Al Habib Bank’s New Zamanat Account Provides Free Life Insurance

Bank AL Habib has launched a new investment account called AL Habib Zamanat Account. The purpose of this account is to provide customers with free life insurance for a lifetime and ensure payment of plan amount.

AL Habib Zamanat Account has been designed for customers as a savings tool that will help to save in installments and lump-sum deposit options, to reach a fixed goal for education, marriage or any other obligation or desire.

According to AL Habib’s official website:

“This bank account serves as an insurance backed savings deposit, covering the depositor free of cost for the entire tenure and up to the maturity value.”

“AL Habib Zamanat Account promises the customer an accumulated profit equaling the bank’s PLS savings rate. The account can be opened at as low as Rs. 2,000.”

To open the Zamanat account, citizens must be in between the 18 to 60 age group. According to the bank, an investor once enrolled will remain covered till investor’s 65th birthday or until completion of their plan, whichever is earlier.

Features of AL Habib Zamanat Account:

• All Existing and New customers can avail AL Habib Zamanat Account
• Free life insurance up to the investment plan amount
• Guaranteeing accumulated profit based on bank’s PLS Savings rate
• Multiple investment plans starting from as low as Rs. 2,000 per month and up to Rs. 20 million
• Non-Medical limit up to PKR 5 million
• Insurance Coverage:
  • Death benefit: 100% of sum covered
  • Accidental Death Benefit: Death benefit + 50% of sum covered
  • Permanent Total Disability: 50% of sum covered
• Minimum tenure of plan is One year and maximum up to 20 years
• Multiple deposit options: Installments or Single Payment
• No charges on premature encashment

To open your Zamanat Account, sign up here.