Jubilee Life Insurance Pakistan is a prominent insurance provider in Pakistan, offering an array of life, health and general policy plans to its customers.
It operates through seven segments: Individual Life Unit Linked, Conventional Business, Accident & Health Business, Overseas Group Life & Health Business, Group Family Takaful and Accident & Health Family Takaful.
Life Insurance
Jubilee Life Insurance Pakistan offers a wide selection of insurance policies to suit your requirements. Whether you need life insurance cover for protection of your family, a personal pension or takaful policy to build up retirement funds, Jubilee Life Insurance has the ideal plan for you.
Life can be unpredictable, and you never know when something unexpected may happen to you or your family. At Jubilee Life, we want to give you the peace of mind that comes from planning ahead for those unexpected events.
With this in mind, we have tailored a selection of Life Insurance policies to fit your individual needs and goals. Whether it’s for your child’s education or retirement, our plans provide the financial security so you can Live Free!
Jubilee Elite Plan offers you the security of knowing your money is working hard for you in the future, regardless of where it invests. This plan specifically created to cater to high-net-worth individuals’ investment and insurance requirements.
To qualify for this insurance, you must be over 21 and a resident of Pakistan. The company will take into account your health, occupation and other factors before approving the policy.
It is essential that you notify the company of any changes in your address, email/phone number or other contact information promptly. This can do via letter sent directly to your mailing address via courier/registered mail.
You can make changes to your policy by completing a Reinstatement Form (RF). This form is available at Jubilee Insurance offices or on the website. After approval, these changes implemented and an Endorsement of Standard Policy Conditions is issued.
Under your policy, you have the option to nominate beneficiaries, appoint a guardian for minors nominated and transfer ownership to another individual. However, these processes must adhere to the Insurance Ordinance (XXXIX) 2000 which should read carefully before proceeding with any actions.
Health Insurance
Jubilee Life Insurance Pakistan provides a selection of health insurance plans, such as individual medical coverage and corporate medical coverage. These cover medical bills in case of an accident or illness.
For instance, the company’s ‘Jubilee Health Shield’ plan offers financial support and assistance in case of medical emergencies. It also comes with various other built-in benefits like a free maternity benefit, cashless hospitalization option and cover for preexisting medical conditions to name a few.
Jubilee Life has also pioneered a customer-friendly smartphone app to help you locate nearby Preferred Panel Hospitals based on your location, providing you with an interactive map and guided route to the hospital of your choice – an industry first!
In addition to other features, the app also displays the best places in your area to find great deals on medications and healthcare items. This can save you both money and frustration in the long run.
The app also provides you with the top hospitals to visit in case of an accident or emergency, so that you can make an informed decision and select the most suitable medical treatment for yourself or your family. This is the cheapest and most efficient way to guarantee top quality healthcare during times of need.
Offering employees, a health insurance plan is key for keeping and attracting talent. Employees with an effective healthcare solution are more likely to stay with their company, leading to higher productivity and greater profits. This can only accomplish by offering quality yet affordable medical coverage options to employees. In fact, studies suggest that healthy employees may be worth up to 20% more than sick ones – which makes Jubilee Life’s comprehensive corporate health insurance solution perfect for attracting and keeping top talent.
General Insurance
Jubilee Life Insurance Pakistan offers a range of insurance solutions to suit the needs of its customers. These include individual life insurance, family takaful, health coverage and bancassurance; in addition, the company also provides group coverage and microinsurance options.
General insurance services offered by the company include fire and property damage coverage as well as motor vehicle coverage. Furthermore, they provide travel insurance, accident and health protection.
The company’s business model relies on a large distribution network and an expansive reinsurance panel. It boasts an impressive balance sheet, as well as a strong financial strength rating of “bbb-“. Furthermore, its long-term issuer credit rating stands at “bbb-” with an outlook of stability.
One of the company’s most remarkable accomplishments is its innovative mobile app. This allows customers to access their insurance policies, claims, and even locate the nearest hospital – an unprecedented move that keeps it ahead of competition.
Despite a challenging market environment and COVID-19, the company managed to increase its gross written premium by 16% for the nine months ending September 2021. This growth primarily fueled by increased economic activity and an effective online distribution strategy.
Jubilee Life Insurance has managed to stay atop the general insurance sector despite fierce competition. Their innovative product offerings and well-executed business model have allowed them to attract loyal customers while maintaining profitability despite volatile market conditions.
The company’s financial strength rating is B+ and its credit rating “bbb-.” These ratings demonstrate the company’s strong balance sheet strength, which AM Best assesses as strong; as well as its impressive operating performance, limited business profile, and appropriate enterprise risk management (ERM). Most noteworthy among these statistics is the company’s weighted average return on equity of 15.4% from 2016-2021 – one of the highest rates in its industry and proof positive of management focus in operations.
Takaful
Takaful is an Islamic alternative to conventional insurance that developed based on principles of mutual assistance and solidarity. This concept dates back to pre-Islamic times and has practiced by numerous tribes around the world.
Taqful allows participants to invest into an investment pool as a form of protection from losses. The fund managed by a takaful operator, who charges an agreed-upon fee for providing this service.
Participants can select a plan that best meets their individual requirements, from term life and whole life insurance to motor vehicle and home protection. These policies provide coverage for the policyholder, his family members, as well as other beneficiaries.
Participating in a takaful scheme is easy and hassle-free, with minimal paperwork needed for application. Plus, the company providing the takaful service will assist you with understanding your options and providing guidance on the right plan to suit your individual requirements.
Tawakul plans are not only an effective way to safeguard yourself and your loved ones against financial emergencies, but they can also provide a spiritually rewarding experience. Furthermore, these plans are available to people of all backgrounds and faiths.
Muslims have practiced takaful since the time of Prophet Muhammad (PBUH). Its principles of contribution and solidarity are well-explained in both Quranic scripture and Hadith writings.
Community-based insurance products provide assistance to those in need after an unfortunate accident or illness. Similar to risk pooling concepts in conventional policies, their operation differs.
In a Takaful pool, all participants contribute to the fund. Once it reaches a certain level, the funds are set aside and managed by the Takaful company for claims submitted by eligible claimants.
If the fund is insufficient to cover claims, additional donations from takaful certificate owners can pooled together and used as a collective resource to assist anyone in need.
Recommended reading: What Is Insurance?
