A Fundamental Guide to Life Insurance in Pakistan

Life Insurance Companies in Pakistan
Life Insurance Companies in Pakistan

Insurance has become a necessity nowadays. The world is a place of unwanted happenings and problematic situation. You will have to face a different situation at every step of your life. Best is to prepare yourself for everything, and Life Insurance is one of the options. There are numerous Life Insurance Companies in Pakistan that can offer you the plan of your choice. You only have to understand your needs and buy the plan according to that. In life insurance, it is necessary to keep every single need and requirement in mind. Life Insurance is all about protecting yourself and your family from severe conditions. Do you want to make your family suffer in your absence?

No, no one wants that. Best is to buy the plan to keep everything in a safe circle. The insurance is an agreement between you and your insurer. According to this agreement, your insurer will provide financial help in case of any emergency. You only have to pay a decided premium amount. They can easily buy your Life Insurance plan by consulting the aggregators or companies. You can check their webpages. The plus point of using the aggregators for buying an insurance plan is a comparison facility. Aggregators provide you with the compare and buy the facility. You can get quotes from numerous best life insurance companies in Pakistan and choose the one for you. This article is a guide to some fundamental points about Life Insurance in Pakistan.

Life Insurance & its Types:

Life Insurance is the plan in which the policyholders pay a premium in return of which his family gets a lump sum amount in case of death. This is the basic definition, but its more than that. Many different aspects can provide you with benefit in a Life insurance policy. It all depends upon the type of life insurance that you buy. There are three basic types of Life Insurance plan, including whole life, term life, and annuity. Along with these three, some other benefits and features are depending upon the company you choose. You can also use the customization facility that only the best life insurance companies in Pakistan offer. You can add riders and waivers according to your needs.

Type of Life Insurance Plan:

The detail about the three basic types of life insurance plan is as follow.

  • Whole Life Insurance: It is the type of plan that is signed for the whole time. It is a long term plan and does not require any renewal. The amount of insurance is payable after the death of the insurance holder.
  • Term Life Insurance: it is a plan that is valid for a certain period. The periods are of 10, 20, 30, 40 years, and more. It depends upon the type of policy you choose. Term life insurance is the best way of saving money. It is the plan that also offers multiple other features for use. Most of the people like to buy a term insurance plan. You have you renew this plan after the expiry date.
  • Annuity: In this time of Life Insurance plan, the decided amount is paid in instalments. Normally these instalments are paid monthly.
Life Insurance Companies in Pakistan
Life Insurance Companies in Pakistan

These are some of the basic plans that are available in Pakistan.

Life Insurance policy provides in Life benefits also, with plans like a Retirement plan, Marriage plan, Children education plan, Endowment plan, and more. All these plans provide benefits including, Death benefit, Premium Payment, Cash value, and more. All the details of the different types of plans depend upon the company you choose. Every company have something different to offer. All the plans have unique features. The important point to keep in mind is that you must know your need. You have to be clear about the purpose and plan you want. You can add the riders to make plan perfect. Buying a life insurance plan is a wise step. It will help in keeping everything safe.

Choose the best Life Insurance company to get the best results.  We all know that people need support in situations of emotional and financial trauma. Insurance can help you and become your support. It can provide you with peace of mind. It will help you in understanding the fact that in harsh situations, you have a backup. This is a wise step to take. The point to keep in mind that Islamic Life Insurance Companies in Pakistan are also available. You can buy your plan according to the shariah board and rules. This is also what we call Takaful Insurance. You will find every facility just the problem is lack of knowledge and guidance. There was a time when buying an insurance plan was not easy, but now it is a necessity.

Top 10 Life Insurance Companies in Pakistan:

Many different companies can offer you with the best life insurance plans, but the top 10 companies in Pakistan 2021 are as follow.

  1. Jubilee Insurance
  2. Adamjee Insurance
  3. TPL Direct Insurance
  4. EFU Insurance
  5. IGI Insurance
  6. United Insurance Company
  7. State Life Insurance Corporation Pakistan
  8. Alfalah Insurance Company
  9. Askari Insurance
  10. SPI Insurance


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