LAHORE – Securities and Exchange Commission of Pakistan (SECP) granted license to Punjab Life Insurance Company, establishing the Punjab government’s first-ever provincial life insurance firm.
The company’s business plan has already been submitted to apex regulatory body, paving the way for a revolutionary approach to insurance in the province.
SECP said Punjab Insurance Company will focus on providing insurance coverage to low-income individuals, including farmers, laborers, and small business owners, ensuring that financial protection reaches those who need it most. The company will also manage Punjab’s Social Health Insurance program, further strengthening the province’s healthcare safety net.
The company will introduce a subsidized insurance premium scheme for low-income residents and launch easy digital insurance products to simplify enrollment and coverage. Additionally, pension and annuity products will be introduced in Punjab, opening new avenues for long-term financial security.
With this move, the total number of life insurance companies in Pakistan rises to 13, and Punjab Insurance Company is set to play a pivotal role in expanding insurance coverage nationwide, promising a new era of financial inclusion for the underserved.
