If your queries are insurance companies in Pakistan, top insurance companies in Pakistan, life insurance companies in Pakistan, Here is complete detail about insurance companies in Pakistan.
Life is unpredictable, and we must always keep this fact in mind.
We often experience things we never thought we would, and most of the time we have a hard time dealing with those experiences because we didn’t plan for those things.
This can be quite stressful.
To save yourself from emotional and financial hardship, we recommend that you have financial protection in the form of insurance.
In this article, we will focus on all the important aspects of insurance. If you are someone who needs to know about insurance companies in Pakistan, then this article is for you.
But why all the hype about insurance companies?
The concept of insurance is becoming more and more popular, especially in South Asia. In Pakistan, people are skeptical and mostly don’t know what insurance is. Especially in today’s fast-paced and unpredictable world, it is very important to be knowledgeable about insurance.
Insurance is essentially a way to transfer or reduce a person’s risk. By purchasing an insurance policy, you transfer the responsibility for your damages (under certain conditions) to the insurance company.
The insurance company further reduces the risk by spreading the risk among several people or companies. These individuals pay a premium (a certain amount) that is used to cover their losses caused by various circumstances such as fire, accident, illness, or death.
Different insurance companies offer different types of insurance depending on your needs and preferences. The main types of insurance are
- Life insurance
- Non-life insurance.
- Fire insurance.
- Liability insurance.
- Guarantee insurance.
- Social security.
But why should I buy insurance?
Simply put, insurance gives you long-term security.
As we’ve said before, life is unpredictable. You never know when you’ll need financial help. Instead of relying on relatives or loans, it’s a good idea to insure yourself.
Some of the key benefits of insurance include
- It provides you with financial protection, meaning you don’t have to rely on outside sources of money.
- It gives you peace of mind and you don’t have to worry about the future.
- You can reduce the risk.
In Pakistan, there are many insurance companies that offer insurance at affordable rates. In this article, some of the leading insurance companies are introduced in detail.
So, let’s get started! Know about top 5 insurance companies in Pakistan
1. Jubilee Life
Jubilee Life Insurance’s brand evokes the word “happiness,” and for all the right reasons. Jubilee Life Insurance is known to many for its excellent service and simple policy terms.
Jubilee Life offers a range of insurance products, including.
- Individual Life Insurance (to save money for your children’s education, medical care, marriage, etc.).
- Bancassurance (a one-stop-shop for all your banking, insurance, and financial needs).
- Microinsurance (insurance specifically designed to meet the needs of disadvantaged people).
- Business insurance (insurance specifically for businesses).
- Online insurance
- Takaful Family
2. EFU Life Insurance
EFU Life Insurance started operations in 1992 as the first private life insurance company in Pakistan and is known to have the largest financial base in the private sector with a maximum capitalization of around 1 billion. It is considered one of the best insurance companies in Pakistan.
EFU offers its customers a diversified portfolio and the highest quality products. It also offers a mobile application called EFU Life PlanIT. With this app, you can easily keep track of your records and information. EFU Life Insurance is also the first life insurance company in Pakistan to receive ISO certification.
Some of the major products offered by EFU are
- Unit-linked products
- Critical illness products
- Education planning products
- Inflation protection benefit
- Pension plans
3. Adamjee Insurance Company Limited
The next insurance company we would like to introduce to you is Adamjee Insurance Company. AICL started its operations on September 28, 1960, and today it is considered the largest non-life insurance company in Pakistan.
AICL also has a presence in other parts of the world, such as the United Arab Emirates, and has an international profile.
The company operates in the following business segments
- Engineering insurance
- Fire and general insurance
- Health insurance
- Marine insurance
- Motor insurance
- Travel insurance
- Agricultural insurance
- Miscellaneous insurance
- Financial instruments business
- Liability insurance
- Personal accident insurance
All insurance services offered by the company are certified according to IS0 9001. In addition to this certification, the company has also received national and international recognition in the form of awards and certificates.
4. Alfalah Insurance Company
Alfalah Insurance Company is an Abu Dhabi Group company and one of the most famous in recent times. The company operates in the major cities of Pakistan such as Islamabad, Karachi, and Lahore.
The company deals with various types of insurance policies including.
- Health insurance
- Automobile insurance
- Property insurance
- Marine cargo insurance
- Energy insurance
- Technical insurance
- Other Insurance
We are pleased to inform you that Pakistan Credit Rating Agency (PACRA) has recently upgraded us to “AA” status. This category signifies a strong financial position and top-notch services. So if you are looking for insurance for yourself, you should put Alfalah Insurance Company on your list.
5. Pakistan State Life Insurance Corporation
Pakistan State Life Insurance Corporation is a government organization that offers a wide range of insurance policies to its customers. It is one of the most popular insurance companies in Pakistan. When it comes to life insurance in Pakistan, State Life tops the list.
It offers not only individual insurance policies but also group insurance policies.
The company offers the following individual plans, among others.
- Whole life insurance.
- Endowment insurance.
- Shadabad Assurance.
- Endowment Insurance.
On the other hand, there are the following other types of insurance
- Jeevan Sathi Insurance
- Child Protection Insurance
- Prosperity scheme
- Supplementary coverage
- Health program
Interestingly, the State Bank website also has a number of calculators that you can use to calculate your insurance. The calculators available on the website are
- Whole life insurance
- Whole Life Insurance
- Jeevan Saty Assurance