A Review On Alfalah Insurance Company

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.

INTRODUCTION;

Alfalah Insurance Company Limited, is one of the latest ventures of Abu Dhabi Group in Pakistan. Alfalah Insurance started operations towards the end of 2006 and since then we have already established offices in major cities of Pakistan including:


Lahore
Karachi
Islamabad
Faisalabad
Peshawar
Gujranwala
Sialkot
Multan
Hyderabad

Elements in Insurance
Premium. Premium is an obligation paid by the insured party to the insurer (insurance service provider) as a risk transfer service. This premium payment must be paid in full by the insured party to be able to use the insurance benefits when needed.
Insurance policy. An insurance policy is a legal document that forms the legal basis for the relationship between the insured party (customer) and the insurer (service provider / insurance company). The policy acts as a basis for paying compensation costs for damage or loss suffered by the insured. The policy is based on an agreement and must be made in writing.
Claim. An insurance claim is a formal application submitted by a customer to an insurance company to make a payment as a form of compensation for damage or loss based on the provisions of the insurance policy. Before making this payment, the insurance company will check the validity of the claim first.

Types of Insurance :
Health Insurance.
Health insurance provides protection by covering the costs of health and care for the insured if he has an accident or falls ill. This type of insurance is mostly provided by the company or agency where someone works.

Life insurance.
Life insurance covers the death of a person by providing the insured with a financial benefit for his death. When the insured party dies, the policyholder will receive the sum insured from life insurance.

Education insurance.
Education insurance can be said as savings for the future to ensure the education of the children of the policy holder (the insured party). This insurance is becoming popular because of the increasing cost of education from year to year, so it is not uncommon for parents to have education insurance.

General insurance.
General insurance is protection against the risk of loss and loss experienced by policyholders. One of the well-known general insurance is Motor Vehicle Insurance. This type of insurance coverage is usually short term.

Life insurance is a protection contract that will provide you with peace and financial security if you are no longer able to provide support for a loved one, either for medical reasons or because of death. If you are still in doubt about the importance of having a life insurance policy. Life insurance will cover all medical expenses if one day you are sick and need medical attention. In addition, if you as the breadwinner in your family are hit by a disaster that causes you to no longer be able to actively work, you don't need to worry because life insurance will provide the sum insured so that you and your family can still pay for your daily needs.

Preparing for old age after retirement is one important thing that is still often underestimated by many people. In fact, of course it takes planning in advance to face a time when you no longer have a regular income every month. This problem can be helped if you already have life insurance from an early age. Because that means you already have a savings fund through premiums that you have paid regularly. Even the money that has been saved cannot be taken at any time, so it will not be disturbed and you can use it in the future. The premium that you pay is not only used to provide protection for you, but will be managed by the insurance provider into various types of investments that can benefit you. Like an investment, its success certainly depends on how carefully you and the provider manage your money. For that, make sure you choose the best life insurance provider so that your investment can generate big returns.