LifeCare
LifeCare is a simple and affordable insurance cover offered with ASA Microfinance Bank (Pakistan) Limited (“ASA Pakistan”) loans. In collaboration with Turaco and underwritten by Jubilee Life Insurance and Jubilee General Insurance, this plan provides borrowers with financial protection against medical emergencies, property damage, and loss of life.
Benefits of LifeCare:
The following benefits are available; however, eligibility depends on the specific loan type (Micro Loan, Small Business Loan, or MSME Loan):
Hospitalization Benefit | PKR 1,250 cash per overnight hospital stay, up to 30 nights (PKR 37,500/year). |
Funeral Assistance Benefit | PKR 15,000 cash to the family on the borrower's death, to help with funeral costs. |
Loan Protection Benefit | 100% of the outstanding loan is settled if the borrower passes away. |
Small Property Protection Benefit | Up to PKR 30,000 if business premises, stock, or equipment are damaged by fire, flood, or similar disasters.
Available only to Small Business and MSME borrowers. |
Pricing & Benefits:
Insurance Benefits | Small Loan | Small Business Loan | MSME Loan |
Hospital Cash | PKR 37,500 annually PKR 1,250 per night | PKR 37,500 annually PKR 1,250 per night | PKR 37,500 annually PKR 1,250 per night |
Funeral Cover | PKR 15,000 | PKR 15,000 | PKR 15,000 |
Micro Property | N/A | PKR 10,000 | PKR 30,000 |
Credit Life | 100% of the outstanding principal loan amount (borrower only) | ||
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Premium Contribution for the Loan Duration | PKR 800 / loan duration | PKR 900 (12 months loans) PKR 1,400 (18 months loans) | PKR 1,400 (12 months loans) PKR 2,100 (18 months loans) |
Eligibility
Any ASA Pakistan customer between the ages of 18 - 70 years (or within the maximum age limit applicable to the relevant loan product) may be eligible for coverage.
Terms and Conditions:
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