PAY CONTINUATION PLAN

As a responsible and proactive individual you take every effort to ensure that you provide your family the best that life has to offer. However, life is uncertain at times and one must be well prepared to provide for these uncertainties. For example in the unfortunate event of the demise of the chief earning member of the family, financial protection in the form of SCB pay continuation plan will ensure that the family continues to get the best from life. While we understand that nothing can compensate for the loss of a life, we intend to provide you the peace of mind that even in your absence your family’s financial security should be assured under all circumstances. SCB pay continuation plan gives your family total financial security in your absence and also gives you the flexibility to choose from three distinctive plans to suit your needs.

 

Plan Details

Pay continuation is an insurance cover, designed to make sure that the insured person’s family or dependants stay financially stable and can maintain their life style even in the insured person’s absence. In case of the unfortunate demise of the insured the beneficiary will receive monthly payments equal to the insured persons salary up to 5 years depending on the coverage term selected.

Premium & Benifits Table

	For Age 18-45 years
	PLAN A	PLAN B	PLAN C
Coverage Term	1 year	3 years	5 years
Max Monthly benefit	100,000	100,000	70,000
Premium as % of monthly salary	4.25%	12.50	20.63

	For Age 46-50 years
	PLAN A	PLAN B	PLAN C
Coverage Term	1 year	3 years	5 years
Max Monthly benefit	100,000	50,000	35,000
Premium as % of monthly salary	9.60%	26.40	43.20%

 

Example 1

Ahmed: My age is 38 years and my salary is 100,000 how much premium would I have to pay?

Adamjee Life: Your premium amount would depend on the coverage term you select. If you choose 1 year term your premium would be 4,250 (100,000 x 4.25%) similarly if you want your family to avail the monthly benefit for 3 years in your absence the premium amount would increase to 12,500 (100,000 x 12.50%).

Example 2

Ali: I am 47 years old and have a monthly income of 75,000, what is my monthly payable premium?

Adamjee Life: The premium amount is calculated based on the coverage term you select. For example for a 1 year term your premium amount would be 7,200 (75,000 x 9.60%). But if you choose a three year term your premium would be 13,200 (50,000 x 26.40%) with a maximum monthly benefit of 50,000.

Term & Eligibility

Minimum Entry Age: 18 years

Maximum Entry Age: 50 years

Min Policy Term: 1 year

Max Policy Term: 5 years

Payment Mode

Annual & Monthly

FAQ’s

What benefits will I receive if I am covered under Pay Continuation Plan?

In case of the unfortunate demise of the insured, a sum equal to the insured person’s monthly salary is paid to his/her nominated beneficiary (ies) every month for up to 5 years depending on the package selected.

Am I eligible for pay continuation plan?

If you are a customer of SCB and fall in the age bracket of 18-50 years then you are eligible to buy this plan.

What is the term of Pay continuation plan?

The policy term of Pay Continuation plan is 1 year.

In case of my death, how long will my family get the monthly benefit?

There are three different benefit terms of 1, 3 and 5 years available depending on the customer’s needs’.

How much money will I have to pay for this coverage?

The percentage of your monthly salary that you have to pay depends on the benefit/ coverage term that you select.