Karachi: EFU Life, Pakistan’s leading life insurance company, has recently expanded its strategic partnership with Tez Financial Services – a Planet-N Group Company, for Digital Insurance. Tez is one of the fastest growing FinTechs in Pakistan, offering digital nano-loans and is now activating its insurance vertical – Tez Bima. Through Tez Bima, Tez users will be able to instantly subscribe to small ticket insurance. The first product being launched by Tez is EFU Life’s Hospital Coverage Plan.

The partnership envisages making a visible social impact through financial inclusion of the masses at the lower end of the socio-economic pyramid and using technology as a key enabler for micro life, savings and health related insurance solutions. The agreement was signed in an online ceremony by Mr. Humza Hussain, Co-Founder at Tez Financial Services and Mr. Mohammed Ali Ahmed, Chief Strategy Officer & Executive Director at EFU Life. Speaking at the ceremony, Mr. Mohammed Ali expressed that “We are making strides in our financial inclusion and digital insurance strategy by offering sustainable life, savings and health solutions to the masses, and I am pleased to share that our partnership with Tez Financial Services is a significant step in that direction.” “This strategic alliance with EFU marks the beginning of an exciting new chapter in Tez’s journey. Our vision is enable access to financial services for the unbanked and under-banked Pakistanis by create a one stop financial solution. Affordable digital insurance services are an important part of that vision.” said Ms. Naureen Hyat, Co-Founder of Tez Financial Services

The product, which is now available within Tez’s android app, will provide a daily cash benefit to the life assured if an injury or illness results in hospitalization for more than 24 hours in any hospital throughout Pakistan. In addition, if the life assured is confined to the Intensive Care Unit (ICU), then an additional amount equal to 100% of the daily benefit will be paid by EFU Life. The subscription process is simple, instant and entirely paperless. Tez Financial Services application is available for download on Google Play Store.

EFU Life and Soneri Bank Limited have signed a landmark agreement for distributing life insurance products through Soneri Bank’s Digital and Alternative Channels. The digital signing ceremony was held at both organizations’ Head Office in Karachi. The agreement was signed by Mr. Taher G. Sachak, Managing Director & Chief Executive – EFU Life and Mr. Muhtashim Ashai, President & CEO- Soneri Bank Ltd. The ceremony was also attended by senior officials of both organizations.

EFU Life is a leading life insurance company in Pakistan and a key player in driving the inclusive insurance market for financial inclusion in Pakistan. As part of the largest insurance group in Pakistan, EFU Life protects millions of Pakistani’s through various insurance products.

Soneri Bank is one of the leading banks of Pakistan (within the medium sized bank category) and has an extensive distribution network with over 300 branches and ATMs nationwide. It continues to work towards the financial betterment of its customers and highly values to the patronage given by them.

Speaking at the occasion, Mr. Taher G. Sachak, Managing Director & Chief Executive Officer EFU Life, said “It gives an immense pleasure to have Soneri Bank on board as our strategic partner to launch a range of life insurance products. This partnership will provide both of us an opportunity to contribute towards the goal of financial inclusion through focused insurance solutions for various customer segments available at the entire Soneri Bank network. The penetration of life insurance is still too low i.e. 0.56% of total GDP and by launching such inclusive products, both organizations can work towards bringing large population of Pakistan in the financial safety net.”

Speaking at the occasion, Mr. Muhtashim Ashai, President & CEO of Soneri bank said “This partnership with EFU Life is important to the bank as it will bring an opportunity for Soneri Bank to provide one-window banking solutions to our customers as well as build propositions for long-term relationships with them. The bank is on its track to progress and such strategic alliances will result in innovative products and services for our customers.”

With this strategic alliance, EFU Life and Soneri Bank looks forward to serving its customers with top-of-the-line insurance products and cater to the needs and provide best financial solutions.

Karachi: HABIBMETRO Bank and EFU Life strengthened their partnership by taking the initiative to launch “COVID – 19 Cover” – a first-of-its-kind product that aims to provide a financial solution to HABIBMETRO customers who are financially and medically impacted during the ongoing pandemic.

A digital signing ceremony was conducted, where Mr. Mohsin Ali Nathani, President & CEO and Ahmed Shah Durrani, Head – Retail Banking at HabibMetro Bank, along with Mr. Taher G Sachak, CEO & MD and Mr. Mohammed Ali, CSO & ED at EFU Life, signed the product agreement at their respective premises.

The unique product, COVID-19 Cover, is a protection plan designed to cover the reimbursement of diagnostic test and daily hospitalization charges while also offering term life death benefit for individuals and families, with a premium starting from as low as PKR 1,400. Once launched, the plan will be available at HabibMetro Bank’s branches across Pakistan.

Speaking on the occasion, Mr. Taher G Sachak, CEO & MD EFU Life said, ‘COVID – 19 Cover is carefully designed to address the financial needs of the masses and protect them medically against ongoing pandemic. The new addition of product is an affordable solution and a small step towards assuring the financial safety and peace of mind for the valuable customers of HabibMetro Bank.’

Mr. Mohsin Ali Nathani, President & CEO of HabibMetro Bank commented, ‘We are pleased to cater to the need-of-the-hour and collaborate with EFU to offer the COVID – 19 Cover Protection Plan as a very relevant financial solution in a timely manner during the ongoing pandemic.’

About HABIBMETRO Bank
HabibMetro Bank commenced commercial banking operations in October 1992 and currently operates with an expanding nationwide network of over 398 branches in more than 130 cities across Pakistan. HabibMetro Bank is committed to offering unparalleled service through innovative financial offerings.

About EFU Life Assurance Ltd.
EFU Life Assurance Ltd started operations in November 1992 as the first private sector life insurance company. In early 1993, EFU Life commenced its Group life insurance business and by March 1994, the company began writing its individual life business. EFU life a leading life insurance company of Pakistan remains committed in serving the masses and addressing the pandemic via a low cost solution and the plan would ease the burden of testing and hospitalization.

EFU Life, the leading Life Insurance Company of Pakistan, remains committed in serving its valuable clients and addressing the financial needs of the masses during the COVID-19 Pandemic.

Keeping up with its gesture of solidarity with the country during these challenging times, EFU Life introduces “COVID-19 Protect”, a protection plan designed to cover the financial burden due to Coronavirus. The plan is available on EFU Life’s BuyNow Platform and covers reimbursement of diagnostic test, daily hospitalization cash assistance and death benefit, at a premium amount starting from as low as Rs.699. COVID-19 Protect offers both Individual and Family Plan, and has three product variants, Silver, Gold and Platinum that one can choose from.

You can now experience a complete peace of mind by protecting yourself and your family against COVID-19, with the facility to purchase the product online from the safety of your homes with various options for premium payments.

Mr. Taher G Sachak, MD & CEO EFU Life expressed his views on the launch. “COVID-19 Protect Plan is one of the many efforts by EFU Life to provide contemporary, yet affordable financial planning solutions to individuals and families when they need them the most. The ongoing Pandemic has indeed brought many challenges to the world and this new addition to our product range is a small step towards assuring the financial wellbeing and peace of mind of our clients’.

Earlier this month, the Company had launched COVID-19 Care, Pakistan’s first complimentary benefit of Rs.100,000 for all its individual life clients with the aim of providing financial protection against COVID-19. This Complimentary benefit is in addition to the contractual benefits from the existing policy. Additionally, an extension of grace period in premium payments was given to all policyholders from the standard 30 days to 75 days.

EFU Life, the leading life insurance company in the country, announces further measures to alleviate the potential impact of COVID-19 for its customers and employees.

After introducing ‘COVID-19 Care’, the first life insurer in Pakistan to offer complimentary coverage for coronavirus related deaths, the Company announced that it is extending the Grace Period for premium payments from the standard 30 days to 75 days for all its customers.

All policies with Due Dates falling on March 1 and April 1, 2020, will have 75 days to pay their premium, without the loss of insurance benefits laid out in the Provisions and Conditions.

This is to ensure that policyholders will be spared from the worries of paying insurance premiums while the coronavirus pandemic grips the country.

‘We understand the situation faced by our customers, and offering complimentary coverage of Rs 100,000 as well as extending the Grace Period for premiums payment is our small way of trying to help ease our clients’ financial burden and emotional distress in these challenging times,’ shared EFU Life’s CEO, Mr. Taher Sachak.
‘As we navigate through this unprecedented public health crisis, we are committed to our policyholders and will continue to honour our obligations to ensure that they have the peace of mind’, said Mr. Sachak.

Mr. Sachak also highlighted that EFU Life’s Head Office continues to remain operational through the implementation of ‘Work From Home’ (WFH) policy for its key employees to ensure that essential policy servicing for its clients remains uninterrupted.

‘As the most digitally-connected life insurance company, EFU Life can render services to customers even at this trying time, via its online channels, its client app ‘EFU Life PlanIT’ and employees working remotely. We want to assure the public that we are taking all necessary steps to be responsive to the call for corporate citizenship by addressing all customer concerns about servicing while taking care of the health and well-being of our employees,’ he said.

EFU Life has always placed its clients first. With the current pandemic COVID-19, it has become paramount to the Company to ensure the safety and wellbeing of its clients, employees and communities. Staying true to our promise of serving the people of Pakistan, we stand together with our clients.

EFU Life brings “COVID-19 Care”, Pakistan’s first complimentary benefit for all individual life clients of the Company with the aim of providing financial assistance for COVID-19. In the unfortunate event that an insured client passes away due to COVID-19, a lump sum amount of Rs 100,000 will be paid to the beneficiary in addition to the contractual death benefits from the existing policy. This complimentary cover is applicable on all new and inforce individual unit linked plans of the Company (conventional and takaful business) effective from 23 March 2020 and covers policyholders while in Pakistan.

Mr Taher G Sachak, MD & CEO EFU Life shared his views on the launch: “COVID-19 Care” is a small step of EFU Life to show our commitment towards caring for our clients and their families in these testing times. The potential impact of COVID-19 on our society and country is unprecedented and as the leading life insurer in Pakistan, I want to assure our clients and partners that EFU Life is fully geared to fulfill all its obligations towards you and provide the necessary support in this challenging time.”

EFU Life Assurance Ltd. and Oraan have joined hands for financial inclusion, awareness and inclusive insurance solutions via digital channel. As the leading life insurance company of Pakistan, EFU Life has a strategic focus on creating partnerships that enable access to formal financial services so that a larger segment of our population can avail its benefits. Oraan is a digital platform for Committee management, which enables individuals to meet their savings goals in a safe and transparent manner. EFU Life will provide financial protection to Oraan users so that their savings goals are met regardless of financial constraints caused by unfortunate events.

The agreement was signed by Mr. Mohammed Ali Ahmed, ED and Chief Strategy Officer, EFU Life, and Ms. Halima Iqbal, CEO Oraan. Speaking at the occasion, Mr. Ahmed said, “Over the last few years, EFU Life has focused on making insurance simple, accessible and affordable for the masses of Pakistan, especially women and youth, who are generally financially excluded. Our partnership with Oraan is an important step in this direction and their work is commendable. As part of our vision for mass scale inclusive insurance impact, we believe in the collaboration model and are utilizing various platforms and digital ecosystems in our country to reach out to all socio-economic segments for inclusive insurance solutions.”

Ms. Halima Iqbal said that she was excited to partner with EFU Life to bring a larger part of the population into the formal financial economy. Speaking about offering insurance as a value-added benefit to Oraan users, she said, “Many of us choose to ignore the reality of what would happen if we were to die suddenly without the proper protection; the Committee Protection Plan not only protects the entire group but also provides the safety to the family of the participant in case of un-foreseen events.”

EFU Life Assurance Limited, the leading life insurance provider in the country, has been recognized at an international forum yet again. After winning at the Dragons of Asia Awards, with the ‘Blue dragon’ for Best Campaign in Pakistan and Gold Dragon for ‘Best Use of Media’ in APAC region, EFU Life was recognized at the 33rd Marketing Agencies Association Worldwide Awards Ceremony 2019 for its ‘Humrahi’ web series.

EFU Life was conferred the Gold Globe Award at the MAA Globes Award after winning against Campaigns from Hong Kong and Russia for the top spot in Best Use of Media category.

Since 1986, ‘Marketing Agencies Association Worldwide’ remains the elite results driven Global Award programme recognizing the very best Marketing Communications Campaigns from all over the world.

EFU Life collaborated with media agency, Mediavest Pakistan to successfully execute the campaign thus humanizing the brand across digital media.

EFU Life, the leading life insurance company in Pakistan, has been a pioneer in adopting the latest technology with the primary focus on becoming more customer-centric and operationally efficient.

Keeping up with the tradition of technological breakthrough initiatives, EFU Life has become the first life insurance company in the world to offer BLISS – a biometrically enabled, entirely digital, instant savings-cum-protection policy acquisition system.

BLISS allows a life insurance savings-cum-protection contract to be validated and created using biometric thumb-impression, which is verified instantaneously using Biometric Verification Services offered by the Government of Pakistan’s National Database & Registration Authority (NADRA). The system offers a fully digital, paperless experience. No physical or digital signatures on the app or paper, no hassles of paper forms, no physical copies of underwriting documents required, ever!

Speaking on the launch, Mr. Zain Ibrahim, Chief Operations Officer, EFU Life said “As a customer-centric insurer, we take our customer’s needs as the ultimate guide to decision making. As more and more of our customers demand real-time engagement, we are enthusiastically embracing the shift from the old paper-oriented sales process to a new, truly cohesive, digital ecosystem that eliminates the need for any manual intervention.

It l takes just ten minutes for a customer to buy a biometrically enabled savings-cum-protection product at a place of their convenience. No cumbersome paper forms needed to be filled and signed, no paper documents required to be submitted, and the best part is that the customer will receive digital Policy Documents immediately.

This new project is another testament to our resolve to make buying a savings-cum-protection life insurance policy an easy, hassle-free and pleasurable experience for our clients.”