8th Semester Department: A company that offers insurance policies to the public, either by selling directly to an individual or through another source such as an employees benefit plan An insurance company can specialize in one type of insurance, such as Life insurance, Health insurance, or auto insurance, or offer multiple types of insurance.
Insurance in Pakistan is regulated under the Insurance Ordinance, 2000.In the past few years, it has transformed into a developing and fastly growing market that is generally divided into three components Life insurance General insurance Health insurance
The Government of Pakistan established the Department of Insurance in April 1948 as a department of the Ministry of government The aim of this department is to take care of affairs related to the insurance industry. Out of the 54% that Pakistan's service sector contributes to the national GDP.
1:Government Owned Life Insurance Companies in Pakistan State Life Insurance Corporation of Pakistan. Postal life insurance Universal Insurance Company Ltd. National Insurance Corporation 2:Private Owned Life Insurance Companies in Pakistan. Jubilee Life Insurance (JLIC) EFU Life Assurance Adam jee Life Insurance Company The Life Insurance Business in Pakistan was nationalized during March 1972. State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government
To provide more efficient service to policy holders. To maximize return to policy holders by economizing expenses and increasing yield on investment. To make life insurance a more effective means of mobilizing national savings
Annuities Conventional Life insurance (Home Business) Group Life Insurance Pension Services Universal Life Business (Home Business)
State Lifes Services:
1. For Corporate Customers
2. For individual Customers
1. For Corporate Customers
Fund Life Insurance Salary Saving Plan for the employees of any Government and non-Government Organization. 24 years experienced in both kind of selling and after sales services as helping in record keeping
2.For individual Customers
Loan against your life insurance policy New documentation of your lost policy Urgent processing of Maturity Claim of your Policy Helping in death claim processing Any amendment at any stage of your policy Helping to choose right "Life Insurance Product" for you and your family Selling the new policies as desire by you "The Oldest and the Best.
oEstablished by the British Raj in 1884, to assure the lives of postal mail runners, its services were gradually extended to other government employees as well. o Its benefits were not available to o General public until 1947.
Unbeatable presence in the rural areas due to extensive network of post offices An enormous advantage over its business rivals Offers a wide range of insurance policies At the lowest premium while ensuring highest bonus on their investment
To provide insurance cover. To run life insurance business on sound line. To more efficient service to the policy holders. To maximize the return to the policyholders by economizing on expenses.
To mobilize small savings and place the same at the disposal of Government. To use the policyholders' fund in the wider interest of the country. To care for its stake holders. To care for its employees. To uphold the rules.
Whole life policy Joint life endowment policy Education and marriage endowment assurance Accidental death and permanent disability benefit contract Annuity policies Endowment policy Anticipated endowment (three payment) plan Child protection policy Non medical policy Group insurance
Lowest premium rates All policies including paid up participate in profits Premium payable on monthly basis and only up to the month of claim Payment of premium in cash at any post office in Pakistan No maximum limit for ordinary policies
Loan on policies Highest rate of bonus Open to all Non-lapsing of policies of two years duration Liberal surrender value of PLI policies Payment guaranteed by Government of Pakistan UIC is a part of Bibjee Group of Companies. Established by the late Habibullah Khan Khattak. Company was incorporated in 1958 and has established its franchise in the general insurance market.
On premium portfolio basis 'Universal' is one of the Top Ten insurance companies of Pakistan. UIC remained in the Public Sector for fifty two (52) years. Providing a full range of non-life insurance products and services.
FUNCTIONS Universal life insurance combines permanent life protection with tax-advantaged investment opportunities. With a selection of product styles and optional coverage features (called riders), universal life is highly customizable to fit into your financial plan. Provide key person coverage for your business (business continuity)
Medical coverage. Evacuation/medical repatriation. Flight cancellation /delay. Replacement of travel document. Student Care Plan.
Motor Insurance Fire Insurance Miscellaneous Insurance
Private Car Comprehensive Insurance. Full Comprehensive cover Motorcycle Comprehensive Insurance. Motorcycle Third Party Insurance.
House holders Comprehensive Insurance (Individual & Corporate) Shop Owners Insurance Fire Consequential Loss Insurance
Burglary Insurance. Personal Accident Insurance Coverage. Travel Insurance.
Largest Insurance Company of Pakistan. Initially it was named as National Insurance Corporation formed in the year 1976. 100% owned by Government of Pakistan (GOP). Core aim is to provide highly differentiated & innovative set of services to our customers. National Insurance Company Limited was incorporated in Pakistan on 31st March 2000.
To provide insurance cover to the Government/Semi Government organizations To reduce outflow of foreign exchange To make prudent investments in public as well as private sector in order to obtain maximum returns
o The major function is to insure public properties o To advise the Government Departments protect their assets at minimum cost o To transfer surplus funds after meeting all management expenses, to the government exchequer
Fire and Property Damage Travel Insurance Fire Insurance Motor Workers Compensation Accident and Health Engineering / Miscellaneous
EFU Life is the largest private sector life insurance company in Pakistan. Established in 1992, EFU Life enjoys a market share of more than 50% of the private sector life premium income. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan. EFU is one of the few Pakistani organizations run totally by professional management and highly motivated field force. Policies accepted by all financial institutions in the country.
The most important aspect of operation to created a separate Risk Management Team who works closely with clients to identify various risk exposures and then provide specific insurance This helps in loss prevention and reducing the cost of premium. Help clients to major perils and calamities
To establish a professional culture in life insurance business. Strongest Financial base in the private sector. offering Best Value Products. Best performing investment funds. Caring Customer support services. Providing coverage to more than 1 million lives Security Plan To provide a replacement income for family on death. To ensure that early death does not damage future plans for your children in terms of their education, wedding etc Loan Protection Plan providing a capital sum on death and critical illness
Khushalli Plan EFU Life brings you Khushhali a flexible and high value savings and protection plan that provides the satisfaction of having an accumulated fund at disposal. Pension Plans The basic purpose of the Plan is to build up substantial capital to provide a pension. Executive Pension Plan benefits to help you tailor the plan to suit your particular needs Prosperity For Life Hedge against inflation through the Inflation Protection Benefit Cover yourself through whole-of-life insurance Marriage Plan The Plan provides high value savings, coupled with a guaranteed level of life assurance protection give flexibility with various options to customize the benefits according to needs.
oEstablished in 1953, NJI is one of the brightest and most reputable names in the insurance sector. oNJI has developed unique and innovative insurance solutions to meet the growing consumer financing trends of economy. oAs pioneers in Group Health Insurance, NJI continues to develop new, flexible and customized plans to suit the diverse need of Jubilees many blue chip Pakistani companies and multinational clients.
1. Individual Life Insurance Child Education Plans Child Marriage Plans Retirement Plans Wealth accumulation Plans Savings and Protection plans Rural Plans
2. Corporate Insurance Corporate Life Insurance Corporate Health Insurance Work site Insurance
o Adam jee Insurance Company Limited (AICL) was incorporated as a Public Limited Company on September 28, 1960 and is listed on all three stock exchange of Pakistan. o The Company is also registered with the Central Depository Company of Pakistan Limited (CDC) and is involved in the business of general insurance. o The head office is located in Karachi and it operates a network of branches all across Pakistan and two in UAE (Dubai & Abu Dhabi).
AICL meets customer needs by providing innovative solutions with their varied line of products. AICL dedicated employees are equipped with all the necessary skills that are needed to serve our valued customers. AICL continues to strengthen and expand its regional operation by tapping the potential available in the UAE market, with the consolidation of business in Dubai. AICL with Hollard Insurance based in South Africa launched Life assurance operations through a separate entity name, Adam jee Life Assurance Company Limited.
Fire and Property Marine, Aviation and Hull Motor Miscellaneous business Machinery Insurance Cargo Insurance Crop Insurance Livestock Insurance Travel Insurance Contractors all risk Insurance Electronic Equipment Insurance Engineering Insurance