
  • The policy is non-transferable and non-saleable.
  • Closure of the account, where the reason is other than the death of the account holder, will result in automatic cancellation of the policy cover
  • Death/disability due to murder, terrorism, war and warlike operations civil war and civil commotion are excluded.
  • Information relating to the next of kin in the account opening form shall be construed information. If the account holder would like to nominate another person as the next of kin (beneficiary), kindly visit your branch for details.
  • Policy coverage shall come into effect immediately at the time of account opening by the customer.
  • In case of joint account, the Takaful Limit shall be divided on a pro-rata basis.
  • Apply for Takaful Claim
    In case of occurrence of accidental event, the customer or the person (next of kin) as mentioned in Account Opening Form shall contact respective UBL Ameen Branch/Islamic Banking Window or/and Takaful Company at the following address and submit Claim Form, Bank Statement:

    UBL Insurers – Window Takaful Operations
    126-C, Jami Commercial Street No. 14,
    Phase-VII, DHA, Karachi, Pakistan.
    UAN: 111-845-111,

  • The customer or next of kin will also submit further documents as demanded/required by Takaful Company.
  • The Claim Form is available at UBL Ameen Branch/Islamic Banking Window and Website.
  • Bank statement must be duly verified by the branch

Coverage Matrix

Description Coverage
Death 100%
Loss of two or more limbs by amputation at or above wrist or ankle 100%
Total and irrecoverable loss of all sight in both eyes 100%
Total and irrecoverable loss of all sight in one eye and loss of one limb by amputation at or above wrist or ankle 100%
Permanent Loss of Speech 100%
Total and incurable paralysis 100%
Total and incurable insanity 100%
Loss of one limb by amputation at or above wrist or ankle 50%
Total and irrecoverable loss of all sight in one eye 50%
Loss of thumb and index finger of either hand by amputation at or above the metatarsophalangeal joint. 50%
Loss of one finger or one big toe 5%

Exclusions

  • Suicide
  • Enmity or personal, family or tribal feud or animosity of any kind
  • Pregnancy, miscarriage, childbirth or any non-malignant disease occurring in or in connection with the female reproductive organs
  • Pre-existing physical / bodily injury, mental defect or infirmity which existed prior to the Commencement Date of insurance
  • Self-inflicted injury, intoxication, insanity, fighting or unlawful / criminal act.
  • Flying other than as passenger in a certified commercial aircraft.
  • War, civil war or rebellion, invasion, act of foreign enemy, hostilities (whether war is declared or not) and civil commotion.
  • Service on duty with any armed, naval, air force service or para-military forces and civil armed forces. However, this exclusion only applies where such a person is employed for law enforcement and security duty and sustains injury whilst performing such duty.
  • Hazardous sports such as motorcycling, hunting, steeple chasing, mountaineering, racing of any kind, winter sports, diving, parachuting, hang gliding, boxing, wrestling, underwater activities requiring breathing apparatus.
  • Direct or indirect result of Human Immune Deficiency Virus (HIV).
  • Alcohol, narcotic / drug unless taken as prescribed by a qualified registered medical practitioner.
  • Deliberate self-exposure to unnecessary danger except in the attempt to save human life.
  • Disease or Sickness.
  • Disappearance except in the event of total loss by shipwreck of the ship or air crash of the aircraft.
  • Exceeding age 75 years.
  • Terrorism & sabotage.
  • Accidental Death/Permanent Disability reported after 90 days of the occurrence of the accident.

For further details, please visit your nearest UBL Ameen Branch / Islamic Banking Window or call us at 111-825-888.