EFU Life Insurance: Best Insurance Company In Pakistan (Latest-2023)

EFU Life Insurance Company 2023 Review

EFU Life Insurance Company is one of the leading life insurance providers in Pakistan. It started operations in 1992 as the first private-sector life insurance company and offers a range of products for individuals and groups. According to some reviews on Indeed.com, EFU Life has a good working environment, cooperative management, and decent salary and benefits. However, I could not find any specific review for the year 2023. You may want to compare EFU Life with other life insurance companies based on your needs and preferences. For example, Forbes Advisor has a list of the best life insurance companies of April 2023 based on various criteria such as financial strength, policy types, customer service, and pricing.

Details Of Premium EFU Insurance Policy

Premium EFU Insurance Policy is a type of life insurance policy that offers both protection and investment benefits. It allows you to choose your level of coverage, premium payment frequency, and investment allocation. You can also access your policy details, pay premium online, and track your policy status through EFU Life’s website. The premium chart shows the expected returns and death coverage based on different age groups, premium ranges, and protection multiples. The actual values may vary depending on the performance of the underlying investments in the EFU Managed Growth Fund. You should read the policy terms and conditions carefully before buying a policy. EFU Insurance also offers other types of conventional and takaful insurance products for individuals and businesses.

How To Apply Premium EFU Insurance Policy?

To apply for a Premium EFU Insurance Policy, you can contact EFU Life’s nearest branch office or email them at [email protected]. You can also visit their website and fill out an online form to request a quote or a call back from their representative. You will need to provide some personal and financial information, such as your name, age, gender, occupation, income, health status, and the desired coverage amount. You may also need to undergo a medical examination and submit some documents to verify your identity and eligibility.

Once your application is approved, you will receive your policy document and start paying your premium online or through other modes of payment. You can also access and manage your policy details through EFU Life’s website or mobile app. You should read the policy terms and conditions carefully before signing the contract. If you have any questions or concerns, you can contact EFU Life’s customer service at 111-EFU-111 (111-338-111) or email them at [email protected].

Packages Of Premium EFU Insurance Policy

Premium EFU Insurance Policy does not have fixed packages. But rather allows you to customize your policy according to your needs and preferences. You can choose your level of coverage, premium payment frequency, and investment allocation. You can also add optional riders to enhance your protection and benefits. The premium chart shows the expected returns and death coverage based on different age groups, premium ranges, and protection multiples. The actual values may vary depending on the performance of the underlying investments in the EFU Managed Growth Fund. You can contact EFU Life’s nearest branch office or email them at [email protected] to get an actual illustration based on your particular need. You can also visit their website and fill out an online form to request a quote or a call back from their representative.

Benefits Of Premium EFU Life Insurance Policy

Premium EFU Life Insurance Policy offers several benefits for you and your loved ones. Some of the benefits are:

  1. It provides you with both protection and investment benefits. You can choose your level of coverage, premium payment frequency, and investment allocation. You can also add optional riders to enhance your protection and benefits.
  2. It allows you to access your policy details, pay premium online, and track your policy status through EFU Life’s website or mobile app. You can also initiate requests for payment details, renewal confirmation, tax certificates, and duplicate receipts.
  3. It gives you the opportunity to invest in the EFU Managed Growth Fund, which is a balanced fund that invests in a diversified portfolio of stocks, bonds, and money market instruments. The fund aims to provide you with long-term capital growth and regular income.
  4. It offers you tax benefits on your premium payments and investment returns. You can claim the tax credit on your premium payments up to 20% of your taxable income or Rs. 100,000 whichever is lower. You can also enjoy tax-free returns on your investment as long as you do not withdraw more than 50% of your fund value in a year.
  5. It provides you with a flexible policy term. You can choose a policy term of 10 years or more depending on your needs and goals. You can also change your policy term later subject to certain conditions and charges.
  6. It gives you the option to surrender your policy partially or fully after completing two years of premium payments. You can withdraw up to 50% of your fund value without any surrender charge after completing five years of premium payments. You can also surrender your policy fully and receive the fund value minus any outstanding charges.

Requirements Of Premium EFU Life Insurance Policy

Premium EFU Life Insurance Policy has some requirements that you need to fulfill before applying for the policy. Some of the requirements are:

  • You need to be between 18 and 55 years old at the time of applying for the policy. The maximum age at maturity of the policy is 70 years.
  • You need to provide some personal and financial information, such as your name, age, gender, occupation, income, health status, and the desired coverage amount. You may also need to undergo a medical examination and submit some documents to verify your identity and eligibility.
  • You need to pay a minimum annual premium of Rs. 20,000 or more depending on your age, coverage amount, and protection multiple. You can choose to pay your premium monthly, quarterly, semi-annually, or annually. You can also pay your premium online or through other modes of payment.
  • You need to choose a policy term of 10 years or more depending on your needs and goals. You can also change your policy term later subject to certain conditions and charges.
  • You need to choose an investment allocation for your fund value. You can invest up to 100% of your fund value in the EFU Managed Growth Fund or choose a balanced allocation between the EFU Managed Growth Fund and the EFU Guaranteed Growth Fund. You can also change your investment allocation later subject to certain conditions and charges.

Conclusion Of Premium EFU Life Insurance Policy

Premium EFU Life Insurance Policy is a type of life insurance policy that offers both protection and investment benefits. It allows you to customize your policy according to your needs and preferences. It also provides you with several benefits such as online access, tax benefits, flexible policy term, and partial or full surrender options. It is suitable for people who want to secure their future and achieve their financial goals.

However, it also involves some risks such as market fluctuations, surrender charges, and policy lapse. You should read the policy terms and conditions carefully before buying a policy. You should also consult a financial advisor or an EFU Life representative to get an actual illustration based on your particular need.

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