National Bank of Pakistan (NBP) has launched a new scheme, providing insurance coverage to its US-based remittance customers in case of accidental deaths and dismemberment.
The NBP signed an agreement with American International Life Company of New York (AILIFE), a member company of American International Group (AIG), at a ceremony held at the Bank in Wall Street office here on Friday.
Under the scheme, an amount of 10,000 dollars will be provided as insurance coverage to remittance customers of National Bank as part of the scheme called "Accidental Death and Dismemberment".
There are more than 700,000 Pakistani nationals, living and working in the United States, who together control approximately 230 billion dollars in assets and average 300 to 500 dollars in remittance per month. Those who remit amount for overseas distribution through NBP will automatically receive the insurance coverage at no additional cost to the customers.
Coverage will be made available for a period of twelve months from the first remittance and only one transaction will be required to become eligible for the programme.
The programme is available to anyone using Bank's operation in New York City, and Washington DC while plans is expected to be offered to customers in the United Kingdom and Europe in next six to 12 months.
Also present at the signing ceremony were, Ambassador of Pakistan to the United States, Ashraf Jehangir Qazi and President and the Chief Executive Officer of American International Underwriters Nicholas C. Walsh.