Life is unpredictable, we must keep this fact in our minds at all times.
We often experience things that we did not think about, and most of the time, we struggle to cope up with these experiences because we did not plan on these matters and we are just clueless about them.
That’s a lot of stress right there!
To save yourself from mental and financial distress, we advise that you get financial security in the form of insurance.
This article will focus on all the important aspects of insurance. If you are someone who needs to know about insurance companies in Pakistan, this article is for you.
But, Why all the Hype about Insurance Companies?
The concept of insurance is getting popular day by day, especially in South Asia. In Pakistan, people are skeptical and in most cases, unaware of insurance. It is crucial to know inside out of insurance, especially in today’s fast-moving and unpredictable era.
Insurance is basically a method by which you transfer or mitigate your personal risk. When you get insurance, you are actually shifting the responsibility of your loss to the insurance companies (under certain terms and conditions).
The companies further mitigate the risk by spreading it over a number of people or firms. These people pay a premium (a set amount of money) that will be used to pay for your loss caused by different circumstances such as fire, accident, illness, or death.
Different insurance companies provide different kinds of insurance, depending upon your needs and preference. Major types of insurance include:
- Life Insurance.
- Property Insurance.
- Fire Insurance.
- Liability Insurance.
- Guarantee Insurance.
- Social Insurance.
But, Why should I get Insurance?
Let’s get this straight: Insurance provides security in the long run.
As I already mentioned, life is unpredictable. You never know when you will be needing financial aid. Instead of relying on relatives and loans, it is a good idea to get yourself insured.
Some of the major pros of insurance are:
- It gives you financial protection i.e. you do not have to rely on external sources for money.
- It will give you peace of mind and you will not have to worry about the forthcoming.
- It will allow you to mitigate risk.
In Pakistan, there are many insurance companies that are providing insurance on easy terms and conditions. Some of the major insurance companies are thoroughly discussed in this article.
So, let’s get started!
|1. Jubilee Life Insurance||Jubilee Life Insurance||+92-21-35205095
|2. EFU Life Insurance||EFU Life Insurance||+92-21-111-338-111|
|3. Adamjee Insurance Company||Adamjee Insurance Company||+92-42-35772960-79|
|4. Alfalah Insurance||Alfalah Insurance||+92-42-111-234-222|
|5. State Life Insurance Corporation of Pakistan||State Life Insurance Corporation of Pakistan||+92-21-99202800-9|
Jubilee Life Insurance associates its brand with the word “happiness” and that too, for all the right reasons. Jubilee Life Insurance is known among the masses because of their exceptional low premium health policies of insurance services and easy terms and conditions.
Jubilee offers the following insurance policies for its customers:
- Individual life insurance (helps you save money for your child’s needs including his/her education, medical care, and marriage).
- Bancassurance (a one-stop-shop for all your banking, insurance, and financial requirements).
- Micro-insurance (an insurance policy specially designed to cater to the needs of underprivileged people).
- Corporate insurance (an insurance policy specially designed for the corporate world)
- Online insurance
- Family Takaful (an insurance policy that is per the sharia laws).
Contact: +92-21-35205095, +92-21-32120201
Website: Jubilee Life Insurance
EFU Life Insurance started its operations in 1992 as the first private life insurance in Pakistan. EFU is known to have the largest financial base in the private sector with the highest-paid capital of around 1Billion. It is considered one of the best insurance companies in Pakistan.
EFU offers its customers a diversified portfolio with the best value products. The company also provides you with a mobile application, known as EFU Life PlanIT. You can easily track your records and information through this app. Also, EFU Life Insurance is the first life insurance company in Pakistan to be ISO certified.
Some of the major product offerings by EFU includes:
- 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.
The next insurance company on our list is Adamjee Insurance Company. AICL started its operations on 28th September 1960 and currently, it is considered to be the largest general insurance company in Pakistan.
AICL is an international name, having its presence in other regions such as the United Arab Emirates.
The company deals with the following classes of business:
- 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
All the insurance services offered by the company are IS0 9001 certified. Apart from this certification, the company has also received national and international recognition in the form of awards and certificates.
Website: Adamjee Insurance Company
One of the latest players in town is Alfalah Insurance Company which is a venture of Abu Dhabi Group. The company is operating in all the major cities of Pakistan including Islamabad, Karachi, and Lahore.
The company deals in many kinds of insurance policies including:
- Health Insurance
- Motor Insurance
- Property Insurance
- Marine Cargo Insurance
- Energy Insurance
- Engineering Insurance
- Miscellaneous Insurance
The Pakistan Credit Rating Agency (PACRA) recently upgraded the rating of the company, granting it the “AA” category. This category depicts a strong financial position and top-notch services. So, if you are looking for an insurance policy for yourself, Alfalah Insurance Company should be on your list.
Website: Alfalah Insurance
State Life Insurance Corporation of Pakistan is a government-owned body that is providing a variety of insurance policies to its clients. It is one of the most popular insurance companies in Pakistan. Also, State Life tops the list when it comes to the life insurance companies in Pakistan.
It not only offers individual policies but it also deals with group plans.
Some of the individual plans offered by the corporations are:
- Whole Life Assurance.
- Endowment Assurance.
- Shad Abad Assurance.
- Anticipated Endowment Assurance.
On the other hand, other categories of insurance include:
- Jeevan Sathi Assurance
- Child Protection Assurance
- Wealth Builder Plan
- Supplementary Covers
- Health Care Plans
Interestingly, the state bank website also provides you with a whole variety of calculators that you can use to calculate insurance. The calculators available on the website are:
- Whole Life Assurance
- Endowment Assurance
- Jeevan Sathi Assurance
So, these are some of the best insurance companies in Pakistan. Go through their details and choose the one that suits your needs the most. Also, let us know why you think insurance is important for us. We would love to hear from you. Get to know home loan in Pakistan
None of the information published in this article should be construed as investment advice. We strongly advise our readers to always do their due diligence before investing in any project. It is the reader’s responsibility to know the laws regarding investments in their region.
Besides these companies, Govt of Pakistan also has launched Sehat card in Sehat Sahulat Program in Punjab, KPK and Federal territories. It will provide about 1000000 Rs. annual health insurance to every family of Pakistan.
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