The State Life Insurance Corporation concluded a healthy year of business with a handsome claim of over Rs. 100 billion, which will be paid to the policyholders for the period of 2021, said the Chairman and CEO of the state-owned enterprise, Shoaib Javed Hussain.
Talking to a delegation of the Council of Economic and Energy Journalists (CEEJ), he said that premium growth of the insurance policy is back on track after contraction for the period of one year in 2020 due to COVID-19 related lockdowns. He mentioned that not only the growth of insurance premiums had been recovered, but the state-owned insurance providers also paid claims of Rs. 67 billion to its policyholders.
He further added that 2021 was a year of recovery, with the premium of life insurance growing by 60 percent, whereas the growth in health insurance stood at 100 percent and group insurance at 250 percent.
It is noteworthy to mention here that State Life Insurance Corporation is the only service provider to the federal government’s project of Sehat Sahulat Scheme in which an amount of Rs. 25 billion allocated for KP and Rs. 100 billion for Punjab, AJK, Gilgit-Baltistan.
State Life Insurance Corporation Limited has waived the penalty of millions of rupees of its beneficiaries or policyholders who failed to pay their premium payment due to the financial crisis.