General

Insurance Policies Available in Pakistan

Insurance can save you from disasters, and if you are not insured, it can leave you with a significant financial problem. We all need Insurance to protect ourselves, our families, our business, and other essential things from loss.

Following are the major Insurance policies available in Pakistan.

  • Motor Insurance
  • Health Insurance
  • Cargo Insurance
  • Corporate Health Insurance
  • Travel Insurance
  • Home Insurance
  • Life insurance
  • Personal Accidental Insurance and more

Motor Insurance:

Motor insurance is the insurance plan that fulfills the needs of most people. The idea of owning car insurance is a big yes. But, people don’t feel that they need car insurance until they are in an accident.

Importance of Motor Insurance:

Motor insurance provides you protection for the following incidents.

  • Repair cost
  • Flood and hailstorms
  • Riot and strike
  • Damage due to the third party
  • Motor parts replacement.

Types of Motor Insurance:

There are three main types of motor insurance.

  • Comprehensive Car Insurance
  • Third-party liability car insurance.
  • Collision car insurance

Health Insurance:

Having health insurance is essential because coverage helps people get timely medical care and improve their lives and health Health insurance bears the cost of medical emergencies as the necessary functions of health insurance are

  1. To increase access to healthcare.
  2. To protect households from high medical expenses at the time of illness. In private hospitals in Pakistan, medical bills can quickly run into several lacs, and Pakistan’s health insurance helps you deal with this issue. Best Health insurance in Pakistan. Health Insurance is the ticket to health care and the best mechanism to finance healthcare to protect one’s savings, avoid debts and miseries.

Types of Health Insurance:

Cargo Insurance:

Cargo Insurance protects interests from physical loss and damage. It provides coverage against all the perils during the shipment due to any external cause. Simply Cargo Insurance offers economical protection for your trade. This Insurance’s responsibility starts when goods leave the warehouse or any storage place and finishes when the good reaches the destination.

Types of Cargo Insurance:

If you own an import-export business, Cargo Insurance is big. Yes! for you as it provides benefits for local and international transportation. It will help you to transport goods in better conditions and under full safety measures. Every time you need to spend a big chunk of your money on shipping the products in this business, you must not ignore the importance of Cargo Insurance. It gives you coverage for all types of damages and losses, including damage caused by war, civil war, revolution, rebellion, general average and salvage charges, strikes, riots, etc

Following are the benefits covered in this Insurance

  • Damages due to inappropriate packaging
  • Infestation
  • Fire
  • Theft
  • Damages due to heavy weather ( sinking, derailment)Non-delivery

Corporate Health Insurance:

If you take care of your employee, they will take care of your company because a healthy employee is a happy employee. Employees’ health benefits are one of the most important things that a company can provide; they become more attached to the work. Corporate Health Insurance gives you mental peace while working for a company and helps you maintain your budget. It is a worthwhile project for both employee and employer for an employee. It minimizes their headache. For employers, corporate health insurance increases employees’ trust in the company and helps them work with more dedication.

Benefits employee avail through corporate health insurance:

  • Employee health card
  • Cashless treatment
  • Hospitalization cover
  • Maternity Cover
  • Pre-existing medical coverage
  • Critical illness and much more

Travel Insurance:

Travel Insurance can pay you for unexpected crises because there are unforeseen things that can occur, and that is the place travel insurance has become an integral factor. Travel insurance takes care of you while you are away from home, and it strives to make your journey comfortable and brings you home safely to your family. The process of Travel Insurance is similar to motor or home insurance. Suppose you face an accident or a water leak in the home. In that case, you file a claim similarly if something, some incidence happens to you while traveling or any trip you need travel insurance for help. You will file the claim, and the process will continue according to your request. For example, your credit card is lost, or your baggage is delayed, you need to buy clothes and toiletries, you would submit a claim to seek reimbursement. Travel insurance comes in handy in scenarios like this.

Travel Insurance Pakistan Offers you cover from the following incidents.

  • Accidental Death and Permanent Disability
  • Medical Expenses and Hospitalization
  • Trip Cancellation
  • Transport in case of illness and injury
  • Loss of Passport
  • Loss or theft of Checked-in baggage
  • Delay of dependent children
  • Personal liability

Home Insurance:

Home insurance in Pakistan is a form of property insurance covering losses and damages to an individual’s house and assets in the home. The policy usually covers interior damage, exterior damage, loss or damage of personal assets, and injury that arises while on the property. Every home insurance policy has a liability limit, which determines the insured’s amount of coverage should an unfortunate incident occur.

The home Content plan offers customers coverage of home contents against the following perils:

  • Riot & Strike
  • Malicious Act
  • Burglary, House Breaking including Dacoity
  • Impact of the tree falling
  • Fire, Lightning, or Explosion
  • Aircraft & other Aerial devices
  • Earthquake, Storm, Tempest
  • Flood Bursting or overflowing of water tanks
  • Impact by any Vehicle
  • Accidental glass breakage

Life Insurance:

In Life insurance, the policyholder’s family is paid with a certain amount of money. The insurance companies promise death benefits to the family of policyholders

Benefits of Life Insurance:

  • Income tax-free cash benefits.
  • Paying off the home mortgage.
  • Funds for children education
  • Care for aging parents.
  • Prevent loan burden.
  • Retirement planning.

Personal Accident Insurance:

Personal Accidental Insurance is very beneficial as it protects you from death and disability. These days accidents are prevalent as it is a world of machines. Hence, accidents are common, and for saving you, there are different insurance policies available, and the Personal Accidental Insurance policy is one of them. It is an individual policy that covers the policyholders, but group accidental insurances do exist. Personal Accident Insurance is of many different types. If you are self-employed, it is beneficial for you, mostly if you work in risky areas or your work is more of driving. Your salary is not enough to afford medical treatment expenses. Personal Accident Cover can help you during your injuries by paying you an amount, so you do not have to work during illness.

Coverage Personal Accident Insurance provides:

  • Accidental death.
  • Permanent disability in an accident.
  • Permanent partial ability.
  • Transportation benefits.

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