Frequently Asked Questions FAQs for Bancassurance

What is Bancassurance?
Bancassurance is the distribution of insurance products through a bank's own distribution channels. Bancassurance offers convenience, risk diversion and financial advisory services with the availability of different product ranges for its banca clients according to their needs. EFU Life is the first company in Pakistan to introduce a product providing insurance coverage to a banks account holders. Currently, EFU Life is offering different insurance products with collaboration of Major Banks of Pakistan which are RBS, SCB, JS Bank, NIB, Silk Bank, MCB, UBL, Barclays, Allied, Faysal and Bank Al Falah.

I am account holder of xyz bank, how can I apply for life insurance policy with EFU via bank?
If you are account holder of any of above mentioned banks then you can apply for life insurance policy of EFU. For this, you need to contact your concerned bank branch and they will inform you about the process in detail and will require you to fulfill some mandatory documents for applying of life insurance policy. On receiving the documents from bank, EFU will process it and inform you as well via SMS provided by you on proposal form.

When will I get my policy/insurance contract documents after applying for insurance?
If there are no requirements in your case then policy will be issued and policy/insurance contract documents will be dispatched to you at correspondence address mentioned in proposal form within 7 working days. However, if there are any non-medical or medical requirements in your case then EFU Coordinators or Bank personnel will help you in completing those requirements. On receiving all pending requirements, policy will be issued and policy documents will be dispatched to you at correspondence address mentioned in proposal form within 7 working days.

What do my Policy Documents include?

Your policy documents include; Policy Schedule - which mentions all the details about your policy such as your Policy Number, Name and Date of Birth, NIC Number, Date of Commencement, Date on which the Proposal was signed, Nominee, Benefit Structure of the Policy, Premium Due Date, Amount of Premium due, Mode of Payment and other Special Conditions in the policy. Policy Illustration which spells the projected cash value (your investment value) in future years. Please note that these projected values are based on certain growth assumptions. The final cash value would be based on the actual performance of the fund your premium is invested in. (This is applicable to unit linked plans only) Policy Provisions & Conditions - which describes all the legal aspects of insurance contract in detail Copy of Proposal Form copy of form that you signed at banks branch for insurance Payment Receipt the receipt which confirms that payments has been received in order to provide insurance coverage We would request you to go through all the documents in detail so that you have a clear understanding of all aspects of your policy. Please check if everything is in correct order and accordance with your wishes. These documents are of high importance and should be kept in a safe place.

I have a query. How do I contact EFU Life?

We love to hear from our clients! We consider your feedback crucial in our continuous effort to improve our services. Please feel free to contact us at any time for your queries, complaints, suggestions, or general feedback. You could write to us at our Head Office on: Bancassurance Operations Department EFU Life Assurance Ltd 37-K Block 6, PECHS, Karachi- 75400 Pakistan. Or, you could email us at bod@efulife.com which is a centralized email help desk located at Bancassurance Operations Department. You could also fax us at +92-21-4537519 and +92-21-4537512 In addition, a Call Centre has also been designated especially for you. The number is (111-338-273). You could call us for all sorts of queries, feedback, information etc. Our efficient and friendly Call Centre Agents will be glad to respond to your queries. Finally, you can also contact us through our Website via e-Services. Click here for more information on e-Services. Of course should you wish, you could visit us at the Head Office on the address mentioned above.

When will my next premium be due?

You can easily determine the Next Due Date of your policy with the help of Commencement Date and mode of premium mentioned on your Policy Schedule. Let us explain: For example, if your policy was commenced on Yearly basis on 01/07/2010, the next premium due date of the policy would be 01/07/2011. Similarly, if the policy was commenced on Half-Yearly basis on 01/07/2010, the next premium due date of the policy would be 01/01/2011 and so on. May we mention here that the responsibility to pay the renewal premium lies on the policy holders; however as a matter of courtesy, we would help you in remembering the Renewal Date of your policy and would also assist you by collecting the premium payment on Policy Renewal due date. For your convenience, we do send Renewal Notices and SMS one month before each Premium Due Date. We also send reminder notices along with an SMS 15 days after the premium due date. In case you wish to know further details of the due premium or are unsure of the exact premium amount, please feel free to call us on the number (111-338-273). We would be glad to explain the details.

What is standing order/auto deduction form which was signed at bank at the time of applying for insurance and how can I pay my renewal?
The purpose of signed standing order/auto deduction form allows banks to deduct premium from your account in the 1st week of due month. Therefore, you are not supposed to pay renewal directly to us, you are only required to keep enough amount into your account so that bank can proceed with deduction on due date till its maturity.

How do I get confirmation of renewal premium after receiving renewal payment?

Once the total premium under your policy is received by us during the Grace Period, an SMS would be sent to you acknowledging that your premium has been received and the Receipt and Confirmation Letter will be mailed to you shortly.

Soon after your Policy Renewal, a Renewal Confirmation Letter along with the Receipt will be sent to you at your correspondence address. This letter and receipt confirms that the policy premium is received and benefits are in-force till the next Premium Due Date. You should receive the confirmation letter within one week of your sending the premium.

What if I am unable to pay the premium by the due date?

For your convenience, your policy provides for a 30 days Grace Period (starting from Premium Due Date) during which the policy will remain in-force even without the receipt of the premium. Suppose, the next Premium Due Date of your policy is 01/06/2011. The 30 days Grace Period will end on 30/06/2011.

The Grace Period of my Policy has elapsed? How do I put my Policy back In-force?
In case the premium does not reach us within the Grace Period, the policy lapses. Lapse Notices are sent to all such clients in order to intimate them about their policy status. Once the policy has lapsed, it must be Reinstated to put it back In-force. Reinstatement is the process by which the Company puts back into force a life insurance policy that has been terminated because of non-payment of renewal premium.

I want to Re-instate my Policy? Do I have to submit any documentary requirements with the Premium? Are there any late payment charges?
The good news is that there are No penalties on reinstatement. Should you wish to reinstate your policy, you will need to pay us all the past due premiums along with a Reinstatement Application Form duly filled and signed by you. For this, you are required to contact your concerned bank for all the due payment and submit all documentary requirements (Application Form) to bank for onward delivery to EFU Life. You may find Application form attached with the Lapse Notice sent by us. In case you wish to get your policy reinstated and the lapse notice along with the Reinstatement Application Form has not reached you, please call us at us on the number (111-338-273) and we would send you the same. The Reinstatement Application Form is also available in the Downloads section. If your policy has been lapsed for more than three months or a year, we would require a Special Health Declaration Form duly filled and signed by you. The form is available in the Downloads section of our website. Moreover, some additional requirements may also be called that would be determined after the underwriting process. In case your policy is lapsed and you are interested in getting it reinstated, please call us on the number mentioned above and we would be happy to guide you about the reinstatement process.

I want to make changes in the Plan I bought. What should I do?

You could surely make changes in your policy. In fact, we recommend that you revisit your insurance and savings needs every year so that your policy benefits keep abreast with your needs. One month before each policy anniversary, you could apply for changes in the plan. This could be a variation in the existing benefit structure or you may ask for additional benefits. In order to make changes in the policy, an Alteration Form would be required duly filled and signed by you. For alteration, you will sign revised standing order form at bank branch so that bank will proceed with the deduction accordingly for this time and in future with revised premium amount and also submit all documentary requirements (Alteration Form) to bank for onward delivery to EFU Life. Alteration Form is available in the Downloads section of our website. You could also get the same by calling us on the number (111-338-273). Our representative would be glad to guide you further in the Alteration Process.

What happens at the time of Claim? How does one lodge a Claim?
A claim is a legal action to obtain benefits provided by your policy. It is necessary to be familiar with the benefits covered in your plan. These customized benefits are illustrated on your Policy Schedule included in the Policy Documents. The table also highlights the Sum Assured, Premium, and Term (Years) attached with those benefits. The Provisions & Conditions of each benefit attached with your policy have been provided separately in the Policy Documents. In order to submit a claim, please contact us at our Head Office. The details are mentioned in section Contact Us. You can reach us through any of the multiple ways that is convenient to you.

What is the procedure? What documents are generally required at the time of Claim?
Once the claim is lodged, the claim is assessed by our Claims Examiner who utilizes his/her expertise of handling claims. In the light of legal and medical aspects involved in the contract, a Claims Examiner then determine the documents necessarily required to assess a claim. Upon furnishing the said documents, claim is settled as agreed in the Provisions and Conditions of the Policy and the final decision is then taken by the Claims Committee. May we mention here that the responsibility to furnish the said requirements lie solely on the claimant. In the absence of complete requirements the assessment of claim becomes difficult and consequently affects the final decision. The documents generally required to assess the claim are dependent upon the nature of claim. Hence, in order to know the requirements please call us on the number (111-338-273). Our representative would be glad to guide you further in the Claims process.

Who does one contact at the time of Claim?

In order to submit a claim, please write, email, fax, or call us at the Claims Section of our Client Services Department. You can reach us through any of the multiple ways mentioned in section Contact Us.