EFU Life, the leading private life insurance provider in Pakistan, operates under the umbrella of EFU Group which also has EFU General, the largest general insurance company & EFU-Allianz Health, the only specialised health insurance Company in Pakistan. Together the three companies form the largest insurance group of Pakistan having a history of over 80 years of caring & sharing. The EFU Group provides insurance coverage for all aspects of one's life, general and health insurance.
EFU Life's philosophy is pivotal to how we operate and sets us apart from the life insurance industry. We believe that the organisation should not only operate with the aim for profit but it should also play its part in serving the community. This philosophy is translated down through our comprehensive product range, and its focus on continuous improvements of service quality.
EFU Life has been a pioneer in introducing many unique concepts in the life insurance industry of Pakistan. The Concept of unit linking was introduced in 1994 by EFU Life and today the individual life business is predominantly unit linked. We also have term assurance plans, critical illness products, marriage plan, Nisa (Female) savings plan, education & pension planning solutions as well as Islamic investment & protection products in our list of options. Besides individual plan offerings, EFU Life also markets yearly renewable term assurance plans for Group Life Insurance.
The Company has a growing branch network of more than 150 branches across Pakistan. For Bancassurance, the Company has a relationship with 15 major banks and offers simple to sophisticated life insurance products. For Group Benefits, EFU Life has a marketing team which focuses on providing life insurance coverage to corporate entities and bank clients.
Early this year, EFU Life became the first company to receive the license from Securities & Exchange Commission of Pakistan to commence business as a Window Takaful Operator. By virtue of this license, the company launched its Window Takaful Operations under the brand name 'Hemayah' which offers a complete range of Shariah compliant Family Takaful solutions for both individuals and corporates. The individual family takaful products are catered to the needs of savings, child financial planning, retirement, investment and saving for Hajj and Umrah and pure Takaful coverage. For Corporates, Takaful solutions are being offered under the Group Takaful cover.
MD & CEO - Mr Taher G Sachak's view on future outlook of the Life Insurance Industry on the 3rd Insurance Day
Life insurance is an essential safety net. Generally, people view it very narrowly and only associate it with death. However, Life insurance goes beyond just providing the death benefit. It is a complete financial planning solution, providing a systematic way of saving for your child's education and marriage, or your own retirement. EFU Life has a wide array of products catering to various needs that make it easier to achieve the desired milestones in life.
Life insurance plans serve as a crucial component of the financial system. Life Insurance provides the facility of financial intermediation in generating long term financial savings. The role of life insurance as a financial intermediary is particularly important in countries like Pakistan which does not have the safety net provided by governments in more developed countries.
The insurance industry in Pakistan is relatively small compared to its peers in the region. Its penetration is measured by the premium as a percentage of GDP, which in Pakistan is only 0.5% paling in comparison to India which stands at 3.1%.
However, it is important to highlight that Life Insurance is an industry which has a high growth potential. In the recent years, the sector has witnessed double digit growth. The primary source of this growth is the increased penetration of distribution channels, and the investment by companies to explore alternative channels. The growth momentum is expected to continue in the near future. With SECP issuing Takaful licenses, more conventional companies will be following EFU Life by launching their Window Takaful Operations. As conventional insurers are entering this market, it is expected that the share of Takaful in the overall insurance sector will increase many folds.
I would take this opportunity to congratulate Insurance Association of Pakistan (IAP) on celebrating the third Insurance Day in Pakistan. Through these initiatives, we unite as an industry to support the cause of creating awareness among the masses. Here's to celebrating the best value for a prosperous tomorrow!
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