Bancassurance, Bancatakaful

"Bancassurance/Bancatakaful" means distribution of insurance/takaful products of insurance/takaful companies through bank’s distribution channels. The concept of bancassurance in Pakistan took birth in 2003 but this sector got encouragement during 2008-2009. This product attracted a number of banks in Pakistan, especially those with large branch network and extensive clientele. At present, there are more than twenty banks involved in the business of bancassurance with different companies.

This business is managed by Life Insurance/Takaful Companies and falls under the purview of Securities and Exchange Commission of Pakistan (SECP) who has provided comprehensive guidelines for Bancassurance business which are mandatory to be followed by the banks & insurance companies. State Bank of Pakistan has also provided its Master Circular on Sale of Third Party Products and provided a comprehensive guideline to banks for determining the customers’ suitability assessment/risk taking capacity.

The Bank of Punjab is in agency arrangements with three insurance companies i.e. M/s EFU Life Assurance Limited, State Life Insurance Corporation of Pakistan and M/s IGI Life Insurance Limited for marketing their below mentioned Bancassurance & Bancatakaful plans through BOP Branch network:

BOP Disclaimer:

It is to be cleared that these plans are underwritten by these insurance companies and the Bank of Punjab is only acting as their Corporate Insurance/Takaful/Distribution Agent. These plans are not guaranteed by The Bank of Punjab or its affiliates and are not The Bank of Punjab products and BOP shall not be held responsible for any liability under the policy in any manner whatsoever to the policy holder(s) or claimant(s).