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New Jubilee Life Insurance Company Limited

New Jubilee Life (formerly: Commercial Union Life Assurance Company Pakistan Limited) commenced operations in June 1996 as subsidiary of CU International Insurance. Later, when CUII merged with a couple of other international insurers, they decided to concentrate in developed markets only, mainly Europe. Accordingly, they sold their holdings in a number of countries including Pakistan.

Aga Khan Fund for Economic Development (AKFED), an organization based in Switzerland and New Jubilee Insurance Company purchased the majority shareholding in Commercial Union Life Insurance Company Pakistan Limited and renamed it to New Jubilee Life Insurance Company. Hence, New Jubilee Life is now effectively functioning as a subsidiary of AKFED.

Group Life Insurance
We have established ourselves as one of the major local privatized insurers in the Group Life domain. This was the first product line with which we had a fabulous take off and which provided great support to institute the companys foothold. In the short span of time since 1996 when we began selling group life insurance, our group life portfolio expanded to contain more than 650 corporate clients and we insure currently more than 250,000 lives.

HealthCare International
This product presents different and better features in relation to the similar schemes being offered. We have been able to add to the Group Health client list steadily since its launch in 1998. This has brought quality of differentiation to our portfolio. The system that is being used for Health Insurance is the best and most advanced one available in the market. We offer optimally high coverage limits to be enjoyed by the insured and his family. We have received an enormous response from the market due to the backing of very well developed network of quality hospitals.

Group Pension
Under Group Pension a Defined Contribution plan is offered which reduces risk for the employer as against a Defined Benefit plan. It is an innovative scheme launched in 1998 and we stand no local competition in this field. It helped gain an edge over the insurance industry.

Individual Life Insurance
New Jubilee Life Insurance has developed a vast branch network spreading into 25 major cities of Pakistan. It has expanded to hire services of over 700 professional individuals to sell its various products. The products marketed are normally unit-linked products, which provide the benefit of both protection (life insurance) as well as investment. Some of the various plans that individuals may enjoy are Secure Life plan, Education Plan, Critical Illness benefit, Marriage Plan, Personal Pension, Mortgage Protection, Hospital Cash Rider etc. All these plans are a combination of traditional and non-traditional insurance Products.

Comprehensive Benefits
NJLI provides a thorough range of coverage. This includes coverage even for those benefits, which have only recently been introduced in the local market. As and when new classes of life coverage evolve around the world, we pioneer them in Pakistan.

Outlook
With its service areas covering the entire nation and even remote areas, the company now transacts life (group and individual) business, with a wider spread and presence. NJLI is currently pursuing the strategy of operational expansion thus providing thrust to its mission of taking life insurance to the remotest places of Pakistan and becoming a leading life insurer. Its goal is customer satisfaction through personalized and efficient service. It regards quality improvement as everyones collective responsibility working at NJLI. To ensure its implementation it has the strength of specialist insurance professionals who possess a thorough knowledge of international and local trends.