Commercial Bank

NBP Bancassurance

Savings-and-insurance plans sold through NBP branches, underwritten by State Life Insurance Corporation — not an NBP product itself.

• Underwritten by SLIC
• 3 Plan Options
• Age 18–65

Written & reviewed by Dildar Hussain — 10+ years in Pakistani banking, BS Banking & Finance (NUML University) · Last updated: September 4, 2026

The first thing worth understanding about NBP Bancassurance is what it isn't. NBP's own product page states this plainly: these plans are underwritten by State Life Insurance Corporation of Pakistan (SLIC), not guaranteed or insured by NBP, and NBP is only working as a distributor under a tripartite agreement with SLIC and GBA Services (Pvt) Ltd. That distinction matters if you're evaluating the safety of your money. You're relying on SLIC's standing, not NBP's.

The Three Plans

Plan names confirmed directly from NBP's official Bancassurance page. NBP does not publish detailed premium tables or maturity values for these plans in text form on its site. A personalized benefits illustration is provided by NBP staff at the time of purchase.

Who's Eligible

All NBP account holders, including non-resident Pakistanis and dual or foreign nationals, with an active PKR current or savings account can buy a Bancassurance product, provided the account has sufficient funds or the customer deposits the required amount for premium recovery. Your age at enrollment needs to fall between 18 and 65. If you hold a foreign currency account, you'll need to open a PKR account first, since Bancassurance runs in rupees. Non-resident Pakistanis need to be physically present when actually buying a policy.

The Fine Print NBP Publishes Itself

NBP's own disclaimers are worth reading, not skipping. Past performance of SLIC is explicitly stated as not necessarily a guide to future performance, and any illustrated forecast isn't indicative of what the fund will actually return; neither SLIC nor NBP takes on liability for that gap. Service charges and taxes apply per NBP's Schedule of Charges and current tax law. The actual contract terms live in the policy's privileges and conditions document, not in NBP's marketing page, so read that document before signing anything.

NBP Also Offers Bancatakaful Through Jubilee Life

The SLIC-backed plans above run through NBP's conventional banking network. Separately, NBP's Aitemaad Islamic Banking Group has its own bancatakaful partnership with Jubilee Life Insurance's Window Takaful Operations, for customers who specifically want a Shariah-compliant structure rather than conventional bancassurance. Three named products have been introduced under this partnership: Jubilee Sehat Shifa Takaful, a Shariah-compliant health plan offering nationwide cashless hospitalization with coverage for pre-existing conditions; Jubilee Aitebaar Plan, a conventional long-term savings plan with guaranteed returns and bonuses distributed through NBP's branch network; and the Jubilee Umeed Plan, a savings-and-protection plan positioned with enhanced benefits and allocations.

These are sold through NBP Aitemaad's Islamic banking branches specifically, not the general branch network the SLIC plans use — so which one applies to you depends on whether you're banking conventionally or through NBP Aitemaad.

Jubilee Life partnership and product names confirmed from Jubilee Life Insurance's own NBP bancassurance page and 2025 press coverage of the Sehat Shifa Takaful and Aitebaar Plan launch. Confirm current plan availability and terms directly with NBP Aitemaad or Jubilee Life before publishing specifics like premiums or coverage limits.

How It Differs From a Regular Bank Product

A term deposit or savings account at NBP is a straightforward banking relationship: you deposit, NBP pays profit, you withdraw whenever the account type allows. An insurance-linked savings plan works differently: part of your premium goes toward life cover, part goes toward the investment component, and the two are bundled together rather than sold separately. That bundling can make sense if you specifically want life cover alongside long-term savings discipline. It also means comparing this against a plain savings account or term deposit isn't apples-to-apples. You're paying for coverage as well as return, and the two need weighing separately before deciding which product actually fits what you're trying to achieve.

If your priority is purely growing savings with no life-cover component, NBP's standard deposit accounts or term certificates are a more direct comparison than an insurance-linked plan.

Good For

• Customers who want life insurance cover bundled with a savings or investment plan
• Those specifically wanting a Shariah-compliant option through Bancatakaful with Jubilee Life
• Comparing an insurance-linked product against NBP's standard deposit accounts
• Understanding SLIC's role as the underlying insurer before signing up

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For independent verification, see State Bank of Pakistan, Pakistan Stock Exchange, National Bank of Pakistan.