NIB CashGuard covers you against the risk of your cash being snatched through armed hold-ups or burglaries within 60 minutes from ATM transaction / Branch withdrawal time or within a radius of 1.5 km from ATM or Bank Branch, whichever comes first. This insurance cover is provided by Jubilee General Insurance Company Limited.
NIB CashGuard offers you cash insurance for your hard earned money. On withdrawal of cash from any NIB Bank Branch or ATM, avail insurance coverage against burglaries or mugging attacks.
Features and Benefits
Features
| Option/Coverage |
Maximum Cover (ATM/Branch withdrawal) |
| Per event and in aggregate per month |
| Per Event |
Per Year |
| Plan |
Rs. 20,000/- |
Rs. 40,000/- |
Insurance coverage is active for 60 minutes and within a radius of 1.5 km after withdrawal from any ATM or NIB Bank Branch,whichever comes first.
Payment Options:
| Payment |
Premium Charges |
| Monthly |
Rs. 200/- |
| Half Yearly |
Rs. 1,000/- |
| Yearly |
Rs. 2,000/- |
The policy covers you for actual amount of cash withdrawn from an ATM or OTC up to maximum Rs. 20,000 in case of a single insured event and up to maximum Rs. 40,000 during 12 months and Rs. 20,000 for 6 months cover, from the date of enrolment.
Insurance can be terminated at the request of the customer. The bank will deduct the service charges for the current month if you wish to terminate the services. The service charges for the insurance coverage will be deactivated in accordance with the insurance policy.
Frequently Asked Questions
Who is the underwriter of CashGuard?
Jubilee General Insurance Company Limited is the underwriter of CashGuard. JGI was established in 1953 and is one of the most reputable names in the insurance sector. JGI has been placed amongst the top 3 ranking insurance companies in Pakistan, in terms of the gross premium and financial base.
How can I avail CashGuard?
Fill in the attached Application Form and submit it to the Relationship Officer of any NIB Bank Branch.
How long am I covered for?
CashGuard provides 24 hour coverage during the policy period, provided that the service charges have been successfully deducted from your designated account. Your coverage will be automatically renewed for next period unless instructed otherwise.
What will happen if there are no funds in my designated account?
In the event of insufficient funds in your designated account, such that the service charges cannot be deducted, the insurance cover will not be effective for the unpaid period. Please ensure that you maintain sufficient funds in the designated account at all times for the smooth continuation of your insurance cover.
When will I be able to make a claim under CashGuard?
You can make a claim under this insurance coverage if the unfortunate event of armed holdup and / or forced snatching of money and valuables* occur within the following time and radius limits (whichever comes first).
| Channel |
Time Limit |
Radius Limit |
| ATM |
60 Minutes |
1.5 km |
| Branch withdrawal |
60 Minutes |
1.5 km |
What should I do in case of any claim?
The claim process is simple and, hassle-free process. In case of any unfortunate event:
a. Inform JGI of the event within thirty-six (36) hours of the occurrence. For the purpose of intimation, you can call JGI on 021-111-654-111 Ext. 280 (from 9:00 am to 5:00 pm) on any working day or NIB Phone Banking at 021-111-642-111 at any time.
b. Arrange a copy of a First Information Report “FIR” lodged from the police station;
c. Follow the process as informed by the insurance company.
*Valuables covered under CashGuardPlus only.
How long does it take to decide a claim?
Claims are decided by Insurance Company within fourteen (14) working days after submission of the relevant documents including completed claim forms to the Insurance Company.
How much I am entitled for in case of a claim, what amount will be paid?
Your entitlement in case of a claim depends upon the opted product at the time of enrolment.
Claim Administration Charges:
CashGuard Rs. 150
