Premium Term Life
At Standard Chartered Priority Banking we understand your priorities in life. You have dreams
for your family and our expert solutions are there to make sure you get the best financial plan.
Life is full of uncertainties and we realize your need to ensure that your family’s financial
security. We offer our priority members Premium Term Life - your assurance of full financial
security for your family.
Introduction
Premium Term Life is an insurance plan underwritten by American Life Insurance Company
(Pakistan) Limited MetLife Alico and Standard Chartered Bank (Pakistan) Limited (SCBPL) is
the distributor of this plan in Pakistan.
What is Premium Term Life?
Premium Term Life is a comprehensive life protection plan that provides a lump sum
benefit to your family in the unfortunate event of your death. You have the choice to select
your desired level of coverage from options ranging from Rs 5,000,000 up to Rs
10,000,000. This plan is unique as it does not require any medical examination unless your
application discloses an adverse medical history.
Plan Features
Term & Eligibility
Minimum Entry Age: 18
Maximum Entry Age: 60 (Renewable up to 65th birthday)
Min Policy Term: 1 year (Renewed automatically every year till the maximum limit of the
age band customer falls in)
Payment Frequency: Annual
Free Look Period
You may cancel Premium Term Life during the ‘Free Look Period’ which is 14 days from the
effective date of your insurance coverage and get a full refund of the premium paid. The
amount refundable is subject to deduction of expenses incurred by MetLife Alico for a
medical examination (if required).
Key Exclusions
Benefit under Premium Term Life may not be paid in the event of death due to certain
conditions including but are not limited to:
 Suicide within 18 months from the effective date of insurance coverage



Conditions or sickness originated prior to your enrollment under Premium Term Life
HIV, AIDS and/or AIDS related diseases
Active participation in war or war like operations
FAQs
What is the pricing for Premium Term Life?
You can refer to the table below for the pricing of Premium Term Life. However, these
prices are subject to change. For an exact price according to your age please refer to the
illustration document generated at the time of enrollment.
Attained
Age
Up to 35
36 - 40
41 - 45
46 - 50
51 - 55
56 - 60
61 - 65
Standard Annual Premium based on Benefit Amount
5,000,000
15,000
22,500
39,000
62,000
97,000
150,000
230,000
6,000,000
18,000
27,000
46,800
74,400
116,400
180,000
276,000
7,000,000
21,000
31,500
54,600
86,800
135,800
210,000
322,000
8,000,000
24,000
36,000
62,400
99,200
155,200
240,000
368,000
9,000,000
27,000
40,500
70,200
111,600
174,600
270,000
414,000
10,000,000
30,000
45,000
78,000
124,000
194,000
300,000
460,000
How can I enroll for Premium Term Life?
To enroll yourself for Premium Term Life, please contact your Priority Relationship Manager
or visit your nearest Standard Chartered branch for enrollment.
Who is the underwriter of Premium Term Life?
Premium Term Life is underwritten by American Life Insurance Company (Pakistan) Limited
MetLife Alico. MetLife, Inc. is a leading global provider of insurance and financial services with
more than 140 years of experience and operations throughout the United States, Latin America,
Japan, Asia Pacific, Europe and Middle East. Through its subsidiaries and affiliates, MetLife,
Inc. reaches 90 million customers in over 60 countries.
What will be the proof of my coverage?
You will be provided a copy of the illustration of your plan by your Relationship Manager. Upon
acceptance of your application, MetLife Alico will mail you your insurance document and plan
terms and conditions at your given address.
How will claims be settled?
To settle a claim your beneficiary may contact MetLife Alico at 021-111 111 711 or write to
Manager
Claims,
MetLife
Alico,
13th
Floor
Dolmen
Executive
Tower
,
Block 4, Clifton, Karachi 75600 from anywhere in Pakistan. MetLife Alico will settle the claim
within 15 business days upon submission of the complete claim documents.
What if I want to cancel the plan?
You can cancel your coverage at any time by submitting a written notice to MetLife Alico at the
following address atleast 14 days in advance
American Life Insurance Company Limited (MetLife Alico)
13th Floor Dolmen Executive Tower, Marine Drive
Block 4, Clifton, Karachi 75600
You can also write to Standard Chartered Bank or visit our website given below:
Standard Chartered Bank (Pak) Limited,
Customer Services,
P.O.Box: 5666,
Karachi 74000
http://www.standardchartered.com/pk/contactus/
Who do I contact to renew the policy?
Premium Term Life is one year term policy and will be automatically renewed by charging your
account with the renewal premium; if the terms and conditions including the premium amount
remain unchanged. However, if there are any changes in the terms and conditions of the initial
offer, you will be contacted for your consent. You can also contact your Standard Chartered
branch to renew your policy if any of the terms and conditions change.
The illustration document clearly indicates the number of years you are signing up for. You will
have to give a fresh consent upon the completion of your current age band to continue the
policy. For instance, a customer aged 35 can avail the policy for a period of 1 year only. The
customer will have to provide a fresh consent since the premium of the policy will now change
as
per
the
table
given
under
the
pricing
section.
However, a customer aged 36 can avail the pricing for 5 years without any change to their terms
and conditions.
Disclosures

SCBPL refers to Standard Chartered Bank (Pakistan) Limited, a banking company
incorporated under the laws of Pakistan and having its registered office at Standard
Chartered Building, I.I. Chundrigar Road, Karachi.

MetLife Alico refers to American Life Insurance Company (Pakistan) Limited, registered
with and supervised by Securities and Exchange Commission of Pakistan (SECP).

Premium Term Life is an insurance product underwritten, issued and subject to Terms
and Conditions set by MetLife Alico. It is not a bank product.

Premium Term Life is only the name of the product and does not, in any way, indicate
the quality of the product and its future returns.

SCBPL is acting as the exclusive distributor of Premium Term Life on behalf of MetLife
Alico and shall not be held responsible in any manner whatsoever to any person,
including but not limited to the insured customer(s), beneficiary or third party.

SCBPL will not be responsible in any manner if your application or claim is rejected by
MetLife Alico nor will it investigate or provide any opinion on merits of the claim.