best life insurance in pakistan

Do you want a better insurance cover? If yes, then these articles will be of great help for you. Read on and learn about some of the most important insurance covers in Pakistan.

1. Cash Value Policy : This is simply called as CVS (Cash value policy). It protects you against loss or damage of your cash value account in the case of death or accidental accident. After any such occurrence, the policy requires you to pay lump sum fixed premium in form of lump sum. The premiums paid by bank and other credit card holders, etc. are not covered by this policy. Other than that, it does not provide coverage from the insured’s health insurance policy. But, if the insured dies with an illness, he or she can purchase his or her health insurance policy instead. Your health policy policy also can be used to protect you against medical charges in case your health goes bad.

2. Home Protection Policy : On getting this, you would get protection against fire and burglary. There is more than one home insurance policies in Pakistan but all policies are secured with mortgage loan. We have given below list as per the latest statistics of 2019/2020:

Advantages: You can choose a policy according to your needs, whether you are a resident of capital city or small town. Some policy features include insuring your house, paying for damages and replacement of damaged property. You can buy it online at our site or offline.

Disadvantages: The policy may come with certain coverage limit which is higher than what some family members living nearby do. It is also advisable to go for comprehensive policy rather than buying your policy with an optional package. Also, some policies require additional payment of extra premium for safety purpose.

3. Health Policy : This insurance is usually called as HPSA Insurance Policy. Most people don’t know that this insurance is mainly for elderly people. However, they are now aware of the fact that there are specific types of this policy that are given below:

Advantages: They provide the insured with financial security. For example there is no risk of any unexpected medical expenses. The policy doesn’t allow for change of policy without prior notice period. Only the insured has to pay lump sum fixed premium for the whole policy duration in case of death of the insured. This policy provides protection against sudden loss, theft and vandalism.

Disadvantages: As we have mentioned earlier, policy isn’t secure against natural calamities. And the insured cannot cancel the policy after the initial one-time period. So, the insured could end up losing his or her loved ones. Moreover, policy can only pay out a claim if the insured dies within the policy period.

4. Car Insurance : With this policy you get protection against accidents due to car, motorcyclist and motorcycle related accidents. If you are injured in car or motor car, you should immediately call an advocate or call the nearest hospital. All car insurance policies are divided into two categories depending on the type of accident and severity level of the accident. The higher the severity of accident, then the more severe the claim is. Usually, car insurance policy is divided as follows:

1. Minor Accidents: These are the least severe kind of accident that have very few or no injuries.

2. Major Accidents: These are a series of major incidents that require hospitalization and serious injury.

3. Both Small and Major Accidents: This is the main category of collision injuries and often happens in case where someone is hit by a truck or a bike or even a passenger in a train.

4. Total Accidents: In here all drivers and passengers are covered against both minor and major cases of injury caused due to car accidents.

5. General Insurance Policy : Just like conventional insurance policy, general insurance policy is a term used to describe a policy with various types of insurance. Different kinds of insurance policy such as business insurance policy, homeowners insurance policy, healthcare insurance policy. Here, we only have listed four types of insurance policy.

Advantages: You can choose an option, as it is available for all types of companies in Pakistan. You can even make money selling your products on our website. You can even claim compensation from your personal life insurance policy so that it doesn’t turn out bad for you later.

Disadvantages: Although you can choose from different insurance policy options, your insured will not be sure about the policy and in this regard, you would need to get an independent insurance agency.

6. Auto Insurance Policy : Just like conventional insurance policy, auto insurance policy is another term used for insurance policy. You will get protection against accidents resulting from any type of vehicles like car, jeep and motorcycles. This policy comes under three classes namely; non-owner insured, owner insured, and driver insured. Owner insured is the main group for which you can choose an auto insurance policy. No matter how good at driving your vehicle, you are still at risk. Not only do drivers have to take care of their accidents but sometimes they might even lose their jobs. For them, these accidents can cause huge losses. You will get protection against accidents while you maintain your vehicle and your car insurance policy.

7. Bank Insurance Policy : Like conventional insurance policy, Bank Insurance Policy is also a term used for insurance policy. A bank insurance policy provides complete cover against any kind of theft. When an insured loses money in a bank account, he/she gets insured against any kind of theft. Similarly, when an insured loses money in an ATM machine, he/she gets insured against any kind of theft. Banks have taken care of their customers against theft. At times, they invest time and money in providing safe banking facility for bank employees. This insurance policy ensures that all bank account transactions are well protected against theft. And hence, it protects the bank against fraudulent activities.

Conclusion : Many things are worth the investment, but the most important things are insurance and finance. An insured doesn’t hold any liability to himself or herself. He is just required to pay certain amount as fixed premium. The insurer may or may not ask you to pay some amount.

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