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ISLAMABAD:
The Securities and Change Fee of Pakistan (SECP) has granted a licence to M/s Punjab Life Insurance coverage Firm Restricted (PLIC), marking the institution of Pakistan’s first provincial government-owned life insurance coverage firm.
In keeping with a press release issued by the SECP on Thursday, the Punjab authorities, by way of the corporate, intends to handle its social medical health insurance programmes and work in the direction of Insured-Pakistan, notably the Insured Punjab goal, to extend insurance coverage penetration within the nation. The corporate will present monetary safety and financial savings options to underserved segments, together with the salaried class, small enterprise house owners, farmers and every day wage staff, with a deal with increasing protection to low-income and susceptible teams by way of sustainable insurance coverage merchandise.
PLIC additionally plans to develop pension-related options and annuity merchandise over time, whereas introducing digital insurance coverage merchandise and dealing with public sector establishments in Punjab to enhance outreach and repair supply. The SECP stated the corporate will function below its regulatory framework, making certain compliance with monetary soundness, company governance and policyholder safety necessities.
With this addition, the full variety of life insurers in Pakistan has elevated to 13, reflecting progress within the sector and supporting growth of long-term, protection-oriented insurance coverage merchandise throughout the nation.
