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How many types of insurance in Pakistan

How many types of insurance in Pakistan

How many types of insurance in Pakistan list are here. You can find everything you need to know about Pakistani insurance companies in this article.

How many types of insurance in Pakistan

The unpredictable nature of life must be kept in mind at all times.

Most of the time, we struggle to cope with things that we hadn’t planned for, and we are just clueless about them because we hadn’t planned for these experiences.

That’s quite a bit of stress!

Our recommendation is to get insurance to protect yourself from financial and mental distress.

How many types of insurance in Pakistan

What’s the big deal about insurance companies?

In South Asia, the concept of insurance is becoming increasingly popular. Most Pakistanis are unaware of insurance and skeptical of it. In today’s fast-moving and unpredictable world, it is essential to know inside out about insurance.

Insurance basically transfers or mitigates your personal risks. Under certain conditions, when you buy insurance, you are transferring your responsibility for loss to the insurance companies.

By spreading the risk over many people or firms, the companies further mitigate risks. Premiums (a set amount of money) are paid by these people to cover losses caused by fire, accident, illness, or even death.

You can choose from a variety of insurance policies depending on your needs and preferences. Insurance includes the following types:

  •    Life Insurance.
  •     Property Insurance.
  •     Fire Insurance.
  •     Liability Insurance.
  •     Guarantee Insurance.
  •     Social Insurance.

The long-term benefit of insurance is security.

The unpredictable nature of life has already been mentioned. Whenever you need financial assistance, you never know when you will need it. You should get yourself insured rather than relying on relatives or loans.

Some of the major pros of insurance are:

  •   By using it, you are protected from external sources of money, i.e., you are not dependent on them.
  •     You will be at peace and won’t have to worry about the future.
  •     Risk can be mitigated by using it.

There are a number of insurance companies in Pakistan that offer insurance on easy terms and conditions. This article discusses several major insurance companies.

1- Jubilee Life Insurance

Jubilee Life Insurance is associated with the word “happiness” for all the right reasons. Due to the exceptional low premiums and easy terms and conditions of Jubilee Life Insurance, they are known among the masses.

Customers of Jubilee can choose from the following insurance policies:

  •  You can save money for educational, medical, and marriage expenses for your child by purchasing individual life insurance.
  •     All your financial, insurance, and banking needs can be met through Bancassurance.
  •     Insurance policies tailored to the needs of the underprivileged (micro-insurance).
  •     Corporate insurance (insurance policies designed specifically for corporations)

Website: Jubilee Life Insurance

2- EFU Life Insurance

In 1992, EFU Life Insurance became Pakistan’s first private life insurance company. With a paid capital of nearly $1 billion, EFU has the largest financial base in the private sector. The company is regarded as one of the best in Pakistan.

The EFU portfolio offers the best value products for its customers. With the company’s EFU Life PlanIT mobile app, you can easily track your records and information. It is also the first life insurance company in Pakistan that is ISO-certified.

The following are some of the major products offered by EFU:

  •     Unit-linked products
  •     Critical Illness Products
  •     Education Planning Product
  •     Inflation Protection Benefit
  •     Pension Plans

Website:  EFU Life Insurance

Get to know about insurance companies in Pakistan.

3- Adamjee Insurance Company

We will now move on to Adamjee Insurance Company. Pakistan’s largest general insurer, AICL, was established on 28th September 1960.

Besides the United Arab Emirates, AICL has a presence in other regions.

Adamjee Insurance Company

In addition to the following classes of business, the company also handles:

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

The company offers IS0 9001-certified insurance services. Additionally, the company has received awards and certificates from both national and international organizations.

Website: Adamjee Insurance Company

4- Alfalah Insurance Company

A venture of the Abu Dhabi Group, Alfalah Insurance Company is the new kid on the block. Islamabad, Karachi, and Lahore are all major cities with operations.

Company policies include:

  •     Health Insurance
  •     Motor Insurance
  •     Property Insurance
  •     Marine Cargo Insurance
  •     Energy Insurance
  •     Engineering Insurance
  •     Miscellaneous Insurance

Pakistan Credit Rating Agency (PACRA) recently upgraded its rating of the company to “AA”. Those in this category display strong financial standing and provide top-notch service. The Alfalah Insurance Company is a good choice if you’re looking for a personal insurance policy.

Website:  Alfalah Insurance

5- State Life Insurance Corporation of Pakistan

Its clients can choose from a variety of insurance policies provided by the State Life Insurance Corporation of Pakistan.

Pakistan’s biggest insurance company. Pakistan’s largest life insurance company, State Life, also ranks at the top.

In addition to individual policies, it also offers group plans.

Corporations offer individual plans such as:

  •     Whole Life Assurance.
  •     Endowment Assurance.
  •     Shad Abad Assurance.
  •     Anticipated Endowment Assurance.

Other types of insurance include:

  •     Jeevan Sathi Assurance
  •     Child Protection Assurance
  •     Wealth Builder Plan
  •     Supplementary Covers
  •     Health Care Plans

It is also interesting to note that the state bank website offers a variety of calculators that can be used to calculate insurance. You can use the following calculators on the website:

  •     Whole Life Assurance
  •     Endowment Assurance
  •     Jeevan Sathi Assurance
How many types of insurance in Pakistan
How many types of insurance in Pakistan

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