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Jubilee Life Insurance

Jubilee Life Insurance

Submitted by:
Khawar Mehmood
Submitted to:
Sir Abdus Sattar

Jubilee Life Insurance

Introduction & Background


Jubilee Life Insurance Company Ltd. is a subsidiary of the Aga Khan Fund for Economic
Development (AKFED), Switzerland. It was incorporated in Pakistan on 29 June 1995 as a
Public Limited Company under the Companies Ordinance 1984. Its shares are quoted on the
Karachi Stock Exchange, and it started its business on 20 June 1996 with a Paid-up Capital of
Rs.627 million.
JLI enjoys competitive edge over the players in the market because it was established with the
highest paid-up capital among public listed companies in Pakistan, highest ratio of customer
loyalty among all life insurance companies, uniquely designed plans for each individual
customers, complete range of products for individual and corporate customers and backing of
World's largest reinsurance companies.
JLI is engaged both in individual life insurance and corporate insurance business, Individual life
insurance business is procured through two channels; that is, through the company's own
enthusiastic Branch Operations and through alternative distribution channels such as
Bancaassurance. NJI LIFE is proud to be the pioneer of Bancaassurance in Pakistan.
JLI is also the pioneer of many credit life insurance schemes prevalent in Pakistan.Within a
decade; JLI has been able to make over 100,000 individual customers and over 1,200 corporate
customers covering over 1,200,000 lives in total.
World Finance Insurance Award 2011 for Jubilee Life is just another testament of our
distinguished products and services.
World Finance is a leading financial magazine, produced World News Media from its
Headquarters in London, and organizes the highly esteemed Global Insurance Awards in
recognition of the best insurance companies.

JLI's presence in Pakistan is virtually in every major city with multiple branched at many
locations. The network of branches and sub-offices s located at Bahawalpur, Badin, Faisalabad,
Ghotki, Gujranwala, Gujrat, Hyderabad, Islamabad, Jaccobabad, Jhelum, Karachi, Khairpur,
Kotli, Lahore, Larkana, Mirpur Azad Kashmir, Mirpurkhas, Multan, Muzaffarabad (AJK),
Mardan, Naushahro Feroz, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sialkot, Sukkur,
Sargodha, Tando Adam

Jubilee Life Insurance

JLI continuously expending its operation to new locations all over Pakistan.

Objective of the Project:


To learn and evaluate the corporate and HRM Policies and Performance
management Of Jubilee life insurance company.

Organization Profile:
Vision:
Enabling people to overcome uncertainty
Mission:
To provide solutions that protects the future of our customers
Core Values:
Teamwork, Integrity, Excellence, Passion

Products Line:
Individual Life:

Child Education Plan


Child Marriage Plan
Retirement Plan
Save n Protect Plan
Wealth Plan
Secure Life Plan
ZindagiPlan
Women Plan

Jubilee Life Insurance

Bancansurance Product:

SCB bank
Habib Bank
Fysal Bank
Soneri Bank
NIB Bank
AlFalah Bank
UBL Bank

HR Department:
EQUAL OPPORTUNITY EMPLOYMENT
Jubilee Life employment policy provides its employees the equality of opportunity regardless of
race, color, sex, age, religion, national origin, physical disability and shall not show partially or
grant any special favors to any employee or group of employees in violation of applicable law.
In keeping with the intent of this policy, Company will adhere to the following personnel
practices:
Recruitment, hiring and promotion of individuals in all job classifications will be conducted
without regard to race, color, religion, national origin, age, sect, except where a bona fide
occupational qualification exists. All employment decisions will be made in such a manner as to
further the principle of equal employment opportunity.
Promotional decisions will be made in accordance with the principles of equal employment
opportunity through the use of valid job related criteria.
All other personnel actions such as compensation, benefits, transfers, promotions, training &
development, and social and recreational programs will be administered without regard to race,
color, religion, national origin, age, sex, except where a bona fide occupational qualification
exists.

Code of Conduct
The following acts and omissions shall be treated as misconduct:(a) Will full insubordination or disobedience, whether alone or in combination with others, to
any lawful and reasonable order of a superior;
(b) Theft, fraud, or dishonesty in connection with the employers business or property;

Jubilee Life Insurance

(c) Willful damage to or loss of employers goods or property;


(d) Taking or giving bribes or any illegal gratification;
(e) Habitual absence without leave or absence without leave for more than ten days;
(f) Habitual late attendance;
(g) Habitual breach of any law applicable to the establishment;
(h) Riotous or disorderly behavior during working hours at the establishment or any act
Subversive of discipline;
(i) Habitual negligence or neglect of work;
(j) Frequent repetition of any act or omission referred to in clause (1);
(k) Striking work or inciting others to strike in contravention of the provisions of any law, or rule
having the force of law;
(l) Go-slow.

Recruitment Procedure :
1. Employee Requisition Form will be submitted by the Department Head to the Human
Resource Department who will obtain principle approval of the MD for the recruitment.
2. HR will identify suitable candidates for the position, interview them and present 4-5 shortlisted candidates to the respective department (Maximum TAT - 20 working days).
3. The concerned department will interview these short-listed candidates to identify 2 candidates
they would be comfortable hiring and inform HR of their relative preference for each.
4. HR will compare existing salaries of similar employees at JUBILEE LIFE INSURANCE and
negotiate an acceptable salary with the two candidates noted above and finalize an offer letter to
one of them (TAT - 3 working days).
5. All employment formalities will be fulfilled. The employee will join after completing a
satisfactory medical examination based on our Companys requirements.
6. Hardware request form for the newly-recruited individual will also be submitted to the HR
Department, which will be forwarded to IT after the medical examination has been successfully
completed by the candidate and an employee code has been issued by HR.

Jubilee Life Insurance

7. Appointment letter will be issued to the candidate within 3 working days of completion of all
formalities and documentation.
You will all agree that a transparent process of recruitment, which is primarily managed by the
HR department, is in the best interest of our Company.
Please note that HR will not process any recruitment of support staff where this process is not
followed. No direct appointments can be made or offers made which are to be regularized by the
HR department. It will be very awkward for you and the Company if an improper offer is made
and the candidates appointment disallowed because a proper procedure has not been followed.
All of you are required to identify and plan your workforce requirements and coordinate with HR
to proceed accordingly.

Performance Appraisal System:


Performance Appraisals is the assessment of individuals performance in a systematic way. It is a
developmental tool used for all round development of the employee and the organization. The
performance is measured against such factors as job knowledge, quality and quantity of output,
initiative, leadership abilities, supervision, dependability, co-operation, judgment, versatility and
health. Assessment should be confined to past as well as potential performance also.

Main Goals of Performance Appraisals


General Goals

Specific Goals

Developmental Use

Individual needs
Performance feedback
Transfers and Placements
Strengths and Development needs

Administrative Decisions / Uses

Salary
Promotion
Retention / Termination
Recognition
Lay offs

Jubilee Life Insurance

Poor Performers identification


Organizational Maintenance

HR Planning
Training Needs
Organizational Goal achievements
Goal Identification
HR Systems Evaluation
Reinforcement of organizational needs

Documentation

Validation Research
For HR Decisions
Legal Requirements

TECHNIQUES / METHODS OF PERFORMANCE APPRAISALS :


Jubilee Life Insurance used two methods of appraisals which are following:

Past Oriented Methods


Future Oriented Methods
Past Oriented Methods
1. Rating Scales: Rating scales consists of several numerical scales representing job related
performance criterions such as dependability, initiative, output, attendance, attitude etc. Each
scales ranges from excellent to poor. The total numerical scores are computed and final
conclusions are derived.
2. Checklist: Under this method, checklist of statements of traits of employee in the form of
Yes or No based questions is prepared. Here the rater only does the reporting or checking and
HR department does the actual evaluation.
3. Forced Choice Method: The series of statements arranged in the blocks of two or more are
given and the rater indicates which statement is true or false. The rater is forced to make a
choice. HR department does actual assessment.

Jubilee Life Insurance

4. Forced Distribution Method: Here employees are clustered around a high point on a rating
scale. Rater is compelled to distribute the employees on all points on the scale. It is assumed that
the performance is conformed to normal distribution.
5. Critical Incidents Method: The approach is focused on certain critical behaviors of
employee that makes all the difference in the performance. Supervisors as and when they occur
record such incidents.
6. Essay Method: In this method the rater writes down the employee description in detail within
a number of broad categories like, overall impression of performance, promote ability of
employee, existing capabilities and qualifications of performing jobs, strengths and weaknesses
and training needs of the employee.
Future Oriented Methods

1. Management by Objectives: It means management by objectives and the performance is


rated against the achievement of objectives stated by the management. MBO process goes as
under.
Establish goals and desired outcomes for each subordinate
Setting performance standards
Comparison of actual goals with goals attained by the employee
Establish new goals and new strategies for goals not achieved in previous year.
It is more useful for managerial positions.
2. Psychological Appraisals: These appraisals are more directed to assess employees potential
for future performance rather than the past one. It is done in the form of in-depth interviews,
psychological tests, and discussion with supervisors and review of other evaluations.
3. 360-Degree Feedback: It is a technique which is systematic collection of performance data
on an individual group, derived from a number of stakeholders like immediate supervisors, team
members, customers, peers and self. In fact anyone who has useful information on how an
employee does a job may be one of the appraisers.