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American International Life Assurance Company of New York to Provide Accidental Death & Dismemberment Coverage to U.S.-Based Remittance Customers of the National Bank of Pakistan.
Business Editors
NEW YORK--(BUSINESS WIRE)--Jan. 16, 2004
American International Life Assurance Company of New York (AILIFE), a member company of American International Group, Inc. (AIG), today announced that it will provide $10,000 of Accidental Death & Dismemberment (AD&D) insurance coverage* to U.S.-based remittance customers of the National Bank of Pakistan (NBP).
Presently, there are more than 700,000 Pakistani nationals living and working in the United States, who together control approximately $250 billion in assets and average $300 - $500 in remittance per month. Those who remit funds for distribution overseas through the National Bank of Pakistan will automatically receive the AD&D coverage at no additional cost to the customer; the NBP is paying the premium costs on the customers' behalf.
"This is the first program of its kind that we are making available to the remittance population in the United States," said Nicolas C. Walsh, President and Chief Executive Officer, American International Underwriters. "We are pleased to work with the National Bank of Pakistan to provide such an important service and anticipate that this coverage will bring significant added value to the Bank's customers."
Coverage will be made available for a 12-month period from the first remittance, and only one transaction is required to become eligible for the program. The coverage is now available to anyone using the Bank's branches in New York City and Washington, DC; plans call for similar programs to be offered to the Bank's customers in the United Kingdom and Continental Europe over the next 6-12 months.
"Home remittances are not only important to NBP's customers and their beneficiaries in Pakistan, but also to Pakistan's economy and foreign exchange reserves," said M. Rafiq Bengali, Regional Chief Executive, National Bank of Pakistan, Americas. "As such, the objective of assisting the remitter has been conveyed to the community by the President of Pakistan, the Prime ...
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