list of life insurance companies in Pakistan

Financial risk protection is the most economical way of handling certain risks, for instance, a homeowner’s insurance covers damage to a house from fire, theft, etc. On the other hand, in case of property is stolen, insurance companies arrange compensation to the victim for damage. (Arif&Showket 2013). Besides the need for adequate insurance, some other practices to avoid losses are generally: Improve the security of a property. Identify a policy provider and contact them for necessary.

Life insurance companies can be found in almost every country. They provide insurance for people who are all in need of it. They provide different types of insurance such as health, accident, and individual policies. Life insurance companies in Pakistan are widely available Pakistan. The kinds of life insurance companies offered can vary from a full-fledged insurance company to an agency. However, most of them offer a variety of policies.

Life insurance is a broad term to cover a wide range of life insurance types that are offered for specific individuals or groups of people in Pakistan. Life insurance differs from other kinds of insurance in many ways such as in concept, structure, coverage, and most importantly, the cost that is paid upon death of the insured person. It is important to note that life insurance is an important part of any family’s financial security since it provides protection for family members should the person involved in the life insurance policy fall into ill health or accident.

It is observed that during 2014, total premium written by 51 conventional and Takaful insurance firms are about 184 billion. In which just 7 life insurance companies contribute 122 billion out of 48 insurance companies (Insurance yearbook 2014-15).

Pakistan insurance industry’s penetration was only 10% in FY 2007 compared with Sri Lanka’s 38%, Bangladesh’s 42%, and India’s 45%, With the passage of time, the insurance penetration has increased. Pakistan insurance penetration is at a good level compared to the regional neighbors of Pakistan. Pakistan insurance penetration has increased by about 35% from 2007 to 2016 and has further increased to 13.6% as of June 2018.

list of life insurance companies in Pakistan

Get detailed information about Life insurance companies in Pakistan, including financial statements, sales and marketing contacts, top competitors, and formulaic insights. We seek information from reliable sources of life insurance companies in Pakistan’s business to help them understand the performance, growth potential, and competitive pressures of the company.

The harsh statement about life is that there’s no guaranteed instance that it will run smoothly. Rather, it’s utterly unpredictable. Sometimes, we become clueless regarding the mental and financial crises that have been imposed by the tragedy of life. Only insurance policies can save individuals from financial stress and overcome disappointment.

In Pakistan, there are top-notch life insurance companies that are there to minimize personal risk. Once you sign the insurance bond, you actually pass over the responsibility and liability to the insurance company. However, people are still skeptical and unaware of life insurance and overall insurance policies.

But, the awareness levels are increasing gradually. People are learning to cope up with life insurance terms and conditions. You need to pay the premium on time. And, those insurance policies will cover you with promised benefits. In case you’re looking for the best life insurance companies in Pakistan, then here’s what you need to follow:

1.Jubilee Life Insurance

Life Insurance policies might remind you of the complications of conditions. However, Jubilee Life Insurance makes an opposite step from complexity when you are considering purchasing one. The life insurance company highlights the word ‘happiness’ with simple terms and conditions. 

In addition, the life insurance company offers the following benefits:

  • Individual life insurance: This particular life insurance will cover your child’s future. Whether it’s educational requirements, medical expenses, or marriage, Individual life insurance guarantees you complete peace of mind.
  • Family Takaful: This insurance policy is inspired by Islamic Sharia law.
  • Bancassurance: Apart from providing life insurance only, Jubilee Life Insurance showcases all-in-one insurance for customers. Known as Bancassurance, it is designed to fit your financial, banking, and other insurance requirements.
  • Corporate Insurance: In case you’re a corporate individual, then this insurance is for you.
  • Micro Insurance: Jubilee Life Insurance has got underprivileged people covered under this insurance policy.
  • Finally, online insurance is for quick action towards life insurance requirements.

2. Adamjee Insurance Company

We have got another pioneer name on the insurance company list in Pakistan. Adamjee Insurance Company is known for providing beneficial insurance policies. Established in 1960, the insurance company has won the trust of countless customers. Besides having a branch in Pakistan, Adamjee Insurance Company has opened yet another branch in the United Arab Emirates. 

Here, we have summarised most of its insurance products, such as:

  • Life insurance
  • Health insurance
  • Marine insurance
  • Travel insurance
  • Financial lines insurance
  • Agriculture insurance
  • Personal accident insurance
  • Motor insurance
  • Liability lines insurance
  • Fire and property insurance
  • Engineering insurance
  • Miscellaneous

Therefore, Adamjee Insurance Company is a premium choice for you if you are looking for diverse insurance options. Additionally, the terms and conditions of the life insurance from Adamjee Insurance Company Ltd. are quite flexible.

3.EFU Life Insurance

If you consider the private option for life insurance, then EFU Life Insurance is the one that you can trust blindly. EFU Life Insurance was founded in 1992. This was the first private insurance company in Pakistan. Currently, the company is known for acquiring the highest-paid capital in the private insurance sector. And, the amount of possession of EFU Life Insurance is almost 1 Billion.

Apart from the achievements mentioned earlier, EFU Life Insurance is the first ISO-certified insurance provider in Pakistan. The terms and conditions of the life insurance policies from EFU Life Insurance are reasonable enough. 

On the other hand, you can easily access your insurance details with the EFU Life Insurance application. Use the EFU Life PlanIT application and get rid of visiting the insurance office again and again.

Other on-demand products of EFU Life Insurance are:

  • Critical illness products
  • Pension plans
  • Education planning products
  • Inflation protection support
  • Unit-linked products

4.IGI General Insurance

This insurance company’s headquarters resides in Karachi in Pakistan. Recently, the insurance company is serving 9 different cities of Pakistan. Derived from the Packages Group, this particular life insurance company has been awarded several times for delivering trustworthy services for twenty years.

However, the insurance company is admired for offering incredible life insurance policies. Besides providing impeccable life insurance policies, IGI General showcases the following insurance projects, such as:

  • Home insurance
  • Fire insurance
  • Marine insurance
  • Auto insurance
  • Travel insurance
  • Health insurance
  • Miscellaneous

5.State Life Insurance Corporation

If you prefer the public sector in the life insurance category, then you can have a look at State Life Insurance Corporation. The government of Pakistan owns a private insurance company. And, it is one of the top insurance bodies when you check reliability and dependency upon life insurance terms.

Indeed, you can avail yourself of flawless and less complicated life insurance policies, from the State Life Insurance Corporation of Pakistan. In addition, you can sign up for group plans, as well as individual ones from a specific insurance company. Moreover, other insurance plans from State Life Insurance Corporation of Pakistan are:

  • Endowment Assurance
  • Shad Abad Assurance
  • Whole Life Assurance
  • Anticipated Endowment Assurance
  • Child Protection Assurance
  • Health Care Plans
  • Jeevan Sathi Assurance
  • Health Care Plus
  • Furthermore, Supplementary Covers

On the other hand, you can use the insurance calculator from the website to keep track of the following insurance plans:

  • Jeevan Sathi Assurance
  • Endowment Assurance
  • Whole Life Assurance

6.Salaam Takaful Limited

We have listed another award-winning insurance company in Pakistan. Salaam Takaful Limited is an ISO-certified company offering competent life insurance policies. It is the largest dedicated Takaful operator in the country. Be it general life insurance or medical malpractice instances, Salaam Takaful Limited is an ultimate choice.

In addition to this, Sallam Takaful Limited comes with different products under diverse categories. For example, under financial products, Salaam Takaful Limited has these:

  • Sallam Motor Takaful
  • Home Takaful
  • Travel Takaful
  • Livestock Takaful
  • Personal Accident Takaful

Moreover, they have categorized the following services as Corporate financial aspects:

  • Fire Takaful
  • Marine Takaful
  • Group Health Takaful
  • Engineering Takaful
  • Miscellaneous

7.Alfalah Insurance Company

Well, we notice a new entry in the privileged insurance company list and that is Alfalah Insurance Company. Alfalah Insurance Company is derived from the Abu Dhabi Group. Currently, the insurance company is operating in all the major cities in Pakistan, such as Islamabad, Lahore, Karachi. 

On the other hand, the insurance company has received an AA rating from the Pakistan Credit Rating Agency. The company has secured a powerful financial position. If you are looking for dedicated life insurance or similar insurance products, then you should have a look at the following services pursued by Alfalah Insurance Company:

  • Life insurance
  • Motor insurance
  • Marine cargo insurance
  • Energy insurance
  • Property insurance
  • Engineering insurance
  • Miscellaneous

Hence, don’t forget to compare different life insurance policies before purchasing from Alfalah Insurance Company and get the best one.

Reasons behind Purchasing Life Insurance

To be specific, life insurance is destined to be serving you for the long term. We all are out of clue when we would run out of financial support, especially at the point of time when we require it the most. So, to protect the future and overall the family from financial burdens, life insurance is impeccable. 

With a practical life insurance plan, you can be ready to face any kind of monetary hassles. Moreover, you can rest assured that your family doesn’t have to go through severe financial risks. So, choose a suitable life insurance plan from one of these life insurance vendors to keep complications away.

 


Frequently Asked Questions ( FRQs)

 

Can a life insurance policy be sold?

It is not possible to file a complaint against your life insurance policy. However, a policy is available by assigning or mortgaging the policy, provided that the policy is effective for a short period of time.

What happens when a policy is lost?

If your insurance policy has lost, a duplicate policy should be issued to the policyholder. the insurance company issues it after fulfilling some formal commitments and a small fee.

How does life insurance work in Pakistan?

In life insurance, the policyholder is provided with both survival and death benefits. … In contrast, health insurance premiums are paid in one installment for the entire term. In life insurance, on the maturity of the policy of the insured or insured, a certain amount is paid to the nominee on the death of the patient.

How many types of insurance are there in Pakistan?

In Pakistan, insurance is regulated under the Insurance Ordinance, 2000. Over the past few years, it has evolved into a growing and rapidly growing market, generally divided into three parts: life insurance, general insurance, and health insurance.

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