Karachi: HBL, in its capacity as the largest bank of Pakistan, enjoys an extensive distribution network with over 1,750 branches, over 2,000 ATMs and a reach of over 11 million customers.
EFU Life is a leading life insurance company in Pakistan and is the first conventional insurance company to get the Window Takaful Operator license from SECP.
Speaking at the occasion, Mr. Aamir Irshad, Head Branch banking, said, “Identifying and catering to the needs of the masses should always be the primary objective of all institutions. In our quest to develop a customer centric product bouquet and simultaneously play a key role in expanding the insurance footprint Pan Pakistan, HBL and EFU Life Assurance Ltd. have joined hands to launch Sahara Small Ticket Takaful plans for the masses.”
These plans provide coverage for Hospital Cash, including ICU, Spouse Cover and Income Benefit, in addition to the regular death coverage. HBL, being the leader in Bancassurance with a market share of 46% in 2017, will continue to work towards innovative and segment sensitive products in future.
Speaking at the occasion, Mr. Taher G. Sachak, Managing Director & Chief Executive Officer EFU Life, said, “It gives me immense pleasure to have HBL on board as a strategic partner to launch our Sahara Plans. This new strategic partnership will give both of us an opportunity to contribute towards the goal of financial inclusion by providing focused insurance solutions to the various segments through the entire HBL network. The penetration of life insurance is still too low i.e. 0.56% of total GDP. By launching such inclusive products, both organizations can work towards bringing a large population of the informal and rural sector in the financial safety net.”