Samba Bank Transactional Insurance
Transactional Insurance is a general insurance product which aims to safeguard customers against financial loss resulting from digital fraud.
It provides coverage in the event of Account Takeover, Unauthorized Transaction, Social Engineering and/or ATM Theft as per policy terms and conditions.
Coverages
Plan
|
A |
B |
Account Takeover
|
✔ |
✔ |
Unauthorized Transactions
|
✔ |
✔ |
Social Engineering
|
✔ |
✔ |
ATM Theft
|
|
✔ |
Account Takeover: Means a third-party gains unauthorized access to customer’s e-money account and then makes unauthorized transactions. Account takeovers usually result from Phishing, spyware, or malware scams
Unauthorized Transaction: Means transactions which are carried out on customer’s payment cards, electronic transactions including e-money accounts which are made via the internet, telephone, or TV. In the event the customer’s card is skimmed or cloned at the point of sale or ATMs, TPL will reimburse the customer for the unauthorized transactions which the customer are not indemnified by the issuer
Social Engineering: Means a scam that tricks customer into opening or responding to emails, text messages, phone calls and websites that appear to be from legitimate entities or people who the customer trust and/or are known to the customer with the purpose of convincing the customer to transfer funds. Examples of such scams include but are not limited to: Phishing (emails); Smishing (text messages); Vishing (fraudulent pre-recorded messages); Spoofing (impersonation phone calls).
ATM Theft: Cover in the event of ATM Theft, where the customer is forced, by use of threat or physical violence, to make a cash withdrawal from an ATM or a cash out agent location or the customer suffers aggravated theft and/or robbery of cash whilst withdrawing cash from an ATM or a cash out agent at the same time of the withdrawal or within 2 hours of withdrawal
Disclaimer:
- This product is underwritten by TPL Insurance Limited. It is not guaranteed or insured by Samba Bank Limited or its affiliates and is not a Samba Bank Limited’s product.
- Samba Bank Limited is acting as a distributor of Transactional Insurance on behalf of TPL Insurance Limited and is not and shall not be held responsible in any manner whatsoever to any person, including but not limited to the insured customer(s), beneficiary (ies) or any third party.
- TPL Insurance Limited is the risk carrier and provider of this insurance cover and shall be responsible for settlement of claims to the insured customer(s) or beneficiary (ies).
- Please refer to the Policy Document for detailed understanding of the various terms and conditions.
Return Mechanism & Premium Schedule
The customer may choose from any of the below plans where the premium deduction shall be done every year.
Plan |
Per Transaction Limit
|
Maximum Limit of loss per Annum PKR |
Plan “A” Net Premium PKR |
Plan “B” Net Premium PKR |
☐ |
100,000 |
200,000 |
2,060 |
2,675 |
☐ |
50,000 |
100,000 |
1,065 |
1,310 |
☐ |
25,000 |
50,000 |
655 |
775 |
Free-Look Period
Customers can cancel their subscription within 14 days to withdraw from this policy. After the 14-day free-look period, no refunds will be issued. TPL Insurance will not make any deductions from the premium if the plan / policy is cancelled within the Free-look period.
Exclusions to Coverages
These exclusions apply to all coverages on this policy. TPL Insurance Limited does not provide cover for:
- Any incident prior to the start date of the customer’s insurance policy or after the cancellation.
- The first amount of every successful claim (the excess), wherever applicable.
- Any losses which are recoverable from any other source such as but not limited to the customer’s bank, payment Card provider or third-party payment platforms.
- Any loss before or after the incident, if the customer has / have willfully concealed or misrepresented any material fact or Circumstance concerning this insurance or provided fraudulent information to us.
- Any loss resulting from war, invasion, act of foreign enemy hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection or military or usurped power, nationalization, confiscation, requisition, Seizure or destruction by the government or any public authority.
- Any incident in which a customer shares their OTP will not be covered by this product, except for the “ATM theft” product.
- Any loss resulting from
- Gambling, lottery, contest, promotional game, or other games of chance.
- Illegal activity engaged in by the customer whether knowingly or unknowingly.
- Potential mass cyber-attack.