Insurance Companies in Pakistan (Government and private)

Presented By

1. Sadia Zia (34)2. Fatima Mazhar (11)3. Sonia G.M (41)4. Amina Riaz (01)5. Rahat Irfan (32)6. Khadija Safdar (20)

8th Semester

Department:

BBA (Hon’s)

TopicInsurance Companies

In Pakistan

A company that offers insurance policies to the public, either by selling directly to an individual or through another source such as an employee’s 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 company

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 insuranceGeneral insuranceHealth insurance

Insurance in Pakistan

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.

Insurance in Pakistan

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

Insurance Companies In Pakistan

1: Government Owned Life Insurance Companies in Pakistan

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

State life Insurance Corporation Of Pakistan

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

AnnuitiesConventional Life insurance (Home Business)Group Life InsurancePension ServicesUniversal Life Business (Home Business)

State Life’s Services:

1. For Corporate Customers

2. For individual Customers

1.For Corporate Customers

Fund Life InsuranceSalary 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 too General public until 1947.

Postal life Insurance

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

Postal life Insurance

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

Products and Services

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

Special Features

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

Special Features

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.

Universal Insurance Company

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.

Universal Insurance Company

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.

Package Plans

Motor Insurance

Fire Insurance

Miscellaneous Insurance

Private Car Comprehensive Insurance.

Full Comprehensive cover Motorcycle

Comprehensive Insurance.

Motorcycle Third Party Insurance.

Motor Insurance

House holder’s Comprehensive Insurance

(Individual & Corporate)

Shop Owner’s Insurance

Fire Consequential Loss Insurance

Fire Insurance

Burglary Insurance.

Personal Accident Insurance Coverage.

Travel Insurance.

Miscellaneous Insurance

National Insurance Company Limited

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.

Introduction Of NICL

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

Major Objectives

o The major function is to insure public propertieso To advise the Government Departments protect

their assets at minimum costo To transfer surplus funds after meeting all

management expenses, to the government exchequerFu

nctio

ns

Fire and Property Damage Travel Insurance Fire Insurance Motor Workers’ Compensation Accident and Health Engineering / Miscellaneous

And

2.Private Owned Life Insurance Companies in Pakistan

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.

EFU (The Eastern Federal Union Insurance Company Limited

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

FUNCTIONS

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

Products and Services

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

Products and Services

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.

Products and Services

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.

Jubilees life insurance

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

And

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).

Adam jee Life Insurance Company Limited

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.

Creating a Dynamic Business Environment

And 

Fire and Property Marine, Aviation and Hull Motor Miscellaneous business Machinery Insurance Cargo Insurance Crop Insurance Livestock Insurance Travel Insurance Contractor’s all risk Insurance Electronic Equipment Insurance Engineering Insurance

Thank You !