Insurance Solutions

Cash Withdrawal Insurance

Faysal Bank in association with EFU General Insurance introduces Faysal aikFaisla – Cash Withdrawal Insurance; a unique and an exclusive product designed just for you.

Salient Features are:

  • Coverage for the loss of cash due to snatching, armed hold-up or forced deprivation of cash withdrawn using Faysal Bank ATM / Debit Cards from ATMs situated anywhere in Pakistan.
  • Coverage for the loss of cash due to snatching, armed hold-up or forced deprivation of cash withdrawn from any of the Faysal Bank branch counters across Pakistan.
  • ATM Cash Withdrawal Insurance covers up to the specific daily withdrawal limit of each card i.e. Classic – PKR 25,000, Gold – PKR 50,000 and Platinum – PKR 100,000.
  • Over the Counter Cash Withdrawals are covered upto PKR 50,000.
  • Coverage for cash withdrawal either from ATM or Faysal Bank branch counters is up to one (1) hour from the time of withdrawal.
  • Under this policy, Insured ATM / Debit cardholder can enjoy the benefit of up to 3 claims (maximum) for cash withdrawal either from the ATM or Faysal Bank branch counter in a policy year.
  • This Cash Withdrawal Insurance can easily be availed at an affordable premium of PKR 3,600 per year or PKR 306 per month inclusive of all currently applicable government taxes/ levies.*

Frequently Asked Questions

What is Faysal aikFaisla – Cash Withdrawal Insurance?

Faysal aikFaisla – Cash Withdrawal Insurance is an insurance policy which protects you against loss of cash due to snatching, armed hold-up or forced deprivation provided that cash is withdrawn either from the ATM or Faysal Bank branch counter situated across Pakistan.

For how long am I covered?

You will be covered upto one (1) hour from the time of cash withdrawal.

Am I eligible for Faysal aikFaisla – Cash Withdrawal Insurance?

All Faysal Bank ATM / Debit cardholders are eligible to avail this insurance cover.

How can I get enrolled for this cover?

You shall receive a call from Faysal Bank Business  Development Unit (BDU) for an enrollment and you will be enrolled upon receipt of your acceptance.

How will I get confirmation of my enrollment?

Upon deduction of premium from your account, your bank statement will serve as a proof of your enrollment and you will receive your policy documents and a confirmation letter from EFU General Insurance – Central Division.

How many times can I claim?

You can make up to three (3) claims in a policy year.

Who is EFU General Insurance – Central Division?

EFU General Insurance is the underwriter of this Cash Withdrawal Insurance policy and Central Division is the branch office of EFU General Insurance that will service your queries and claims.

Address: 1st Floor, Kashif Center, Shahrah-e-Faisal, Karachi.

What should I do in case of a claim?

You are required to contact EFU General Insurance – Central Division immediately within 48 hours of the incident:
Email: [email protected],
[email protected]

EFU’s Central Division will further guide you regarding the documents necessary to process the claim. Further, you will also be required to report to the police and lodge a FIR.

Are all my ATM / Debit Cards covered by enrolling under Faysal aikFaisla – Cash Withdrawal Insurance?

No, this policy is only applicable to Faysal Bank’s ATM / Debit cards. Any other bank cards are not covered. However if you are Faysal Bank’s ATM / Debit cardholder and have  more than one card then separate Cash Withdrawal Insurance policies are required for each ATM / Debit Card.

What happens to my Cash Withdrawal Insurance Policy if my ATM / Debit Card is replaced or lost?

You need to contact and inform Faysal Bank about transferring the Cash Withdrawal Insurance policy on your new card.

How long does claim settlement take?

Upon intimating EFU General Insurance – Central Division and providing the required claim information and documents, your claim shall be settled within 15 days as per the terms and conditions of Faysal aikFaisla – Cash Withdrawal Insurance.

How will I receive my claim amount?

Your claim will be paid through a cheque by EFU General Insurance -Central Division. You will be asked to collect the cheque from them.

What is free look-in period?

Free look-in period is a 15 days grace time after receiving the policy documents during which you can understand the terms and conditions of Faysal aikFaisla – Cash Withdrawal Insurance and develop your suitability in continuing this insurance policy.

What is the procedure in case I want to cancel Cash Withdrawal Insurance Policy?

You may either call Customer Interaction Centre at 111 06 06 06 or provide a written cancellation notice by visiting any Faysal Bank branch. Premium will only be refunded if the request has been submitted within 15 days (free look-in period) after receiving the policy document provided that there is no claim.

Will I be refunded the premium if I cancel the policy after free look in period?

No premium will be refunded after the free look-in period

Whom should I contact if I require more information regarding Faysal aikFaisla – Cash Withdrawal Insurance?

You can either contact your Relationship Manager, call our Customer Interaction Centre at 111 06 06 06 or contact EFU General at 021-35640535, 35640534, 35653907-9.

DISCLAIMER

  • Faysal Bank Limited (”Bank”) is acting as a distributor of the Insurance Policy on behalf of the EFU General Insurance Limited (“Insurance Company”) and shall not be held responsible in any manner whatsoever to any person, including, but not limited to the Insured customer or any third party
  • The Insured Customer statement of account / application form or recorded verbal statement will act as his / her enrollment under the program (if his / her account is charged under the program) and will govern the determination of the rightful beneficiary under this Insurance Coverage
  • It is clarified that the Bank shall not, under any circumstances, be liable either directly or indirectly for any obligation of the Insurance Company as the Insurer.
  • Further, the Bank shall not be construed or deemed in any manner to be the agent or broker of the Insurance Company in respect of any other policy.
  • In addition, the Bank shall not be either directly or indirectly liable for any obligation of the Insured Customer towards the Insurance Company in respect of the business or any policy offered to the Insured Customer. These policies shall constitute as independent contracts between the Insurance Company and the Insured Customer.