State Life Insurance to pay out over 100 billion rupees to policyholders: Chairman

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The insurance sector, run by state-run State Life Insurance Corporation, has completed a healthy financial year, with a handsome claims amount of over Rs 100 billion to be paid to policyholders for 2021, said Shoaib Javed Hussain, chairman and CEO of State Life Insurance Corporation.

Talking to a delegation of the Council of Economic and Energy Journalists (CEEJ), he said that the premium growth of the insurance policy was back on track after declining for a year in 2020 due to Covid-19-related closures.

He mentioned that not only the insurance premium growth had recovered, but the state insurance providers had also paid out Rs 67 billion to their policyholders.

The year 2021, he said, was a year of recovery, with life insurance premium growing by 60%, while health insurance growth was 100% and group insurance 250%.

It is worth mentioning that State Life Insurance Corporation is the sole service provider for the Sehat Sahulat Scheme of the federal government in which an amount of Rs 25 billion is allocated for KP and Rs 100 billion for Punjab, AZK and Gilgit-Baltistan.

He added that the State Life Insurance Corporation Limited has waived the penalty of millions of rupees to its beneficiaries or policyholders who have not paid their premiums due to the financial crisis.

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