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Terms & Conditions

Eligibility:

This feature is available to all investors of HBL Pension Fund and HBL Islamic Pension Fund residing in or outside Pakistan, between 18-60 years of age and maintaining a balance of Rs. 100,000/- or above.

Other Terms & Conditions:

Coverage will lapse if the balance falls below Rs 100,000 or upon reaching the age of 60.

Insurance/Takaful coverage is provided by Jubilee Life Insurance and HBL Asset Management is not responsible for any claims.

Specified Benefits (Conventional & Takaful Coverage)
Natural Death: This coverage assures payment of the sum assured in the event of death of a covered member. This covers accidental as well as natural death.

Accidental Death (additional): If an insured passes away due to an accident, additional sum assured is payable. This implies that Insurer will pay twice the amount of the deceased’s insurance coverage in the event of accidental death.

Death Claim Documentation:

Natural Death:

  1. Computerized National Identity Card issued by NADRA (Attested Photocopy).
  2. Death certificate of the Insured issued by competent Government Authority (Attested Photocopy).
  3. Employer’s Statement (On Company’s Performa).
  4. Physician’s Statement (On Company’s Performa).

Accidental Death:

  1. Computerized National Identity Card issued by NADRA (Attested Photocopy).
  2. Death certificate of the Insured issued by competent Government Authority (Attested Photocopy).
  3. Copy of Autopsy / Post Mortem Report.
  4. Copy of FIR / Police Report.
  5. Employer’s Statement (On Company’s Performa).
  6. Physician’s Statement (On Company’s Performa).

Exclusions:
The Insurance & Takaful coverage provided hereunder does not cover any loss resulting form or caused directly or indirectly, wholly or partly, by:

  1. Pre-existing conditions will not be covered.
  2. Suicide or Enmity or personal, family or tribal feud or animosity of any kind; or murder; or homicide, manslaughter, assault, assassination, slaying or any kind malicious or criminal act, whether intentional or unintentional, premeditated or spontaneous, random or targeted, resulting in the death of the insured.
  3. Self-destruction or self-inflicted injury, while same or insane, or nay attempt there at; or
  4. Over-speeding, racing on the ground, water or air, or engaging in any hazardous sports such as motorcycling, hunting, steeple chasing, mountaineering, winter sport and diving.
  5. War, declared or undeclared, or any act of war or insurrection, or as a result of a strike, riot, civil commotion or service in any military, naval or air force, or performing police duty as an insured of nay military or naval organization; or
  6. The commission or attempted commission of an act which would subject the person to civil or criminal penalties, or the contravention of any law; or
  7. Service, travel or flight in any kind of aircraft or aerial vehicle except as s fare-paying passenger in an aircraft operated on a regular schedule by an incorporated common carrier for passenger service over its established air route.