Canceling Jubilee Life Insurance: A Step-By-Step Guide

Jubilee Life Insurance offers a range of insurance services, including life insurance, travel insurance, and corporate health insurance. If you're looking to cancel your Jubilee Life Insurance policy, the process will depend on the type of insurance you have. For life insurance, you can surrender your policy after completing two policy years and paying two years' worth of premiums. In the case of travel insurance, you must notify Jubilee General 24 hours before your departure date, and for corporate insurance, the steps are not clear and you should contact customer support.

Cancelling a Jubilee travel insurance policy

Firstly, it is important to note that Jubilee requires notification of cancellation 24 hours before your stated departure date. Any cancellation requested after departure will not be accepted unless a copy of the appropriate Visa Refusal Letter is provided.

To initiate the cancellation process, send a written request from the name insured on the travel policy to Jubilee General Insurance, along with the following documents:

• Original travel policy
• Letter of cancellation (original)
• Copy of your Computerized National Identity Card (CNIC)
• Original refusal letter by the related Embassy (in case of cancellation due to visa refusal)
• For cancellation in all other cases, the original passport must be shown in person at the designated branch of Jubilee General
• Any other relevant documents required by Jubilee General, depending on the reason for cancellation

The written request and documents can be sent to the following address:

Jubilee General Insurance Co. Limited.

Operations & Alternate Distribution Department

2nd Floor, Jubilee Insurance House I.I Chundrigar Road, Karachi 74000, Pakistan.

Tel: 111-654-111

Tel: 92-21 3241 6022-26

Once your policy is cancelled, a refund will be issued by Jubilee General in the form of a crossed cheque made out to the insured individual. This will be sent by courier directly to the insured after verification from the relevant consulate or embassy in case of visa refusal. Standard levies and stamp duty will be deducted from the refund amount.

It is important to note that if you have completed two years of your policy and have paid the full premiums for those two years, you may surrender your policy. In this case, a surrender value, or cash value, will be payable after the deduction of any applicable surrender charges. However, surrendering the policy early may result in lower cash values.

Cancelling a Jubilee life insurance policy

Jubilee Life Insurance offers a range of insurance products, including life insurance, travel insurance, and health insurance. If you are looking to cancel your Jubilee Life Insurance policy, the process will depend on the type of insurance you have. Here is a detailed guide on how to cancel your Jubilee Life Insurance policy.

Before initiating the cancellation process, it is important to understand the specific terms and conditions of your insurance contract. In general, Jubilee Life Insurance allows policyholders to cancel their policies under certain circumstances.

Life Insurance Policy:

To cancel your Jubilee Life Insurance life insurance policy, you must complete the following steps:

• Wait for the completion of two policy years: Jubilee Life Insurance requires you to maintain your life insurance policy for at least two years before considering cancellation. During this period, you must pay the complete premiums for both years.
• Submit the necessary documents: Gather and complete the required documents, which typically include:

• Request for Surrender Form: This form should be duly completed and signed by the policy owner.
• Bank Account Information: Provide your bank account number, bank name, and branch, duly verified by your bank.
• Attested copy of your Computerized National Identity Card (CNIC).
• Zakat Exemption Declaration Form.
• Conservation Attempt Form: This is required for policies purchased directly from Jubilee Life Insurance through their Sales Force.
• Original Policy Documents: Ensure that you have the original policy documents. If you have lost them, you will need to provide an Indemnity Bond for the loss of policy documents.

• Submit the documents to your respective branch: Once you have completed and gathered all the necessary documents, submit them to your nearest Jubilee Life Insurance branch.
• Wait for processing: Upon submission, Jubilee Life Insurance will process your surrender request. They will send the Surrender Value Cheque to your respective branch, from where you can collect it.

Travel Insurance Policy:

Cancelling a travel insurance policy with Jubilee Life Insurance has specific requirements:

• Notify in advance: All cancellations must be requested at least 24 hours before the departure date mentioned on the policy. Any cancellation requested after departure will not be accepted unless a copy of the appropriate Visa Refusal Letter is provided.
• Submit a written request: Send a written request for cancellation from the name insured on the travel policy to Jubilee General Insurance.
• Provide necessary documents: Along with the written request, you must provide copies of the following documents:

• Original travel policy
• Letter of cancellation by the client (original)
• Copy of CNIC
• Original refusal letter by the related Embassy (in case of cancellation due to visa refusal)
• For other cases of cancellation, personally show the original passport to the designated branch of Jubilee General Insurance.
• Provide any other relevant documents as required by Jubilee General Insurance, depending on the reason for cancellation.

Receive a refund: Once your policy is cancelled, Jubilee General Insurance will send a refund by crossed cheque in the name of the insured. This will be sent by courier after verification from the relevant consulate or embassy (in case of visa refusal). Standard levies and stamp duty will be deducted from the refund amount.

Health Insurance Policy:

While this information focuses on life and travel insurance, Jubilee Life Insurance also offers health insurance. The process for cancelling a health insurance policy may differ, so it is advisable to contact their customer support or refer to your specific health insurance policy documentation for detailed instructions on cancellation.

Documents required to cancel Jubilee life insurance

To cancel a Jubilee Life Insurance policy, you must first meet certain conditions. You can only surrender your policy after the completion of two policy years, and provided that two years' complete premiums have been paid. If you decide to surrender your policy, you will need to complete and submit the following documents:

• Request for Surrender Form – duly completed and signed by the Policy Owner
• Bank Account Number with Bank Name & Branch of Policy Owner (duly verified by the concerned bank)
• Attested copy of CNIC (Computerized National Identity Card)
• Zakat Exemption Declaration Form
• Conservation Attempt Form (for policies purchased directly from Jubilee Life Insurance through their Sales Force)
• Original Policy Documents

In the case of loss of original policy documents, you must provide an Indemnity Bond for the loss of policy documents.

Upon completion of all the above requirements to the company's satisfaction, the surrender request is processed, and a Surrender Value Cheque is sent to your respective branch, from where you may collect it.

Surrendering a Jubilee life insurance policy

Eligibility to Surrender:

Before initiating the surrender process, it is essential to ensure that you have completed two policy years and paid the premiums for those two years in full. Surrendering your policy before completing the two-year period may result in lower cash values.

Documents Required for Surrender:

When you decide to surrender your Jubilee Life Insurance policy, you need to compile and submit the following documents:

• Request for Surrender Form: This form should be duly completed and signed by the policy owner.
• Bank Account Information: Provide your bank account number, along with the bank name and branch. This information must be duly verified by the concerned bank.
• Attested copy of CNIC: Ensure that you have a certified copy of your Computerized National Identity Card.
• Zakat Exemption Declaration Form: This form is required for tax-related purposes.
• Conservation Attempt Form: This form is necessary if you purchased your policy directly from Jubilee Life Insurance through their sales force.
• Original Policy Documents: Submit the original policy documents. If you have lost the original documents, you will need to provide an Indemnity Bond for the loss of policy documents.

Submission and Processing:

Once you have gathered all the required documents, submit them to your respective Jubilee Life Insurance branch. After submitting the documents, the company will process your surrender request. Upon completion of all the requirements to the company's satisfaction, they will send the Surrender Value Cheque to your branch, where you can collect it.

Surrender Value:

When you surrender your Jubilee Life Insurance policy, you will receive the Surrender Value, which is the Cash Value available in the Unit Account of the policy. However, please note that there may be surrender charges deducted from this amount. The earlier you surrender your policy, the lower the cash values are likely to be.

Cancelling a Jubilee life insurance policy before maturity

Understanding the Terms

Before initiating the cancellation, it is essential to understand the terms and conditions outlined in your life insurance contract. According to Jubilee Life Insurance's guidelines, you can cancel your policy if you meet specific criteria. For example, you are allowed to cancel the policy within 30 days from the date of its inception and receive a refund of the full premium amount paid. Additionally, you can cancel the policy if it has been in force for a certain number of years, and all premiums have been paid.

Required Documents

To initiate the cancellation process, you will need to submit several documents to Jubilee Life Insurance. These documents typically include:

• A completed Request for Surrender Form, duly signed by the policy owner.
• Bank account information, including the account number, bank name, and branch, duly verified by the bank.
• An attested copy of your Computerized National Identity Card (CNIC).
• A Zakat Exemption Declaration Form.
• A Conservation Attempt Form, specifically for policies purchased directly from Jubilee Life Insurance's sales force.
• The original policy documents. If you have lost the original documents, you will need to provide an Indemnity Bond for the loss of policy documents.

Submission Process

Once you have gathered all the required documents, you will need to submit the completed forms to your respective Jubilee Life Insurance branch. After submitting the documents, the company will process your surrender request. If your request is approved, they will send the Surrender Value Cheque to your branch, where you can collect it.

Travel Policy Cancellation

If you need to cancel a travel policy, there are specific conditions outlined by Jubilee General Insurance. You must notify them 24 hours before the departure date mentioned on the policy. Any cancellation requested after departure will not be accepted unless a copy of the appropriate Visa Refusal Letter is provided. Additionally, you must send a written request from the name insured on the travel policy, along with relevant documents, to the designated address. Once your policy is cancelled, Jubilee General will send a refund cheque to the insured individual after verification.

Remember, it is always a good idea to carefully review your life insurance contract and understand the specific terms and conditions before initiating any cancellations. By following the steps outlined above, you can effectively cancel your Jubilee Life Insurance policy before maturity and receive any applicable refunds.

Frequently asked questions