Junior Account - Terms & Conditions

The cover provides lump sum benefit to the designated beneficiary (Junior Account holder named in this application) in the unfortunate event of death due to accident or sickness of the insured guardian/parent.

The benefit payable in case of death due to sickness of the insured guardian/parent is equal to two times the last three months’ average account balance and subject to a maximum of PKR 1,000,000. The benefit payable doubles in the event of accidental death, subject to a maximum of PKR 2,000,000.

This policy is underwritten by American Life Insurance Company (Pakistan) Limited (MetLife Alico) to the guardians/parents of Junior Account holders aged between 18 to 59 years at the time of account opening.

MetLife Alico is solely responsible and liable for settling any/all claims deriving from this insurance coverage.

This insurance benefit will not be paid in case of insured guardian/parent’s death caused by or resulting directly or indirectly, wholly or partly, from any of the following:

Your legal heir will be required to issue written notice of claim to MetLife Alico within thirty (30) days of date of incident.

American Life Insurance Company (Pakistan) Limited (MetLife Alico)
Floor 13, Dolmen Executive Tower Marine Drive, Block 4, Clifton, Karachi 75600
Tel: +9221-111-111-711, Email: claims@metlifealico.com

• Definitions:

  “Customer” shall mean the minor holding a Junior Account with Bank. However, for all the operational purposes it shall imply the Guardian/Parent wherever applicable.

  “Guardian/Parent” shall mean the natural parent or court appointed guardian of Customer.

• Junior Account Opening:

  The Junior Account shall be opened by Guardian/Parent on behalf of the Customer and for his/her benefit.

• Operating Junior Account:

  The Junior Account shall be operated by Guardian/Parent on behalf of the Customer and for the benefit of Customer.

  In case of joint accounts, the same shall be opened with the Guardian/Parent in accordance with the applicable laws and policies of Bank, which may be revised from time to time.

  Introduction shall be of the Guardian/Parent only.

• Cheque Book:

  Personalized cheque book will be issued to the Guardian/Parent in the name of minor “Under Guardian”.

• Cards:

  Personalized Card may be issued, at Bank’s sole discretion, to the Guardian/Parent in the name of minor “Under Guardian”.

• Non Transferability:

  The Junior Account and the services shall be also used by the Guardian/Parent in order to operate the Junior Account on behalf of the Customer.

• Conversion of the Junior Account to a Normal Account:

  Upon the Customer attaining majority, Bank shall have the right to freeze the Junior Account. Such freeze shall be released only upon the fulfilment of all account opening formalities by the Customer (minor) as applicable to normal account.

• Attaining Majority:

  Any cheques issued by Guardian/Parent prior to the date of the Customer attaining majority and which has been presented for clearing after the conversion of the Junior Account shall not be honored by Bank.

  Upon the Customer attaining majority, the Guardian/Parent shall not be permitted to operate the Junior Account.

• Guardian/Parent's Indemnity:

  Guardian/Parent will indemnify the Bank on demand against all loss which the Bank may suffer arising from or in connection with Junior Account or the provision of any service including any loss resulting from:

  (a) any breach by Guardian/Parent of its obligations under the Terms;

  (b) the Bank acting on any instruction (including stop payment instructions), save to the extent that such loss is the direct result of the Bank's gross negligence, willful misconduct or fraud.

1. The offers mentioned on this website are only for Barclays Junior Account customers.
2. A Barclays Junior Account customer must present his/her Personalised ID Card to benefit from the discount offers mentioned on this website.
3. Barclays accepts no responsibility or liability for the products sold through the retailers mentioned on this website.
4. The offers and discounts mentioned on this website are not valid jointly with any other promotion or discount offered by the retailer.
5. These offers and discounts are available to existing Barclays Junior customers only.
6. These offers and discounts are applicable in Pakistan only.
7. Barclays Junior Account customers are those customers who are below 18 years of age and maintain a Junior Account with Barclays.
8. These offers and discounts are given by retailers and are subject to change without prior notice.
9. The Personalised ID Card will be returned to Barclays upon closure of Junior Account.
10. ID Cards are valid till the customer has active relationship with Barclays Junior Account.