Our Vision and History
The products referred to below are offered only by Scotia Jamaica Life Insurance Company Limited (a wholly owned subsidiary of The Bank of Nova Scotia Jamaica Limited). These products and services are not covered by the Jamaica Deposit Insurance Corporation.
Our vision and goal is to help our clients achieve positive net worth and financial independence through purposeful planning and committed savings, using a financial plan that not only provides insurance coverage but is able to turn their investments into actual wealth.
Recognizing a strong consumer demand for insurance products with investment options that could be accessed through retail bank branches in Jamaica, Scotiabank came up with a safe and secure insurance policy that, when combined with a long-term savings and investment plan, would leverage wealth over time.
As a result, in October 1995, Scotia Jamaica Life Insurance Company Limited (SJLIC) was incorporated as a fully owned subsidiary of Scotiabank Jamaica, and on June 16, 1998, Scotia Jamaica Life Insurance Company Limited was launched with its flagship product, ScotiaMINT.
ScotiaMINT then went on to prove its worth as the company sold more than 2,400 policies, with policyholders' funds of $358 million, during the first year of operation. This launched ScotiaMINT on the path to success. To date, with a sales force of 46 agents, Scotia Jamaica Life Insurance Company Limited has a customer base of more than 57,000 policyholders with policyholders' funds of more than $17 billion.
ScotiaMINT is available in Scotiabank locations island-wide. It is sold by licensed and trained SJLIC agents.
In 2002, Scotia Jamaica Life Insurance Company Limited commenced issuing Single Premium and Level Premium Credit Life Protection Insurance to the borrowing customers of Scotiabank Jamaica. In 2003, it started offering revolving credit life protection insurance for the Bank's credit card and ScotiaLine Gold account holders. Currently, more than 39,000 loans have insurance coverage of approximately $7.6 billion.
In 2005, as it celebrated its seventh anniversary, Scotia Jamaica Life Insurance Company Limited introduced a feature enhancement to its ScotiaMINT product, called ScotiaMINT Gold. ScotiaMINT Gold offers optional life insurance coverage to ScotiaMINT policyholders of up to $2 million.