To save yourself from financial distress, we advise that you simply get financial security within the type of insurance. Best Insurance Companies In Pakistan. This article will specialize in all the important aspects of insurance.
But, Why all the Hype about Insurance Companies In Pakistan?
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 understand them inside out of insurance, especially in today’s fast-moving and unpredictable era.
Insurance is essentially a way by which you transfer or mitigate your personal risk. When you get insurance, you’re actually shifting the responsibility of your loss to the insurance companies, under certain terms and conditions.
The companies further mitigate the danger by spreading it over sort of individuals or firms. These people pay a premium, a set amount of money which will be wont to buy your loss caused by different circumstances like fire, accident, illness, or death.
Different insurance companies provide different types 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
Why should I get Insurance?
Let’s get this straight: Insurance provides security at the top of the day. As already mentioned, life is unpredictable. You never know once you’re getting to be needing aid. Instead of counting on relatives and loans, It’s an honest idea to urge yourself insured.
Some of the major pros of insurance are:
It gives you financial protection Specifically, you do not need to believe external sources for money. It will provide you with peace of mind and you will not get to worry about the forthcoming.
In Pakistan, there are many insurance companies that are providing insurance on easy terms and conditions. Some of the main insurance companies are thoroughly discussed in this article. So, let’s get started.
Best Insurance Companies In Pakistan
- Jubilee Life Insurance Jubilee Life Insurance
- EFU Life Insurance EFU Life Insurance
- Adamjee Insurance Company Adamjee Insurance Company
- Alfalah Insurance Alfalah Insurance
- State life assurance Corporation of Pakistan State life assurance Corporation of Pakistan.
1- Jubilee Life Insurance:
It’s a brand with the word “happiness” which too, for all the right reasons. Jubilee life assurance is understood among the masses due to its exceptional services and straightforward terms and conditions.
Jubilee offers subsequent insurance policies for its customers:
Individual life assurance (helps you economize for your child’s needs including his/her education, medical aid, and marriage). Bancassurance (a one-stop-shop for all of your banking, insurance, and financial requirements). Micro-insurance (a policy specially designed to cater to the requirements of underprivileged people).
Corporate insurance (a policy specially designed for the company world) Online insurance Family Takaful a policy that’s per the sharia laws.
2- EFU Life Insurance:
EFU life assurance Started its operations in 1992 because of the first private life assurance in Pakistan. EFU is understood to possess the most important financial base within the private sector with the highest-paid capital of around 1Billion. It is considered one of the simplest insurance companies in Pakistan.
EFU offers its customers a diversified portfolio with the simplest value products. The company also provides you with a mobile application, referred to as the EFU Life Plan.
You can easily track your records and knowledge through this app. Also, EFU life insurance is that the primary life insurance company in Pakistan to be ISO certified.
Some of the main product offerings by EFU includes:
- Unit-linked products
- Critical Illness Products
- Education Planning Product
- Inflation Protection Benefit
- Pension Plans
Get to know about insurance companies in Pakistan:
3- Adamjee Insurance Company:
Adamjee insurance company. The next insurance company on our list is the AICL started its operations on 28th September 1960 and currently, it’s considered to be the foremost important general insurance company in Pakistan. AICL may be a world name, having its presence in other regions just like the United Arab Emirates.
The company deals with the subsequent 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 corporate are IS0 9001 certified. Apart from this certification, The company has also received national and international recognition within the type of awards and certificates.
4- Alfalah Insurance Company:
One of the most recent players in town is Alfalah insurance company which can be a venture of Abu Dhabi Group. The company is working altogether in the main cities of Pakistan including Islamabad, Karachi, and Lahore.
The company deals in many sorts 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 robust financial position and top-notch services. So, if you’re trying to seek out a policy for yourself, Alfalah’s insurance company should get on your list.
5-State Life Insurance Corporation:
State life insurance Corporation of Pakistan could also be a government-owned body that’s providing a selection of insurance policies to its clients. It is one of the foremost popular insurance companies in Pakistan. Also, State Life tops the list when it involves 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 Insurance companies in Pakistan
- 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