UNI

VERSI
TYOFSI
NDH,
MIRPURKHASCAMPUS

DEPARTMENTOFBusi
nessAdmi
nist
rat
ion
I
nter
nshi
pRepor
tOn
St
ateLi
feI
nsur
anceCor
por
ati
onOfPaki
stan

Submi
tt
edBy
Nar
ain
2k19/
mkbba/
21
Busi
nessAdmi
nist
rat
ion
Submi
tt
edTo
Si
rDr
.Naeem GuLGi
lal

1
I
nter
nshi
pCer
ti
fi
cat
e

2
 AKNOWLEDGEMENT

Al
lgr
ati
tudeandt
hankst
o“ALLAH”t
hegr
aci
oust
hemostmer
cif
ulandbenef
icentwho
gav
emet
hecour
aget
ounder
takeandcompl
etet
hist
askIam v
erymuchobl
i
gat
eto
myev
ercar
ingandl
ovi
ngpar
ent
swho’
spr
aysenabl
edme t
oreachedt
hisst
age

Iam gr
atef
ult
oal
might
y“ALLAH”whomademeabl
etocompet
ethewor
kpr
esent
edi
n
t
hisr
epor
t.I
tsduet
oHi
sunendi
ngmer
cyt
hatt
hiswor
kmov
edt
owar
dssuccesses.

Iam hi
ghl
yindebt
edt
oMr
.Dr
.Naeem Gul
Gil
al.Forpr
ovi
dingmeanoppor
tuni
tyt
olear
n
aboutt
hei
nsur
ancesy
stem ofPaki
stanwhi
chi
sav
ital
ingr
edi
entoft
heBBApr
ogr
am.

Iam v
erygr
atef
ult
otheof
fi
cer
soft
hest
atel
i
fei
nsur
ancecor
por
ati
onf
orpr
ovi
dingt
he
gui
del
i
nef
ort
hecompl
eti
onoft
hisr
epor
t.

3
 EXECUTI
VESUMMARY

On30Sep2020,Ist ar
tedmyint
ernshi
pint
hest
atel
i
fei
nsur
ancecor
por
ati
onof
Paki
stanatMi
rpurKhasZone.
Iwor kedf or6weekst hereandi tgavemeal otofpr act
icalknowledgeaboutt he
operati
onofani nsurancecompany .Ihavelearnedmanyt hi
ngsi nthedur at
ionofmy
6weeks i nternship.I nt he fol
lowing pages,Ihav e summar ized my experience,
observati
onsand,wor ki
ngactiv
iti
eswhi chIobser vedinmy6weeksi nt
ernshi
p.This
reportwil
ldi scussi nternshi
pswi t
ht hestat
el i
feinsur
ancecor porat
ionofPakistan.It
willout
li
net hef ol
lowing.
 Hi
stor
y
 Vi
sionandmi
ssi
on
 Cor
eval
ue
 Compet
it
ors
 Or
gani
zat
ional
str
uct
ure
 Summar
yofal
ldepar
tment
s
 Pr
oduct
sandser
vices
 Fi
nanci
alposi
ti
on
Thesour
ceofi
nfor
mat
ionuseddur
ingt
hepr
epar
ati
onoft
hisr
epor
tincl
udes
 Per
sonal
obser
vat
ions
 Di
scussi
onswi
thst
affandmanagement
 Annual
repor
ts
 Di
ff
erentwebsi
tes
 Handout
s
Thereporti
sbasedonmyper sonalexper
ienceandobserv
ationsaboutinsurance
sect
orsIgai
ndur
ingmyi
nter
nshi
pinthest
ateli
fei
nsur
ancecorporat
ionofPaki
stan.

4
 Tabl
eofCont
ent
s
Chapt
er:01 6
1.
DEFI
NATI
ON: 7
2.
HISTORYOFI
NSURANCE 7
1.
3.PRI
NCI
PLESOFI
NSURANCE 8
Ty
pesofi
nsur
ance 9
Chapt
er:02 11
2.
1Br
iefHi
stor
y 12
2.
2Vi
sionandMi
ssi
on 12
2.
3Cor
eVal
ues 13
2.
4Compet
it
ors 13
2.
5Or
gani
zat
ionalSt
ruct
ure 13
2.
6Br
iefSummar
yofal
lDepar
tment
s 16
Chapt
er:03 24
PRODUCTANDSERVI
CES 25
3.
1Indi
vi
duall
if
einsur
ance 25
3.
2Gr
oupLi
fei
nsur
ance 29
Chapt
er:04 32
4.
1Fi
nanci
alPosi
ti
on 33
33
4.
2St
atementofcashf
low 34
34
4.
3Incomest
atement 35
35
4.
4Changei
nequi
ty 36
36
4.
5Fi
nanci
alr
ati
o 37
37
Chapt
er:05 38

5
5.
1Pl
ansofMyI
nter
nshi
pPr
ogr
am 39
5.
2Int
ernshi
pWeekl
ySchedul
e 39
5.
3Lear
ningExper
ience 41
5.
4Ski
ll
sLear
ned 41
5.
5Obser
vedat
ti
tudesandgai
nedval
ues 41
5.
6Themostchal
lengi
ngt
askper
for
med 42
Chapt
er:06 43
6.
1St
rengt
h: 44
6.
2Weakness 45
6.
3Oppor
tuni
ti
es 45
6.
4Thr
eat
sanal
ysi
s 46
6.
5Pr
obl
emsI
dent
if
icat
ionsandSol
uti
on 47
6.
6Concl
usi
on 49
 Ref
erenceandSour
ceUsed 50
 E-
DATESOURCES 50

6
Chapt
er:01

I
NSURANCE

7
 I
NSURANCE

1.
DEFI
NATI
ON:
I
nsur
ancecanbedef
inedi
nmanywor
dsasf
oll
ows:

“
A cont
ractbet
weenani
nsur
ancecompanyi
nwhi
chaper
soncanensur
ehi
s/her
l
i
fe/
deat
htosuppor
tfi
nanci
all
osswhi
chcanbeorcannotbei
nfut
ure”
.

“
Insur
ance i
sa t
erm i
n bel
ow and f
inances. Some peopl
e buy t
o pr
otect
hi
msel
f/t
hemsel
ffr
om t
hel
osi
ngt
hei
rmoney
”.

“
Iti
sawayi
nwhi
chy
ourmoneycanmanaget
her
isk,
whensomeonecanbuyi
nsur
ance
t
heypr
otectt
hei
runexpect
edeconomi
closs”
.

“
Insur
ancei
sanar
rangementofy
ourmoneywhi
chy
oupayt
oacompanybyt
her
egul
ar
amountandt
heyagr
eet
ocov
ery
ourl
osswhi
chcanbei
nyourf
utur
e”.

“
Iti
sal
egal
cont
ractbet
weeni
ninsur
erandi
nsur
edper
son”
.

“
Insur
ancehel
psy
out
opr
otecty
our
sel
fagai
nsty
ourr
isk“

Forexampl
e:

Housef
ir
e,Aut
omobi
l
eAcci
dent
,Deat
h,Weal
th/
,et
c.

Ther
ewassomanyot
her
sri
skt
haty
oucanpr
otectbyani
nsur
ancecompany
.

2.
HISTORYOFI
NSURANCE
I
nsur
ancest
art
edasasy
stem ofr
educi
ngt
her
iskofagent
s,asf
ir
stas2000BCi
n
Chi
naand1750BCi
nBaby
lon.Li
fei
nsur
ancedat
esonl
ytoear
lyRome;"
bur
ialcl
ubs"
cov
eredt
hechar
geofpar
ti
cipantser
vicecost
sandassi
stedf
ight
ersf
inanci
all
y.Recent
l
i
fecov
erst
art
edi
n17t
hcent
uryEngl
and,f
ir
stl
yasi
nsur
ancef
orbr
oker
s,mer
chant
s,
shi
powner
s/,andunder
wri
ter
schancedt
ochatcont
ract
satLl
oyd'
sCof
feeHouse,t
he
pr
edecessort
othef
amousLl
oyd'
sofLondon.Thusf
rom Ll
oyd’
sofLondoni
nsur
ance
begi
ns.

8
1.
3.PRI
NCI
PLESOFI
NSURANCE
I
nev
eryki
ndofagr
eement
,few pr
inci
plesmustbef
oll
owedt
oaccompl
i
sht
he
agr
eement
.Fol
l
owi
ngar
ethepr
inci
plesofeachi
nsur
anceagr
eement
.

1.
3.1 Pr
inci
pleofut
mostgoodf
ait
h

Ani
nsur
anceagr
eementi
soneofut
mostgoodf
ait
h.Whatt
hismeansi
s
t
hatal
lmat
eri
alt
rut
hsaboutanassur
edper
ilmustber
elat
edt
otheunder
wri
ter
s
att
heper
iodoff
ini
shi
ngt
hepr
oposal
for
m,orsubsequent
lyi
fthet
rut
hschange.

1.
3.2Pr
inci
pleofi
ndemni
ty

I
ndemni
tymeanst
hatt
heunder
wri
ter
sdeci
det
opayi
ntheev
entofal
oss
sucht
hatt
heassur
edi
slef
tsubst
ant
ial
l
yint
hesamesi
tuat
ioneconomi
cal
l
y
af
tert
hel
ossashe/
shewasear
li
eri
tbutt
heassur
edcannotf
rom t
hel
oss.

1.
3.3 Pr
inci
pleofcont
ri
but
ion

I
fmor
ethanonepol
i
cycov
erst
hesamer
iski
tisnotpossi
blef
ort
he
assur
ed cantcl
aim onbot
hand makeagai
n.I
nthi
scondi
ti
oneachoft
he
under
wri
ter
sinv
olv
edwoul
dber
equi
redt
ocont
ri
but
eapr
opor
ti
onalamountof
l
oss–t
hisi
sknownast
hepr
inci
pleofcont
ri
but
ion.

1.
3.4 Pr
inci
pleofsubr
ogat
ion

I
ntheev
entofacl
aim andwher
ethei
nsur
erhascompl
etel
yunder
wri
tt
en
t
he pr
otect
ed,t
he i
nsur
ed’
s or
igi
nali
nter
est can be t
aken ov
er by t
he
under
wri
ter
s–t
hisi
sknownast
hepr
inci
pleofsubr
ogat
ion.

Forexampl
e,wher
eat
hir
dpar
tycausesl
osst
otheassur
edpr
oper
tyaf
ter
t
heunder
wri
ter
shav
eset
tl
edt
hecl
aimt
heycanf
oll
owt
het
hir
dpar
tyf
ort
hecost
oft
hel
oss.

1.
3.4Pr
inci
pleofav
erage

Under
insur
ancecanhav
eser
iousi
mpl
i
cat
ionswhenpr
otect
ingapr
oper
ty.
Under
insur
ancemeanst
hatt
her
epl
acementcostoft
hepr
oper
tyort
hecostof
t
he cont
act
s has been under
stat
ed on t
he pr
oposal
,ther
ebydr
oppi
ng t
he

9
 pay
ment
spai
d.

Thepr
inci
pleofav
eragemeanst
hatt
hesum oft
hepay
mentwi
l
lbe
r
educedpr
opor
ti
onal
i
tyi
fthepr
oper
tywasnotpr
otect
edt
othef
ullsum ofi
ts
r
epl
acementcost
.

1.
3.5Pr
inci
pleofpr
oxi
mat
ecause

I
ntheev
entofacl
aim,
theunder
wri
ter
swi
l
lwantt
odet
ermi
nei
fthecause
oft
hel
osswasanassur
edr
isk.Thepr
inci
pleofpr
oxi
mat
ecauset
ell
stot
hisand
i
sdef
ined ast
heef
fi
cientcausewhi
chcar
ri
esnear
lyal
osswi
thno ot
her
i
nter
veni
ngcausewhi
chbr
eakst
hechai
nofev
ent
s.

1.
3.5I
nsur
abl
eint
erest

Youmusthav
eani
nter
esti
nthet
hing assur
ed.I
fyoucoul
d assur
e
somewhatwhi
chy
oudi
dnothav
eani
nsur
abl
eint
eresti
nitwoul
dbepossi
blet
o
gai
nint
heev
entofanot
her
’sl
oss!

1.
3.6I
nsur
abl
eri
sk

Thi
sri
skcanbecov
eredbyt
hei
nsur
ancecompany
,wasawi
de-
rangi
ngof
l
osses,i
ncl
udi
ngt
hesef
rom t
hef
ir
e,t
hef
t,orcl
aims.Wheny
oubuycommer
cial
i
nsur
ance,
youpaypay
ment
stoy
ouri
nsur
ancecompany
.Inr
etur
n,t
hecompany
deci
dest
opayy
oui
ntheev
enty
ousuf
feracov
eredl
oss.

Ty
pesofi
nsur
ance
Ther
ear
etwot
ypesofi
nsur
ancewhi
char
efol
l
owi
ng:

1.
4.1Gener
alI
nsur
ance

1.
.4.
2Li
feI
nsur
ance

1.
4.1Gener
alI
nsur
ance

Gener
ali
nsur
ancei
sani
nsur
ancepol
i
cyt
hatpr
otect
syouagai
nstl
osses

10
 andcost
sot
hert
hant
hosecov
eredbyl
i
fei
nsur
ance.Formor
ecompr
ehensi
ve
cov
erage,y
ouneedt
oknowaboutt
her
iskscov
eredt
oensur
ethaty
ouandy
our
f
ami
l
yar
epr
otect
edf
rom l
osses.

Gener
ali
nsur
ancei
ncl
udest
hef
oll
owi
ngt
ypesofi
nsur
ancewhi
char
ethese.

 Homei
nsur
ance

 Heal
thi
nsur
ance

 Vehi
clei
nsur
ance

 Pr
oper
tyi
nsur
ance

 Li
abi
l
ityi
nsur
ance

 Mar
inei
nsur
ance

 Cr
edi
tinsur
ance

 Av
iat
ioni
nsur
ance

 Tr
avel
insur
ance

 Pr
ofessi
onal
indemni
ty

1.
4.2Li
feI
nsur
ance

Li
fei
nsur
ancecancov
ert
hel
i
feofaper
son,l
i
fei
nsur
ancepr
ovi
desa
monet
arypr
ofi
ttoadecedent
’sf
ami
l
yorot
her
sdesi
gnat
edbenef
ici
ary
,andmay
exact
lypr
ovi
def
ori
ncomet
oani
nsur
edper
son’
sfami
l
y,bur
ial
,funer
aland,
other
f
inalexpenses.Li
fei
nsur
ancepol
i
ciesof
tenal
l
ow t
heopt
ionofhav
ing t
he
pr
oceedspai
dtot
hebenef
ici
aryei
theri
nal
umpsum cashpay
mentoran
i
ncome.

Ty
pesofLi
feI
nsur
ance:

Li
fei
nsur
ancemaybedi
vi
dedi
ntot
wobasi
ccl
asses– t
empor
aryand
per
manentorf
oll
owi
ngsubcl
asses–t
erm,
uni
ver
sal
,whol
eli
feand,
endowment
l
i
fei
nsur
ance.

11
12
Chapt
er:02

I
NTRODUCTI
ONOFSTATELI
FE
I
NSURANCE

13
2.
1Br
iefHi
stor
y
The l
i
fe i
nsur
ance busi
ness of Paki
stan was nat
ional
i
zed i
n
1972.
TheLi
fei
nsur
ancebusi
nesshas32i
nsur
ancecompanywhi
chwer
emer
gedand
pl
acedundert
hreeBeemauni
tswhi
chnamed“
A”,
”B”and“
C”.Theset
hreeBeemawer
e
mer
gedandef
fect
iveonNov
ember1,1972.Themanagementoft
hel
i
fei
nsur
ance
cor
por
ati
onwasconsol
i
dat
edt
otheSt
ateLi
feI
nsur
anceCor
por
ati
onofPaki
stan.

St
atel
i
fei
nsur
ance cor
por
ati
on ofPaki
stan i
s headed bya chai
rman and
assi
stedbyt
heExecut
iveDi
rect
orsappoi
ntedbyt
heFeder
alGov
ernmentupt
oJul
y
2000,
underi
nsur
anceor
dinance2000.

Thest
ruct
ureoft
hest
atel
i
fei
nsur
ancecor
por
ati
onofPaki
stanar
efol
l
owi
ng:

 Sev
enRegi
onal
Off
ices

 Thi
rt
y-t
hreezonal
off
ices

 Af
ewsub-
zonal
off
ices

 200sect
orof
fi
ces

 1329net
wor
kar
eaof
fi
ces

 Fourzonal
off
ices

 Si
xsect
orof
fi
ces

 Twent
ysect
orheads

2.
2Vi
sionandMi
ssi
on
Mi
ssi
onTor
emai
nthel
eadi
ngunder
wri
teri
nthecount
rybycov
eri
ngt
hebenef
it
ofassur
ancet
oal
lsect
ionsofpeopl
eandmeet
ingourpr
omi
sest
oourpol
i
cyhol
der
s
andt
henat
ion.

Vi
siont
obui
l
dshar
ehol
derv
aluebycont
inui
ngt
het
radi
ti
onoft
rustast
hemost
pr
efer
redi
nsur
eri
nthemar
ket
sweoper
atet
obl
azet
het
rai
lofexcel
l
entbusi
ness
pr
act
ices ofi
nter
nat
ionalst
andar
ds t
o ser
ve ourcust
omer
s and achi
evev
alued
cust
omersat
isf
act
ionandsoci
etybenef
it
.

14
2.
3Cor
eVal
ues
Tor
unl
i
feassur
ancecor
por
ateoncompl
etel
i
ne,t
oof
fert
heext
raef
fi
cient
f
aci
l
ityt
othepol
i
cyhol
der
s,t
omaxi
mizet
hepr
ofi
ttot
hepol
i
cyhol
der
sbyeconomi
zi
ng
oncost
sandgr
owi
ngt
hei
ncomeont
heshar
e,t
ocr
eat
eli
fei
nsur
anceamor
eef
fect
ive
meansor
gani
zi
ngst
ater
eser
ves,t
ouset
hepol
i
cyhol
der
’sr
eser
vei
nthewi
deri
nter
est
oft
hepubl
i
c,t
oenl
arget
hepar
toft
heact
ionofl
i
feassur
anceandcr
eat
ioni
tof
fer
edt
o
asbi
gasect
ionoft
hepeopl
easpr
obabl
e,cov
eri
ngi
tfr
om t
hecompar
ati
vel
ymor
e
weal
thysect
orsofpeopl
etot
hecommonmani
nci
ti
esandv
il
lages.

2.
4Compet
it
ors
Ther
ear
esomanycompet
it
orsoft
hest
atel
i
fei
nsur
anceofPaki
stan,
whi
char
e
f
oll
owi
ngs:

 EFU

 JUBI
LEE

 ADAM JE

Themaj
orcompet
it
orwasEFUwhi
chcanbecompet
it
ivet
heSt
ateLi
feI
nsur
ance.

2.
5Or
gani
zat
ionalSt
ruct
ure
ManagementHi
erar
chy
;

15
16
17
2.
6Br
iefSummar
yofal
lDepar
tment
s
2.
6.1NewBusi
nessDepar
tment

2.
6.2AgencyDepar
tment

2.
6.3Mar
ket
ingDepar
tment

2.
6.4I
nfor
mat
ionTechnol
ogyDepar
tment

2.
6.5Per
sonnel
andGener
alSer
viceDepar
tment

2.
6.6Audi
tDepar
tment

2.
6.7Fi
nanceandAccount
ingDepar
tment

2.
6.8Pol
i
cyhol
derSer
viceDepar
tment

2.
6.9BancaI
nsur
anceDepar
tment

2.
6.10Real
Est
ateDepar
tment

2.
6.1NewBusi
nessDepar
tment

TheBusi
nessofst
atel
i
fei
nsur
ancecor
por
ati
oni
sthest
art
edt
rought
henew
busi
ness depar
tmentwhen assur
ance sal
es pol
i
cy t
o any cust
omert
hen t
his
depar
tmenthandl
esal
lfor
msact
ions.

Themai
nfunct
ionoft
henewbusi
nessdepar
tment

Thedepar
tmenti
sresponsi
blef
orpr
ocessi
ngt
he new busi
nesspr
esent
edby
t
hesal
esf
orcer
ightf
rom r
ecei
vi
nganappl
i
cat
ionatt
hecount
ert
osendi
ngt
hepol
i
cy
papert
othepol
i
cyhol
der

I
thasmanysect
orst
omaket
hedi
ff
erentj
obr
elat
ingt
otheaccept
anceor
di
smi
ssalofr
iskf
orl
i
fei
nsur
ance,
theappl
i
cat
ionsar
erecei
vedandf
ir
stl
yischeckedi
n
al
lsal
utat
ions.i
.eCompl
eti
onofal
lcol
umnsandt
henmanagedbyt
heunder
wri
ter
s
dependi
nguponwhet
hert
heyhav
ebeenpr
esent
edundert
hemedi
calornon-
medi
cal
sy
stem.Ther
iski
smeasur
edpossessi
oni
nopi
niont
hef
oll
owi
ngf
act
ors.

Per
sonaldat
a,Occupat
ion,
Phy
sicalandsoci
alf
eat
ures,
Heal
th,
Fami
l
yhi
stor
yof

18
t
hepr
ospect
,Mor
alhazar
d,Sour
ceofi
ncome,Nomi
nat
ion,Rel
ati
onshi
pbet
weent
he
nomi
neeandpr
ospect
.Pr
evi
ousl
i
fei
nsur
ancehi
stor
yofpr
ospecti
fany
,Fi
eldof
fi
cer
s
orsal
erepr
esent
ati
veconf
ident
ial
repor
tincl
udedi
nthepr
oposal
for
m.

Fi
nanci
alunder
wri
ti
ng i
.eSour
ce of i
ncome,i
ts aut
hor
it
y and,pr
oof
,the
r
elat
ionshi
pbet
weent
hepr
ospect
’si
ncomeandamountpr
omi
se.I
nthecaseoff
iel
d
of
fi
cer
sorsal
erepr
esent
ati
ve’
srepor
tshav
emor
eimpor
tance.

Af
tert
his cal
cul
ati
on,t
he under
wri
ti
ng concl
usi
on i
s made whi
ch may be
accept
anceofr
iskatanor
malr
ateorwhi
chl
oadi
ng,cal
l
ingaddi
ti
onalpi
ecesof
ev
idencer
elat
ingt
oheal
thorf
inanci
alst
atusoft
hepr
ospect
,post
poni
ngf
oradef
ini
te
per
iodorst
rai
ghtawaydecl
i
nat
ion.Pr
emi
um r
ates,i
nst
all
ment
sar
echeckedandf
ir
st
pr
emi
um r
ecei
ptsar
eissuedonr
ecei
vi
ngpay
ment
s.

I
nthe l
ast
,pol
i
cycont
ractar
eissued underi
nti
mat
ion t
ofi
eldf
orce,and
concer
neddepar
tment
sli
kecommi
ssi
onpay
ment
,agencyadmi
nist
rat
ion,comput
er
di
vi
sionandf
unct
ionast
heunder
wri
ter
sar
eresponsi
blef
ort
hef
inanci
alheal
thofl
i
fe
i
nst
it
uti
on.Byaccept
inggoodr
iskt
heypr
omot
epr
ofi
tabi
l
ityandgr
owt
h,whi
chhel
psi
n
meet
ingt
hef
inanci
alobl
i
gat
ionsoft
hel
i
fei
nst
it
uti
ont
owar
dst
hepol
i
cyhol
der
s,i
ts
empl
oyeesand,
gov
ernment
.

2.
6.2 AgencyDepar
tment

St
atel
i
fei
soneoft
hosef
ew or
gani
zat
ionswhosecr
eat
ionhasnotcompl
eted
t
he count
erbuti
thas t
o be pr
esent
ed t
othe expect
ed cust
omert
hrough huge
mar
ket
ing.

Themar
ket
ingpower
,commonl
yknownasf
iel
dlabor
s,i
sregul
atedt
hroughan
i
mpor
tantdepar
tmentwhi
chi
nassur
ancebusi
nessi
scal
l
edagencyadmi
nist
rat
ion
depar
tment
.

Theagencyadmi
nist
rat
ionr
esul
ts,t
rai
ned,pr
omot
eandpr
ovi
deser
vicest
oit
s
f
iel
dwor
ker
ssoensur
ethem ski
l
ledpr
ofessi
on,soundcar
eer
,handsomei
ncomeand
manyf
ri
ngebenef
itt
oeaset
hei
rli
fe.

Ser
vicedel
i
ver
edbyt
hest
atel
i
fei
nsur
ancecor
por
ati
oni
sphy
sicalandsoi
snot

19
dev
elopedatt
hecount
erbyt
hepubl
i
c,whowanti
tsomustbesol
dtot
hem t
hrought
he
conv
inci
ngt
echni
que.Thef
iel
dfor
ceofst
atel
i
fei
nsur
ancecor
por
ati
onsshowsar
eal
r
olei
nthesel
l
ingofi
ntangi
blegoods.Tokeepar
ecor
doft
hef
iel
dfor
ceagency
depar
tmentwasest
abl
i
shed.

St
atel
i
fehast
wol
evel
sofr
ecr
uit
ment

 Pr
omot
ion

SR i
spr
omot
ed,uponf
ulf
il
lmentofcer
tai
nter
msandsi
tuat
ionsandont
he
successofbusi
nessgoal
s,t
ososi
mil
arl
yispr
omot
edt
oSM andSM t
oAM.Andal
so
succeededpr
izes,
awar
ds,
ter
minat
ionanddemot
ion,
cer
ti
fi
cat
e,andot
herbenef
it
s.

2.
6.3 Mar
ket
ingDepar
tment

Amar
ket
ingdepar
tmentpr
omot
esy
ourbusi
nessandef
for
tsdeal
sofi
tsgoods
ser
vices.I
tdel
i
ver
sthe needed r
esear
ch t
o cl
assi
fyy
ourgoalcl
i
ent
s and ot
her
audi
ences.Dependi
ngont
hecompany
’shi
erar
chi
calor
gani
zat
ion,
amar
ket
ingdi
rect
or,
managerorv
icepr
esi
dentofmar
ket
ingmi
ghtbeatt
hehel
m.

2.
6.4I
nfor
mat
ionTechnol
ogyDepar
tment

I
nfor
mat
ionTechnol
ogydepar
tmenti
sthepr
otect
orofal
lthedepar
tment
sint
he
st
atel
i
fe.Theyconnect
edwi
thal
lthedepar
tment
sthr
ought
hecomput
ersy
stem and
del
i
veral
lthemai
ninf
ormat
ionanddat
aofpol
i
cyhol
der
stot
hem.I
Tdepar
tmentuses
45t
o50comput
ersconnect
edt
heyhav
e3har
ddi
skswi
th5000GB.

Theywor
konor
acl
elanguageandusessmar
tter
m appl
i
cat
ionandSQLpr
ogr
am
wi
thoutanyv
irus.Wi
tht
hehel
poft
hispr
ogr
am,ourdepar
tmentmakesdi
ff
erent
st
atement
sandr
epor
tsorpr
int
outt
hem andt
hemai
nser
verdel
i
ver
edal
lser
vicest
o
t
heot
herdepar
tment
s.

2.
6.5 Per
sonnelandGener
alSer
vicesDepar
tment

Al
lthe empl
oyee mat
eri
als such as appoi
ntment
s,pr
omot
ions,demot
ion,
t
ransf
erand,al
l
owances ar
e appor
ti
oned wi
th by t
he per
sonnelsect
ion.Annual
conf
ident
ialr
epor
ts(
ACR)t
heempl
oyeesar
ereadyundert
hemanagementoft
his

20
sect
ionbyt
hedepar
tment
alhead.

Fort
heappoi
ntmentoft
hest
aff
,anannouncementi
sst
art
edi
nthenewspaper
.
TheZonalheadi
sthecompet
entaut
hor
it
yfort
hisappoi
ntment
.Thi
sappoi
ntmental
so
dependsont
hebusi
nessoft
hezonalof
fi
cet
heappoi
ntmentofof
fi
cer
sisdonebyt
he
pr
inci
palof
fi
ceKar
achiorr
egi
onalof
fi
ce.Thet
eam cr
eat
edbyt
hezonalheadconduct
s
t
est
sandi
nter
views.

Fort
hepr
omot
ionoft
heempl
oyees,
ther
ear
eACRi
snecessar
yandami
nimum
oft
hreey
ear
sar
erequi
redt
oremai
ninonecode.Eachempl
oyeei
spr
omot
edbycr
it
eri
a
andi
nst
ruct
ionsetbyt
hepr
inci
palof
fi
ce.PO orr
egi
onalof
fi
cet
hepr
omot
ionof
of
fi
cer
s.I
n Lahor
e,t
her
e ar
e 362 of
fi
ce empl
oyees,9 sect
orheads and,ar
ea
manager
s(AM)
.

2.
6.6 Audi
tDepar
tment

Audi
tdepar
tmentofst
atel
i
feani
nter
nalaudi
toft
ransi
ti
onswhi
choccurondai
l
y
basi
s.Managementofany or
gani
zat
ion i
sresponsi
blef
orensur
ing t
hatpr
oper
account
ingr
ecor
dsar
ekeptandi
tsasset
sar
esaf
eguar
ded.Tobestdi
schar
ge,t
his
r
esponsi
bil
i
tyi
nst
it
uti
ngasy
stem ofi
nter
nalcont
roli
sessent
ialt
oensur
ethatwor
kis
pr
oper
lycar
ri
edoutbyt
heempl
oyees.Theor
gani
zat
iont
henr
eli
esoni
tssy
stem f
ort
he
pr
oduct
ionofr
eli
abl
emanagementi
nfor
mat
ionandt
hef
inanci
alaccount
s,andt
o
pr
eventer
ror
,fr
aud,andl
ossofor
gani
zat
ion’
sasset
sint
ernalaudi
tisapar
tofi
nter
nal
cont
rol
.

2.
6.7 Fi
nanceandAccount
ingDepar
tment

Thi
sdepar
tmentmai
ntai
nst
her
ecor
dofal
lthecasht
ransact
ions.I
tpr
epar
es
pay
rol
lfort
her
egul
arempl
oyeesanddi
sbur
sest
heamount
.Ital
sot
akescar
eoft
he
f
ri
ngebenef
itsuchasmedi
calf
aci
l
iti
espr
ovi
dedt
otheof
fi
cest
aff
.A Commi
ssi
ont
hat
i
spai
dtosal
esr
epr
esent
ati
ves,sal
esof
fi
cer
sand,sal
esmanager
sisal
socal
cul
ated
andpai
dthr
ought
hisdepar
tment
.

Tokeept
hecor
por
ati
ononf
inanci
alt
rackbal
ancesheet
sandi
ncomest
atement
t
opr
epar
eonanannual
,mont
hlyand,weekl
ybasi
s.Thepr
inci
palof
fi
cesendst
he

21
annualbudgett
othedepar
tmental
sosendsabudgetf
orecastf
ort
henew budget
pr
oposal
.

Pay
mentonbehal
foft
heot
herzonesandpr
epar
ati
onofbankr
econci
l
iat
ion
st
atement
sar
eal
soaf
unct
ionoft
hisdepar
tment
.

Thedepar
tmentconsi
stsoft
hef
oll
owi
ngsect
ion;

 Commi
ssi
on

 Sal
ary

 Di
sbur
sement

 Loan

 Cashcount
er

2.
6.8 Pol
icy
hol
der
sSer
vicesDepar
tment

ManagementHi
erar
chyofPHSDepar
tment

PHSdepar
tmentper
for
mst
hef
oll
owi
ngf
unct
ion;

 Renewal
orr
evi
val
ofpol
i
cies

 Al
ter
ati
oni
nthepol
i
cy

 Pay
mentofdeat
hcl
aim

22
  Pay
mentofmat
uri
tycl
aims

 Renewalorr
evi
valofpol
ici
es:

PHSdoesr
enewalorr
evi
valofpol
i
cies.Renewalofpol
i
ciesi
sdonewhent
het
erm
oft
hepol
i
cyendsandt
hepol
i
cyhol
derwant
stor
enew hi
spol
i
cy.Rev
ivali
sdoneof
t
hosepol
i
cieswhi
chhav
ebeenl
apsedduet
onon-
pay
mentofpol
i
ciespr
emi
um.A
l
apsedpol
i
cymayber
evi
veddur
ingt
hel
i
fet
imeoft
hel
i
fei
nsur
ed.
,butwi
thi
n 5y
ear
s
f
rom t
heduedat
eoft
hef
ir
stunpai
dpr
emi
um andbef
oret
hedat
eofmat
uri
ty.The
Rev
ivalofal
apsedpol
i
cyi
sconsi
der
edei
theronanon-
medi
calormedi
calormedi
cal
basi
sdependi
ngupont
heageoft
hel
i
fei
nsur
edatt
het
imeofr
evi
val
andt
hesum t
obe
r
evi
ved.

 Al
ter
ati
oni
nthepol
icy

The Al
ter
ati
on may be done i
nthe t
abl
e orcondi
ti
ons orsum i
nsur
ed.The
endor
sementwi
l
lbeat
tachedwi
thor
igi
nal
pol
i
cydocument
sforal
ter
ati
onpur
poses.

 Ki
ndsofAl
ter
ati
on

 Cal
cul
atedal
ter
ati
on

 Cont
ract
ual
alt
erat
ion

 Pay
mentofDeat
hCl
aim

St
atel
i
fei
nsur
ancepol
i
ciespr
ovi
deawi
der
angeofbenef
it
sincaseofdeat
hof
t
heper
sonacov
eredagai
nstt
hem.I
fal
ovedonecov
eredunderanyofst
atel
i
fehas
expi
red,y
oushoul
dlodgeadeat
hcl
aim wi
thst
atel
i
fe.Al
lyouhav
etodoi
stosenda
wr
it
teni
nti
mat
iont
othezonalof
fi
ceofst
atel
i
feser
vici
ngt
hepol
i
cyagai
nstwhi
chy
ou
ar
elodgi
ngadeat
hcl
aim.

St
atel
i
fewi
l
l,af
terev
aluat
ingt
hecase,
cont
actf
orot
herr
equi
reddocument
sfor
pr
ocessi
ngofdeat
hcl
aim.

 Sur
viv
alBenef
itCl
aim

I
ftheant
ici
pat
edendowmentassur
ancepol
i
cyhascompl
et 3rdor2/
ed1/ 3rdt
erm

23
oft
hepol
i
cy,
itcanwi
thdr
awasum equal
to25%oft
hesum i
nsur
edoft
hepol
i
cy.

Forwi
thdr
awalofsur
viv
albenef
it
,send a wr
it
ten r
equestal
ong wi
tht
he
f
oll
owi
ngdocument
stot
heser
vici
ngst
atel
i
fezonal
off
ice:

 Or
igi
nal
pol
i
cydocument

 Copyofnat
ional
ident
it
ycar
d

 Sur
viv
albenef
itdi
schar
gedv
oucherdul
yver
if
iedbyy
ourbank

 I
fthesi
gnat
ureofper
sonshaschangedov
ert
hey
ear
s,t
henar
eneedt
o
sendt
hreespeci
mensi
gnat
ureofol
dandnewst
yles

 I
mmedi
atel
yonr
ecei
ptoft
heabov
edocument
s,st
atel
i
fewi
l
lpr
ocesst
he
casef
orpay
mentoft
heamountdue,i
fanyagai
nstsur
viv
albenef
itcl
aim
undert
heabov
epol
i
cy.

 Pay
mentofmat
uri
tycl
aim

Agoodnewsl
ett
eri
ssentt
opol
i
cyhol
der
sconsi
stoft
hef
oll
owi
ngi
nfor
mat
ion.

I
tisamat
terofgr
eatpl
easur
ethaty
ourpol
i
cyhasmat
ured.I
tist
imet
oful
fi
ll
the
goal
sthaty
ouhadsety
ear
sback.Forcol
l
ect
ingmat
uri
tybenef
it
s,pl
easesenda
wr
it
tenr
equestal
ongwi
tht
hef
oll
owi
ngdocument
stoy
ourser
vici
ngst
atel
i
fez
onal
of
fi
ce:

 Or
igi
nal
pol
i
cydocument

 Copyofnat
ional
ident
it
ycar
d

 Mat
uri
tydi
schar
gev
oucherdul
yver
if
iedbyy
ourbank

 I
fyoursi
gnat
urehaschangedov
ert
hey
ear
s,pl
easesendusy
ourt
hree
speci
mensi
gnat
uresofol
dandnewst
yles.

 I
mmedi
atel
yonr
ecei
ptoft
heabov
edocument
s,wewi
l
lpr
ocesst
hecase
f
urt
herf
orpay
mentoft
heamountdue,
ifany
,agai
nstmat
uri
tycl
aim under
t
heabov
epol
i
cy.

24
2.
6.9 BancaAssur
anceDepar
tment

Banca Assur
ance i
s an ar
rangementbet
ween t
he bank and an i
nsur
ance
companyal
l
owi
ngt
hei
nsur
ancecompanyt
osel
lit
spr
oduct
stot
hebank’
scl
i
entbase.
BancaAssur
ancei
sthesel
l
ingofi
nsur
ancepr
oduct
sthr
ought
hebank’
sdi
str
ibut
ion
channel
s.

Pot
ent
ialf
orbankst
olev
eragecust
omerbaset
ogener
ater
isk-
fr
eei
ncomef
rom
non-
int
erestsour
ces.

Thi
spar
tner
shi
par
rangementcanbepr
ofi
tabl
eforbot
hcompani
es.Bankear
n
addi
ti
onal
rev
enuebysel
l
ingi
nsur
ancepr
oduct
s,andi
nsur
ancecompani
esexpandt
hei
r
cust
omerbases wi
thouti
ncr
easi
ng t
hei
rsal
es f
orce orpay
ing agentand br
oker
commi
ssi
on.

2.
6.10RealEst
ateDepar
tment

St
atel
i
fei
nsur
ancecor
por
ati
onofPaki
stani
soneoft
hebi
ggestr
ealest
ate
owner
sint
hecount
ryandownsmor
ethan50commer
cialhi
gh-
ri
sebui
l
dingsandsome
commer
cial
plot
sinv
ari
ousci
ti
esofPaki
stan.

St
atel
i
fehadi
nher
it
edbui
l
dingwheni
tcamei
ntoexi
stencei
n1972.Ther
eaf
ter
i
tsr
ealest
atedi
vi
sionhasconst
ruct
edhi
ghst
andar
dbui
l
dingsi
nvar
iousci
ti
esof
Paki
stan.Thesebui
l
dingsdepi
ctt
hecul
tur
alher
it
age,
char
act
erofnat
ionalar
chi
tect
ure.
Realest
atel
i
fehousesi
tszonalof
fi
cesandal
sor
ent
soutt
heof
fi
cespacet
othe
t
enant
s mai
nly gov
ernmentdepar
tment
s,cor
por
ati
ons,mul
ti
nat
ionaland r
eput
ed
or
gani
zat
ions.Ther
ent
abl
eof
fi
cespacei
nourbui
l
dingsi
smor
ethan2.
4mi
l
li
on.

Goodqual
i
tymul
ti
-st
orey
edbui
l
dingsatI
slamabad,Lahor
e,Kar
achi
,Peshawar
,
Fai
sal
abad,Hy
der
abad,Mi
rpur
khas,Lar
kana,Guj
ratand,D.
IKhanar
ethel
andmar
kof
t
hese ci
ti
es wi
thy
etanot
herl
andmar
k underconst
ruct
ion i
nthe capi
talci
ty of
I
slamabadst
atel
i
fehaspl
anst
oconst
ructanew bui
l
dingi
nGuj
ranwal
a,Sar
godha,
Si
alkotandRahi
myarkhani
nfut
ure.

I
nrealest
ate,west
ri
vet
opr
ovi
debet
terf
aci
l
iti
est
oourv
aluabl
etenant
swhi
ch
i
ntur
nbui
l
dsupt
heconf
idenceofourpol
i
cyhol
der
s.

25
26
Chapt
er:03

PRODUCTSANDSERVI
CES

27
 PRODUCTANDSERVI
CES
Asweknowt
hatst
atel
i
fei
nsur
ancecor
por
ati
onhasdomi
nat
edl
i
fei
nsur
ance
mar
ketandi
tobt
ainsabout90%mar
ketshar
eofl
i
fei
nsur
ance.Soi
thaspr
esent
eda
gr
eatnumberofgoodsandi
tisof
fer
inggoodsappr
opr
iat
eforev
eryci
ti
zenofPaki
stan.

St
atel
i
fei
nsur
ancecor
por
ati
onof
fer
sdi
ff
erentpr
oduct
sli
ket
hese;

3.
1Indi
vi
duall
if
einsur
ance

3.
2Gr
oupl
if
einsur
ance

3.
1Indi
vi
duall
if
einsur
ance
I
ndi
vi
duall
i
fei
nsur
ancehav
edi
ff
erentt
ypesofpr
oduct
sinst
atel
i
fei
nsur
ance
cor
por
ati
onofPaki
stanwhi
chof
fer
stot
hecust
omerwhi
char
efol
l
owi
ngs;

3.
1.1Whol
eli
fei
nsur
ance

I
tisauni
quecombi
nat
ionofgoodsandsav
ingsatav
eryeconomi
calpr
emi
um.
Deat
hatanyt
imebef
ore85y
ear
sofbi
rt
hagedi
smi
ssescost
sofpay
ment
sandt
he
sum i
nsur
edandi
nvol
vedbonusbecomespay
abl
e.I
ntheev
entt
hei
nsur
edl
i
vest
othe
pol
i
cybi
rt
hdayatageof85y
ear
s,t
hepol
i
cymat
urest
hesum i
nsur
edpl
usbonus
becomepay
abl
e.Undert
hispl
an,t
hechar
gesofbonusar
egener
all
ymuchhi
ghert
han
pl
ansandt
heyhel
pingr
owi
ngnotonl
ysaf
etybutsi
mil
arl
ythei
nvest
mentpar
toft
he
pol
i
cygr
eat
ly.Thi
spl
ani
sthebestsui
tedf
ory
out
hswhohav
eatt
heear
lyst
epsoft
hei
r
car
eer
s and cannothav
e enough moneyt
o payhi
gh pay
ment
s.I
ndi
vi
dual
s who
ant
ici
pat
ether
equi
rementofal
umpsum i
nthef
arf
utur
ecanal
sot
hispl
an.

3.
1.2Endowmenti
nsur
ance

I
t’
sahar
mlessandsur
estwayofguar
ant
eedcashdel
i
ver
yal
soataspeci
fi
edt
ime
ordeat
h.Undert
hesepol
i
cies,t
hesum i
nsur
edpl
usbonusi
spay
abl
eatt
heendofa
speci
fi
ednumberofy
ear
sort
hedeat
hoft
hel
i
fei
nsur
edi
fpr
evi
ous.Pay
ment
sar
e
pay
abl
efort
hespeci
fi
ednumberofy
ear
sort
il
ldeat
h,i
fpr
evi
ous.Thepr
ofi
tsundert
he
pl
ancanbeext
rai
ncr
easedbyat
tachi
ngaddi
ti
onal
prot
ect
ions.

Thepl
anhel
pst
her
equi
rement
sofaf
ami
l
yinmanyshapesbywayofeconomi
c

28
hel
patr
eti
rement
,educat
ionofchi
l
drenor
,pr
ovi
si
onofcapi
tal
forbusi
ness.

3.
1.3SadabaharPl
an

Sadabahari
sanant
ici
pat
edendowmentt
ypewi
th-
prof
itpl
ant
hatpr
ovi
desl
ump
sum benef
itatcer
tai
nst
agesdur
ingt
hepr
emi
um-
pay
ingt
erm oronear
li
erdeat
h.
besi
dest
hispl
anhasabui
l
t-i
nacci
dent
aldeat
hbenef
itr
idersot
hatt
hepol
i
cyhol
der
get
sanaddi
ti
onal
sum assur
edi
ncaseofdeat
hduet
oanacci
dent
.

Thi
spl
ani
sasaf
einst
rumentf
orcashpr
ovi
sionatt
het
imeofneed.Wi
tht
hispl
an,
t
hepol
i
cyhol
dercansecur
egr
eat
erpr
otect
ionandcont
inuedpr
osper
it
yfort
hef
ami
l
yat
anaf
for
dabl
ecost
.

Admi
ssi
bleageandt
ermst
hispl
ani
sav
ail
abl
etoal
lmember
soft
hegener
alpubl
i
c,
agedf
rom 20t
o60y
ear
snear
estbi
rt
hday
.Bot
hmal
eorf
emal
emaypur
chaset
hispl
an.
I
nof
fer
edundert
hispl
anar
e12,
15,
18,
21,
24,
27,
and,
30y
ear
s.

3.
1.4Ant
ici
pat
edEndowmentI
nsur
ance

Thi
sisamodi
fi
edf
orm ofanendowmentassur
anceandi
sal
socal
l
edat
hree
pay
mentpl
an’
.Besi
desf
ulf
il
li
ngt
hel
ong-
ter
mfi
nanci
alneeds,i
tal
sohel
psi
nmeet
ing
t
he shor
t-
ter
m f
inanci
alexi
genci
es.As t
he name suggest
s,t
he pl
an of
fer
sthr
ee
pay
ment
sthr
oughoutt
het
erm oft
hepol
i
cy.

Thepl
anof
fer
ssur
viv
albenef
it
sequalt
o25%oft
hesum i
nsur
edoncompl
eti
onof
3rd and2/
1/ 3rd t
erm oft
hepol
i
cy.I
fthepol
i
cyhol
derdoesnotwi
thdr
aw t
hesur
viv
al
benef
it
,av
eryat
tract
ivespeci
alr
ever
sionar
ybonusi
sav
ail
abl
e.Oncompl
eti
onoft
he
t
erm oft
hepol
i
cy,
ther
emai
ning50%sum i
nsur
edpl
usaccr
uedbonusshal
lbepay
abl
e.
I
fthel
i
fei
nsur
edexpi
resdur
ingt
het
erm oft
hepol
i
cy,t
hesum i
nsur
ed,accr
ued
bonuses,uncl
aimedsur
viv
albenef
it
sand,speci
alr
ever
sionar
ybonusesar
epay
abl
e.
Thepl
ani
ssui
tabl
efort
hei
ndi
vi
dual
swhohav
elong-
ter
mfi
nanci
alneedsbutal
so
ant
ici
pat
erequi
redt
heentofmoneyr
elat
ivel
year
li
er.Thesepay
mentpl
anshel
ptof
ulf
il
l
t
heseshor
t-
ter
mfi
nanci
alneedswi
thoutt
ermi
nat
ingt
heact
ual
cont
ract
.

3.
1.5Chi
ldEducat
ionandMar
ri
agei
nsur
ance

Chi
l
deducat
ionandmar
ri
agei
nsur
ancei
sapl
anf
ort
hepr
otect
ionofachi
l
d’s

29
f
utur
e.I
tpr
ovi
desal
ump-
sum benef
itf
ort
hechi
l
daf
tert
hepol
i
cyt
erm.Oncompl
eti
on
oft
het
erm oft
hepol
i
cy,t
hef
ullsum i
nsur
edt
oget
herwi
tht
heaccr
uedbonuses
becomespay
abl
etot
hepol
i
cyhol
der
.

I
fthepol
i
cyhol
derdi
esbef
orecompl
eti
onoft
het
erm,
afami
l
yincomebenef
itofRs
240per1000sum i
nsur
edperannum i
spai
dtot
hechi
l
dunt
ilt
hecompl
eti
onoft
he
pol
i
cyt
erm.Fur
ther
,fut
urepr
emi
umsundert
hepol
i
cyar
ewai
vedandr
ecei
vebonuses.
Upont
hecompl
eti
onoft
hepol
i
cyt
erm,t
hechi
l
dget
stwoopt
ionsofei
therget
ti
ngt
he
pr
ocedur
einal
umpsum orf
iveequal
inst
all
ment
s.

3.
1.6Jeev
anSat
hiI
nsur
ance

Thi
sisaj
ointl
i
fepl
anandcov
erst
hel
i
vesoft
wopar
tner
ssayhusbandandwi
fe
si
mul
taneousl
y.Pr
emi
umsar
epay
abl
eti
l
ltheendoft
hespeci
fi
edt
erm ort
il
lthedeat
h
ofei
theroft
hei
nsur
edper
sons,i
fear
li
er.Thepl
ancont
ainsext
ensi
vebenef
it
s;an
ov
erv
iewofwhi
chappear
sasunder
;

Ont
hedeat
hoff
ir
stl
i
fe,t
hesum i
nsur
edwi
l
lbepai
dtot
hesur
viv
or.Fur
ther
pr
emi
umsundert
hepol
i
cywi
l
lcont
inuet
othepar
ti
cipat
ion i
nthepr
ofi
tsoft
he
cor
por
ati
on.Ont
hedeat
hofsecondl
i
fe,
agai
nthesum i
nsur
edwi
l
lbepai
dtoget
herwi
l
l
t
heat
tachi
ngbonuses.I
nthi
sev
ent
,thepol
i
cywi
l
lter
minat
e.

I
fthesecondl
i
fesur
viv
alt
het
erm oft
hepol
i
cy,
heorshewi
l
lthepai
dsum i
nsur
ed
t
oget
herwi
tht
heat
tachedbonuses,ev
ent
hought
hesum i
nsur
edhasbeenpai
donce,
ont
hedeat
hoft
hef
ir
stl
i
fe.I
fbot
hthel
i
vessur
viv
alt
het
erm oft
hepol
i
cy,t
hesum
i
nsur
edwi
l
lbepai
dtot
hem j
oint
ly,onl
yonce,t
oget
herwi
tht
heat
tachedbonuses.
Di
ff
erentsuppl
ement
arycov
ersar
eal
soav
ail
abl
efori
ncr
easi
ngcov
erageundert
he
pol
i
cy.

3.
1.7ShadabadI
nsur
ance

Shadabadpl
ani
sanext
endedf
orm ofendowmentassur
ance.Thebenef
it
’sunder
t
hepol
i
cyi
ncr
easemani
fol
dint
heev
entoft
hedeat
hoft
hel
i
fei
nsur
ed.

Oncompl
eti
onoft
het
erm oft
hepol
i
cy,
thesum i
nsur
edpl
usbonusesat
tachedt
o
t
hepol
i
cyar
epay
abl
e.Howev
er,ondeat
hdur
ingt
hepol
i
cyt
erm,t
hedeat
hbenef
it

30
consi
stsofdoubl
eoft
hesum i
nsur
edwi
thaccr
uedbonuses.I
ncaseofdeat
hduet
oan
acci
dent
,thedeat
hbenef
itconsi
stsoff
ourt
imest
hesum i
nsur
edpl
usbonuses.The
cov
eragecanbef
urt
herwi
denedbyat
tachi
ngsuppl
ement
arycov
erswi
tht
hepol
i
cy.

Thepl
anmeet
sther
equi
rement
soft
hosewhoappr
eci
atet
hebasi
cpur
poseof
endowmentassur
ancebi
tal
sol
i
kesomeaddi
ti
onalcov
ert
opr
otectl
ovedonesi
ncase
t
heydi
e,bef
oremat
uri
ty.

3.
1.8Ter
mInsur
ance

I
ntheev
entoft
hedeat
hoft
hel
i
fei
nsur
ancedur
ingt
het
erm oft
ermi
nsur
ance
suppl
ement
arycov
er,t
hesum i
nsur
edwi
l
lbepay
abl
eint
headdi
ti
ont
othebenef
it
s
pay
abl
eundert
hebasi
cpol
i
cy.Suppose,
Mr.
A,cov
eredundert
hepol
i
cyofRs1,
000,
000
and,al
soat
tachest
ermi
nsur
ancesuppl
ement
arycov
erwi
thhi
spol
i
cy.I
ncaseofhi
s
deat
hdur
ingt
het
erm oft
ermi
nsur
ance,asum equalt
oRs1,
000,
000wi
l
lbepay
abl
e
undert
hissuppl
ement
arycov
er.Thi
swi
l
lbei
naddi
ti
ont
othebenef
it
spay
abl
eunder
t
hemai
npol
i
cy.

3.
1.9Sunehr
iPol
icy

Sunehr
ipol
i
cyi
sani
nnov
ati
vel
i
fei
nsur
ancepr
oduct
.Iti
sfl
exi
ble,secur
eand,
meet
sthechal
l
engesofi
nfl
ati
onqui
teeconomi
cal
l
y.Underaspeci
alf
eat
ureoft
his
pl
an,f
rom t
het
hir
dpol
i
cyy
earonwar
d,t
hesum i
nsur
edundert
hepol
i
cyandpr
emi
um
wi
l
lincr
easeby6%perannum wi
thoutpr
ovi
dinganyev
idenceofi
nsur
abi
l
ity
.Fr
om t
he
t
hir
dpol
i
cyy
earonwar
d,t
hepol
i
cyhol
deri
spr
ovi
dedwi
tht
hest
atementshowi
ngt
he
bui
l
dupoft
hecashv
alueoft
hepol
i
cyandt
hesum i
nsur
edf
ort
hey
ear
.Thepol
i
cyal
so
par
ti
cipat
esi
nthesur
plusofst
atel
i
feandcur
rent
ly,t
her
atei
s105pert
housandper
annum oft
headj
ust
edopeni
ngcashv
alue.

3.
1.10Ni
gehbanPl
an

Thi
spl
anpr
ovi
dest
ermi
nsur
ancecov
erf
oraper
iodr
angi
ngf
rom 5t
o10y
ear
s.
Ast
henamesuggest
s,t
hispl
ani
smeantt
opr
otectt
het
erm ofpol
i
cyonl
yi.
e,t
hesum
i
nsur
edi
spay
abl
eondeat
hifi
toccur
sdur
ingt
het
erm ofi
nsur
ancewhi
l
ethepol
i
cyi
sin
f
orce.Thepl
andoesnotcar
ryanysur
viv
albenef
it
s,mat
uri
ty,sur
renderv
alues,l
oan

31
v
alue,
etc,Thepol
i
cywi
l
lbewi
thoutpr
ofi
t.Thepl
ani
sav
ail
abl
eint
wov
ersi
onsnamel
y,
wi
thasi
ngl
epr
emi
um andannualpr
emi
ums.At
tachi
ngcer
tai
nsuppl
ement
arycov
ers
canwi
dent
hecov
erageundert
hepl
an.

3.
2Gr
oupLi
fei
nsur
ance
Gr
oupl
i
fei
nsur
ancehassomepr
oduct
swhi
char
efol
l
owi
ng;

3.
2.1Ter
minsur
ancescheme

3.
2.2HouseBui
l
dingscheme

3.
2.3PayCont
inuat
ionscheme

3.
2.4Gr
oupEndowmenti
nsur
ancescheme

3.
2.5Gr
oupPensi
onscheme

3.
2.1Ter
mInsur
anceScheme

Thi
ster
minsur
ancepl
anpr
ovi
desl
i
fei
nsur
ancecov
eraget
othememberofa
gr
oup,
suchast
heempl
oyeesofanempl
oyer
.Theamountofcov
erageofeachmember
i
sdet
ermi
nedr
egar
dingei
therhi
sdesi
gnat
ionorsal
aryorempl
oymentcat
egor
yor
someot
hersi
mil
arv
ari
abl
e.Thi
spl
anpr
ovi
desi
nsur
ancepr
otect
iont
othemember
sof
agr
oupatav
eryaf
for
dabl
emi
nimum possi
blecost
,24hour
scov
eragear
oundt
he
wor
ld.Bypr
otect
ingasenseoff
inanci
alsecur
it
yamongstt
heempl
oyeesi
tcont
ri
but
es
t
oimpr
ovi
ngt
hewor
kingenv
ironmentf
ort
heempl
oyerr
esul
ti
ngi
nhi
gherpr
oduct
ivi
ty.
I
n mostcases,t
he empl
oyeri
slegal
l
yobl
i
ged t
o pr
ovi
de i
nsur
ance cov
ert
o hi
s
empl
oyees.Thi
spl
anhel
pst
heempl
oyert
oful
fi
llt
hisr
equi
rement
.Pr
emi
umsar
etax-
deduct
ibl
efort
heempl
oyer
.Tot
alpr
emi
um undergr
oupt
ermi
nsur
ancei
sloweras
compar
edt
othesum oft
hepr
emi
um ofal
lpol
i
ciesi
fissuedi
ndi
vi
dual
l
ytoeachl
i
fe,
duet
osav
ingsi
nexpenses.

3.
2.2HouseBui
ldi
ngScheme

Undert
hispl
an,eachmemberoft
hegr
oupi
sinsur
edf
ort
het
otalamountofl
oan
out
standi
ngagai
nsthi
mincl
usi
veofaccumul
atedi
nter
est
.Theamountofi
nsur
ancei
s
t
heact
ualamountofl
oanout
standi
ngont
hedat
eofdeat
hwher
east
hepr
emi
um i
s
32
char
gedont
heav
eragel
oanout
standi
ngov
ert
hewhol
epol
i
cyy
ear
.Ifpr
ovi
desf
inanci
al
secur
it
ytheempl
oyer
sandf
inanci
ali
nst
it
uti
onsagai
nstt
her
iskoft
heunt
imel
ydeat
h
ofanyoft
hei
rindebt
edempl
oyeeorcl
i
ent
.Ver
yof
tent
hef
ami
l
yoft
hedeceased
per
soni
snoti
naposi
ti
ont
orepl
ytot
hel
oanst
akenoutbyhi
m,especi
all
yift
he
deceasedper
sonwast
hesol
ebr
eadwi
nni
ngmemberoft
hef
ami
l
y.I
nsuchacaset
he
i
nsur
ancecov
eragepr
ovi
desi
nsur
ancet
othecr
edi
tort
hathewoul
dbeabl
etor
ecov
er
hi
scapi
talwi
thoutcausi
nghar
dshi
ptot
hedi
str
essedf
ami
l
y.Thecr
edi
tori
sal
so
pr
otect
edf
rom t
heheadacheofconst
ant
lymoni
tor
ingcasesofdel
ayedr
epay
mentof
t
hel
oani
nhar
dshi
pincasescausedbyt
heunf
oreseendeat
hofabr
eadwi
nni
ngf
ami
l
y
member
.Thepr
emi
um dueundert
hispol
i
cymayber
ecov
eredbyt
hecr
edi
torf
rom t
he
bor
rower
sal
ongwi
tht
hel
oanr
epay
menti
nst
all
ment
s.

3.
2.3PayCont
inuat
ionScheme

Manpoweri
s st
il
lconsi
der
ed as one oft
he mosti
mpor
tantel
ement
s of
pr
oduct
ionsdespi
tet
hedr
amat
icgr
owt
hofmi
crochi
p-basedaut
omat
ioni
nal
lwal
ksof
l
i
fe,especi
all
yin commer
ce and i
ndust
ry.The ov
eral
lef
fi
ciency based of an
or
gani
zat
iont
her
efor
edependsupont
hequal
i
tyoft
hemanpowerofi
tsempl
oyees.The
mor
edev
oted,har
dwor
kingand,l
oyalt
heempl
oyeest
hehi
ghert
her
ewar
dtot
he
empl
oyeri
nthef
orm ofgr
eat
eref
fi
ciencyandpr
ofi
tabi
l
ity
.Qual
i
tymanpowercanbe
at
tachedbyof
fer
ingagoodempl
oyeebenef
it
spackagebasedonensur
ingsecur
it
yand
peaceofmi
ndoft
heenl
i
ght
enedempl
oyerpay
spar
ti
cul
arat
tent
iont
othewel
far
eand
wel
lbei
ngoft
hei
rwor
kfor
cet
hroughv
ari
ousempl
oyeebenef
it
sscheme.

3.
2.4Gr
oupEndowmentI
nsur
anceScheme

Gr
oupendowmentf
undi
nsur
anceschemepr
ovi
desl
i
fei
nsur
ancecov
eraget
othe
member
soft
hepr
ovi
dentf
undschemeofanempl
oyer
.Theamountofcov
erageof
eachmemberdependsuponhi
sageandt
heamountofhi
spr
ovi
dentf
undbal
anceat
anyt
ime.

Youngempl
oyeesnor
mal
l
yhav
eshor
tser
vicet
othei
rcr
edi
tandconsequent
ly,
t
hei
rpr
ovi
dentf
undbal
ancei
sal
soqui
temeager
.Incaseoft
heunf
ort
unat
edeat
hof
suchaper
son,t
hepr
ovi
dentf
undamounti
snotadequat
eformeet
ingt
hef
inanci
al

33
needsoft
hef
ami
l
ysuchasschool
i
ngofchi
l
dren,
thei
rmar
ri
ageexpensesand,
housi
ng
accommodat
ion,gr
ouppr
ovi
dentf
undi
nsur
anceschemei
sspeci
all
ydesi
gnedt
omeet
suchasev
ent
ual
l
ysi
ncet
hebenef
it
sundert
heschemear
eonasl
i
dingscal
e.

3.
3.5Gr
oupPensi
onScheme

St
atel
i
fe,hav
ebecomei
ncr
easi
ngl
yawar
eoft
hepr
edi
camentofpr
ogr
essi
ve
empl
oyer
swant
ingt
o bet
tert
hel
i
fest
yleoft
hei
rempl
oyeesbypr
ovi
dingf
inanci
al
secur
it
yandj
obsat
isf
act
ion,butnotbei
ngabl
etodoso,duet
olackofav
ail
abi
l
ityof
av
enueandoppor
tuni
ti
es.Thi
sbookl
eti
sagui
det
othest
atel
i
fepensi
onschemet
hat
enabl
esanempl
oyert
opr
ovi
desubst
ant
ialbenef
it
stoempl
oyeesandensur
eahi
gher
st
ateofwel
lbei
ngf
ort
hem.I
texpl
ainst
hei
nst
it
uti
on,pr
ofessi
onal
sinourpensi
ons
di
vi
sion,wecanassi
sty
oui
nav
ail
i
ngi
t,i
nyourownandy
ourempl
oyee’
sint
erest
.Our
r
epr
esent
ati
veswi
l
lonl
ybet
oopl
easedt
obeofanyser
vicet
oyou.

Oncet
hewor
kingl
i
feofani
ndi
vi
duali
sov
er,
orhehasr
eti
red,
whatwi
l
lhel
i
veon?
Thi
sisaquest
ionwhi
chev
eryi
ndi
vi
dualf
acesdur
inghi
swor
kingl
i
feandi
sofequal
i
mpor
tancet
oaconcer
nedempl
oyer
.Per
sonalsav
ing,pr
ovi
dentf
undand,gr
atui
tyar
e
t
henor
malasset
sheacqui
res.I
fnotspentpr
udent
ly,
theseasset
scanf
ri
tt
erawayi
na
shor
tti
me.St
atel
i
fepensi
onschemei
stheonl
ysour
cet
hatpr
ovi
desast
eadymont
hly
i
ncomewhenot
hersour
cesofi
ncomeended.Thi
sbookl
etexpl
ainsst
ep-
by-
stept
he
nat
ureoft
hepensi
onscheme,
howi
toper
atesand,
whatt
her
ebenef
it
stheempl
oyeras
wel
last
heempl
oyees.

34
Chapt
er:04

Fi
nanci
alPosi
ti
onoft
heOr
gani
zat
ion

35
4.
1Fi
nanci
alPosi
ti
on

36
37
4.
2St
atementofcashf
low

38
39
4.
3Incomest
atement

40
4.
4Changei
nequi
ty

41
4.
5Fi
nanci
alr
ati
o

42
Chapt
er:05

I
nter
nshi
pExper
ienceatTheOr
gani
zat
ion

43
5.
1Pl
ansofMyI
nter
nshi
pPr
ogr
am
5.
1.1Ihav
edonemyi
nter
nshi
pinSt
ateLi
feI
nsur
anceCor
por
ati
onofPaki
stanat
Mi
rpurKhasZone
r
d
5.
1.2Ist
art
edmyi
nter
nshi
pfr
om 30Sept
embert
o23 Nov
ember
.

5.
1.3Depar
tmentwhi
chIv
isi
t

HumanResour
cesDev
elopmentDepar
tmentt
hedur
ati
onofi
nter
nshi
pwas1week

NewBusi
nessDepar
tmentt
hedur
ati
onoft
her
epor
twas1week

AccountandFi
nanceDepar
tmentt
hedur
ati
onoft
her
epor
twas1week

Audi
tDepar
tmentt
hedur
ati
onoft
her
epor
twasf
ewday
s

AgencyDepar
tmentt
hedur
ati
onoft
her
epor
twasf
ewday
s

Pol
icy
hol
derandSer
viceDepar
tmentt
hedur
ati
onoft
her
epor
twasf
ewday
s

I
nfor
mat
ionTechnol
ogyDepar
tmentt
hedur
ati
onr
epor
twasf
ewday
s

BancaAssur
anceDepar
tmentt
hedur
ati
onoft
her
epor
twasf
ewday
s

Per
sonnel&Gener
alSer
vicesDepar
tmentt
hedur
ati
onoft
her
epor
twasf
ewday
s

5.
2Int
ernshi
pWeekl
ySchedul
e
5.
2.11stWeek

Ist
art
edt
hef
ir
stdayofmyi
nter
nshi
pwi
tht
hebackgr
oundi
ntr
oduct
ionofast
ate
l
i
fei
nsur
ancecor
por
ati
on.Andl
ear
nhowt
ocal
cul
atet
hepr
emi
um ofeachpol
i
cyhol
der
,
t
heni
nfor
mat
ionaboutwhati
sthemat
uri
tyandbonuses.Isawt
her
atebookwher
eal
l
t
her
atesar
ement
ionedaccor
dingt
otheageandt
erm oft
hepol
i
cy.Andwi
tht
hehel
p
r
atebook,
wecancal
cul
atet
hepr
emi
umsofeachpol
i
cyhol
der
.

5.
2.22ndWeek

Dur
ing 2ndweekofmyi
nter
nshi
p,Ist
art
edt
ovi
sitt
hef
ir
stdepar
tmentoft
he “
New
Busi
nessDepar
tment
”Il
ear
nedt
hatanyper
sonwhowant
stot
aket
hepol
i
cyt
henew
busi
nessdepar
tmentgi
vest
he pol
i
cynumbert
othecust
omerwhen he/
she was
44
i
nsur
edi
nthei
nsur
ance.Fi
rst
lyt
heypr
ovi
deanappl
i
cat
iont
othecust
omert
oful
fi
ll
t
hei
rrequi
rementbyhi
s/herf
ami
l
ysuppor
torbySRt
ogui
det
hem.Whent
heyhandl
eal
l
document
soft
hei
rrequi
rement
,thent
heypayt
hei
rfi
rstpr
emi
um t
othi
sdepar
tment
.
r
d
5.
2.33 Week

I
nthi
s week Iv
isi
ted t
he depar
tmentof“
Account
s and f
inance”i
nthi
s
depar
tmentIl
ear
nedwhati
sthewor
koft
hisdepar
tment
?Theheadoft
hisdepar
tment
f
ir
stl
yint
roducest
hisdepar
tmenti
nfor
mat
ion and t
hen t
heyshow t
hei
rvoucher
’s,
i
ncomest
atement
,bal
ancesheet
s,andal
sot
oldabouthow t
othatwepayl
oans
sal
ari
esandal
sot
hecommi
ssi
onofSRandal
sopayandmaket
hest
atel
i
fei
nsur
ance
expenses.

5.
2.44thWeek

I
nthi
sdepar
tmentIv
isi
ted“
Audi
tDepar
tment
,AgencyDepar
tment
”theheadof
anaudi
tdepar
tmentt
oldust
hatt
hisdepar
tmentmai
ntai
nsal
lrecor
doft
hest
atel
i
fe
i
nsur
anceandt
her
ecor
dsofpol
i
cyhol
der
sandal
somai
ntai
nal
lther
ecor
daccor
dingt
o
t
hest
atel
i
fei
nsur
ance.Thent
heAgencydepar
tmentheadt
oldust
hei
nfor
mat
ion
aboutt
hei
rdepar
tmentandal
sot
hewor
koft
hisdepar
tmentt
hewor
koft
heagency
depar
tmenti
sthatt
hatt
heyhi
ret
henew memberoft
hest
atel
i
fe,whi
chwant
stodo
j
obsi
nst
atel
i
fe.Theyal
l
owt
henewwor
kerf
ort
hej
ob.

5.
2.55thWeek

I
nthi
s week Iv
isi
ted t
he depar
tment
,”PHS,I
T” f
ir
stl
yIl
ear
ned aboutI
T
depar
tmentt
hatwhati
sthewor
koft
hisdepar
tment
,theycont
rolal
lthecomput
er
sy
stemsand al
lthecamer
asr
ecor
d and al
so maket
hesesomenew f
ormsand
mai
ntai
nal
lsof
tcopi
esr
ecor
dswi
tht
hei
rsy
stems.Theycont
rolal
lthesy
stemsof
st
atel
i
fei
nsur
ance.Thent
heseconddepar
tmentofpol
i
cyhol
derandser
vices,
thewor
k
oft
hisdepar
tmentt
hatt
heygi
vet
heser
vicest
othepol
i
cyhol
der
swhatt
heyneed
sev
eryt
hingi
ncl
udeswi
tht
hepol
i
cyhol
der
s.Theymai
ntai
npol
i
cyhol
der
srecor
d,l
i
ket
he
pol
i
cyhol
derwant
stot
akel
oanf
ir
stl
ytheyappl
yinPHSdepar
tmentort
heywantt
o
sur
rendert
hei
rpol
i
cyt
othest
atel
i
fei
nsur
ance.Theygo t
othePHS depar
tment
pol
i
cyhol
derser
vicedepar
tmentser
vest
hem.

45
5.
2.66thWeek

I
nthi
sweekIv
isi
tedt
het
wodepar
tment
swhi
char
e“Bancaassur
ance,
Per
sonnel
and.gener
alser
vices depar
tment
s”.Fi
rst
lyIl
ear
ned aboutt
he Banca Assur
ance
depar
tment
.Int
hisdepar
tment
,theheadoft
hisdepar
tmentt
oldust
hatt
heBanca
Assur
ancei
sli
ket
heSR.I
nthi
stheBancaAssur
anceanycust
omerwant
stot
akepol
i
cy
t
heyeasyt
ogoi
nanyt
hei
rBankf
ort
hepol
i
cy.BancaAssur
ancewor
ksl
i
keSR.And
t
henIv
isi
tedt
heP&GSdepar
tmenti
nthi
sdepar
tmentt
hememberoft
hisdepar
tment
t
oldust
hatwemai
ntai
nal
lthef
urni
tur
eoft
hest
atel
i
fei
nsur
anceandal
sopr
omot
e
t
hesemember
sofst
atel
i
fei
nsur
ance.

5.
3Lear
ningExper
ience
Att
hest
atel
i
fei
nsur
ancecor
por
ati
oni
twasagoodexper
ienceofmyi
nter
nshi
p
dur
ing6weeks,Iwasv
eryt
hankf
ulf
oral
ldepar
tmentheadsandal
somember
sto
cor
por
ateusandsuppor
tusandal
sohel
psuswi
tht
hegr
eati
nfor
mat
ionf
rom al
lthe
depar
tment
.

Ial
sol
ear
nwi
thdi
ff
erentdepar
tmentl
i
keaccountdepar
tment
,humanr
esour
ce
depar
tment
,agencydepar
tmentandal
soot
herf
rom Il
ear
ned.

5.
4Ski
ll
sLear
ned
Mar
ket
ingi
nthest
atel
i
fei
nsur
anceIl
ear
nedaboutt
hemar
ket
inghowt
oat
tract
t
hecust
omer
stot
hei
rser
vice.Il
ear
nedt
hathow t
oat
tractt
hecust
omer
stot
hei
r
or
gani
zat
ion,t
heyof
fergoodser
vicet
oat
tractt
hecust
omer
stot
hei
ror
gani
zat
ionbut
notonl
ycust
omer
stheyal
soat
tractt
hewor
ker
stowor
kint
hisor
gani
zat
ion.Whenwe
dot
hei
nter
nshi
ptheyal
sosai
dust
haty
oual
socanj
oinouror
gani
zat
ionasapar
tof
t
hej
obl
i
keapar
t-
ti
me,
job.

5.
5Obser
vedat
ti
tudesandgai
nedv
alues
I
nthest
atel
i
fei
nsur
ancecor
por
ati
onIobser
vedt
hatt
heyar
eev
eryt
imeev
ery
mont
hthei
rheadofst
atel
i
fegi
vest
het
arget
stot
hei
rdown-
li
ner
stoachi
evet
hei
r
t
argeti
tmeansev
eryoner
unt
ofi
ndt
hecust
omer
stot
hei
ror
gani
zat
ioni
tmeans

46
ev
ery
onedoest
hemar
ket
ingt
oachi
evet
het
arget
s.

5.
6Themostchal
lengi
ngt
askper
for
med
Basi
cal
l
yint
hest
atel
i
fei
nsur
ancecor
por
ati
on,t
heycan’
tgi
veanyt
argetj
ustt
hey
al
ldepar
tment
sheadgi
vesani
ntr
oduct
ionaboutt
hei
rdepar
tment
s.Theyal
lbusyi
n
t
hei
rwor
ktheycan’
tgi
veanywor
kst
odosohowcanwegetachal
l
enge.Buti
nst
art
ing
wi
tht
hei
ntr
oduct
ionofst
atel
i
fei
nsur
ancewej
ustdosomewor
kli
kehowt
ocal
cul
ate
t
hepr
emi
um ofanycust
omer
swi
thdi
ff
erentageswi
tht
hegi
vendi
ff
erentbookr
ateof
cust
omer
s.Whent
heyt
akepol
i
cy.

47
Chapt
er:06

Concl
usi
on,
SWOTanal
ysi
s,Pr
obl
em
I
dent
if
icat
ionand,
Sol
uti
on

48
 St
rengt
h,Weakness,
Oppor
tuni
ti
es,
Thr
eat
sanal
ysi
s

6.
1St
rengt
h:
 St
atel
i
fei
nsur
ancecor
por
ati
onhassui
tabl
efi
nanci
alr
esour
ces:

St
atel
i
fei
nsur
ancewasagov
ernmentsect
ort
hathassui
tabl
efi
nanci
alr
esour
ces,
becausewhent
hecust
omeri
nsur
edhi
s/herl
i
fei
nani
nsur
ancecompany
.Thent
he
i
nsur
ancecompanyal
sor
einsur
ancet
hisamountwi
thanot
heri
nsur
ancecompanyor
t
heyi
nvesti
nthegov
ernmentsect
ors.

 Bet
teradv
ert
isi
ngcampai
gn

Anadv
ert
isi
ngcampai
gni
saser
iesofadv
ert
isementmessaget
hatshar
easi
ngl
e
i
dea and t
heme whi
ch make up i
ntegr
ated mar
ket
ing communi
cat
ion.Adv
ert
isi
ng
campai
gnsut
il
izedi
ver
semedi
achannel
sov
erapar
ti
cul
art
imef
rame.

 Capabl
etopmanagement

Mostor
gani
zat
ions hav
ethei
rmanagementl
evel
sli
ke l
ow-
lev
elmanagement
,
mi
ddl
e-l
evel
managementand,
top-
lev
elmanagement
.

St
atel
i
fei
nsur
ancehadat
op-
lev
elofmanagement
.Thesemanager
sar
eresponsi
ble
f
orcont
rol
l
ingt
heov
erseei
ngt
heent
ir
eor
gani
zat
ion.Theydev
elopgoal
s,st
rat
egi
c
pl
ans,
compani
es,
andmakedeci
sionsont
hedi
rect
ionoft
hebusi
ness.

 Mar
ketshar
e

St
atel
i
fei
nsur
anceofPaki
stanal
sobuyt
heshar
eoft
hecompanyandal
sot
hey
i
nvesti
nthepr
oper
ti
es,bui
l
dingandal
sopl
aza.Theyf
ir
stbuyt
hepr
oper
ti
est
hent
hey
makebui
l
dingst
hent
heygav
eont
her
ent
.

 Adequat
etopmanagement

Wi
thi
ntheI
SO9000ser
iesofst
andar
ds,“
topmanagement
”isdef
inedast
heper
son
orgr
oupofpeopl
ewhodi
rect
sandcont
rol
sanor
gani
zat
ionatt
hehi
ghestl
evelt
o
ensur
ethatadequat
eresour
cesar
epr
ovi
dedt
omeett
heor
gani
zat
ion’
sobj
ect
ives.

49
  Nat
ural
monopol
y

Anat
uralmonopol
yisat
ypeofmonopol
ythatexi
stsduet
othehi
ghst
art
-upcost
sor
power
fuleconomi
es ofscal
e ofconduct
ing a busi
ness i
n a speci
fi
cindust
ry.A
companywi
thanat
uralmonopol
ymi
ghtbet
heonl
ypr
ovi
derorapr
oductorser
vicei
n
ani
ndust
ryorgeogr
aphi
clocat
ion.Nat
uralmonopol
i
escanar
isei
nindust
ri
est
hat
r
equi
reuni
quer
awmat
eri
als,
technol
ogy
,orsi
mil
arf
act
orst
ooper
ate.

6.
2Weakness
 Longpr
ocessi
ngofcl
aims

I
n-st
atel
i
fei
nsur
ancecor
por
ati
ont
heyhav
eal
ongpr
ocessf
ort
hecl
aiml
i
ke,when
someonewant
stoensur
ehi
s/herl
i
fei
nthei
nsur
ancecompanyt
heyhav
eal
ongt
imet
o
t
aket
hemat
uri
ty,
orwhent
hei
rmat
uri
tywasdonet
hent
hei
nsur
ancecompanyt
akesa
l
ongt
imet
opr
ocesst
hemat
uri
tyf
ort
hecust
omer
.

 Out
dat
edI
nfor
mat
ionTechnol
ogysy
stem

I
nthest
atel
i
fei
nsur
ancehav
eanout
dat
edi
nfor
mat
ionsy
stem becauset
hismoder
n
sy
stem hashi
ghl
evel
soft
echnol
ogybuti
nthest
atel
i
fei
nsur
ance,t
heyuset
heol
d
sy
stem oft
echnol
ogy
.

 TheI
ncr
easi
ngr
oleofsur
render

St
atel
i
fei
nsur
anceday
-by
-dayi
ncr
easet
her
olef
orsur
render
.whent
hepol
i
cyhol
der
want
stosur
rendert
hei
rpol
i
cyt
othest
atel
i
fet
heyt
oldt
hem f
orsomer
equi
rement
s
l
i
keor
igi
naldocument
s,t
hesamei
nsur
edper
son,andal
sosomemor
erequi
rement
s.
Buti
nst
art
ingday
snotmuchmor
erequi
rement
.

6.
3Oppor
tuni
ti
es
 Gr
owt
hoft
hef
inanci
alsect
or

St
atel
i
fei
nsur
anceal
soi
ncr
easi
ngi
nthei
rfi
nanci
alsect
ors.St
atel
i
fei
nsur
ance
cor
por
ati
onofPaki
standai
l
ygr
ow-
upt
hei
rsect
orsi
nev
erycommer
cialci
tyorcount
ry.
St
atel
i
fei
nsur
ancedai
l
ygr
owt
hwasi
ncr
easi
ng.

50
  Moder
nInf
ormat
ionTechnol
ogysy
stem

St
atel
i
fei
nsur
ancenowadayt
aki
ngoppor
tuni
ti
est
otakenewi
nfor
mat
iont
echnol
ogy
i
nthemoder
nage.Thi
sinsur
ancecompanywasgoi
ngt
otur
nint
henew ormoder
n
t
ypeofi
nfor
mat
ionandt
echnol
ogysy
stem.

6.
4Thr
eat
sanal
ysi
s
 Newcompet
it
ors

St
atel
i
fei
nsur
ancehasal
so compet
edwi
thnew compet
it
orsbecauseev
erynew
compet
it
orwasgoi
ngt
oat
tractt
hecust
omer
stot
hei
rcompanyandev
erydayt
heyt
ry
t
omakenewpol
i
ciesf
ort
hecust
omer
sbutst
atel
i
fei
nsur
ancecaneasi
l
ycompet
ewi
th
t
hem becauset
hest
atel
i
fei
nsur
ancewast
hegov
ernmentsect
or.

 Recessi
oni
neconomi
cs

Ar
ecessi
oni
sasi
gni
fi
cantdecl
i
nei
neconomi
cact
ivi
tyspr
eadacr
osst
heeconomy
,
l
ast
ingmor
ethanaf
ewmont
hs,
nor
mal
l
yvi
sibl
einr
ealGDP,
reali
ncome,
empl
oyment
,
i
ndust
ri
alpr
oduct
ion,
andwhol
esal
e-r
etai
lsal
es.

 Changi
ngcust
omerneeds

Ev
ery
dayst
atel
i
fewaschangi
ngt
hepr
ocessf
ort
hecust
omer
s.Theyar
efi
ndi
ngt
he
cust
omer
’sneedsandt
henal
sot
hingsaboutt
hei
rpr
obl
em andt
ryt
osol
vei
t,l
i
kei
fa
cust
omerneedst
obuysomet
hingexpensi
vebutt
heycan’
tbuyi
tthent
heyt
ryt
otake
l
oansf
rom t
hei
nsur
ancecompany
,then t
hei
nsur
ancecompanyal
so checkt
hei
r
pr
emi
um whi
chi
nsur
edper
songav
etot
hest
atel
i
fei
nsur
anceaf
tercompl
eti
ngt
hei
r
pr
ocesst
hecompanyal
l
owst
hel
oanst
othecust
omer
.Thent
heypayi
teasi
l
ybyt
he
compoundi
nter
estr
atequar
ter
ly.

 Cy
ber
cri
mes

St
atel
i
fei
nsur
ance whi
ch was secur
ed f
rom t
he Cy
berCr
imes at
tack.Because
nowaday
sthehacker
seasi
l
yhackedt
hecomput
ersy
stem.Thest
atel
i
fei
nsur
ancewas
secur
efr
om al
loft
hem t
heycan’
tat
tackt
hei
rsy
stem easi
l
ybecauset
heyhav
enow
51
secur
efr
om t
hem andhav
eanexper
tofi
nfor
mat
iont
echnol
ogi
st.

6.
5Pr
obl
emsI
dent
if
icat
ionsandSol
uti
on
6.
5.1Pr
obl
ems

Wehav
enotanyki
ndofoppor
tuni
tyt
ofi
ndt
hepr
obl
em butunf
ort
unat
ely
,Imeet
wi
tht
heP&GSdepar
tment
’smembert
henIsawhowmuchbur
denont
hisbecausehei
s
aj
uni
orempl
oyee.Het
oldust
hatt
her
ewer
esomanyoppor
tuni
ti
esf
orunempl
oyment
becauset
her
ewer
esomanyst
udent
swhower
ecompl
etedi
nter
medi
atewhocaneasi
l
y
j
oint
hisi
nsur
ancecompany
.Butt
her
ewassol
ongpr
ocesst
opr
omot
ethem f
ir
stt
hey
dot
hei
rjobwi
thhonest
yandal
soachi
evet
hei
rtar
getbyachi
evi
ngt
hei
rtar
gett
heyar
e
pr
omot
edot
her
wiset
heyde-
promot
edandal
somor
emush.

6.
5.2Pr
oposedSol
uti
ons

Iam notabl
etogi
vet
hesol
uti
onaboutt
heef
fi
ciencyandwor
kingoft
hecompany
howev
erdur
ingmyi
nter
nshi
pper
iodIt
hinkt
her
ewassomesol
uti
ont
hatt
heycaneasi
l
y
adaptt
hem,l
i
ke,t
heempl
oyeeshav
eov
erbur
denedofwor
kal
ot.SoIwantt
osuggest
t
hatt
heycanhi
renewormor
eempl
oyeest
oreducet
hei
rwor
k.

Empl
oyeesshoul
dbesi
gnedf
orj
obsf
oraspeci
fi
cper
iodandt
hent
heyshoul
dshi
ft
t
oanot
herdepar
tmentsot
heygai
nknowl
edgeofot
herj
obs.I
tmeansr
otat
ionoft
hei
r
j
obmustbedone.

St
atel
i
feshoul
dpr
oper
lyadv
ert
iseandcommuni
cat
etot
hepubl
i
caboutt
heser
vices
pr
ovi
dedbyi
tsot
hatmor
ecust
omer
swi
l
lbeat
tract
ed.

TheExpendi
tur
emustbecont
rol
l
ed,whi
chi
sver
yhi
gh.I
tsdr
awbacksshoul
dbe
i
mpr
oved.

Ther
eisal
soaneedpr
operr
ecr
uit
mentandsel
ect
ionpr
ogr
am.New y
oungt
alent
shoul
dbei
ntr
oducedt
oinj
ectnewi
deas.

Theempl
oyeesneedt
ofol
l
owt
her
ulesandr
egul
ati
onsoft
hei
rst
rat
egi
cpl
anni
ngand
al
sof
oll
owt
headv
iceoft
hei
rheadsandt
heyal
soneedt
opunct
ual
thei
rti
ming.
52
Thest
atel
i
fei
nsur
ancewant
stobuynewf
urni
tur
efort
heempl
oyeesandal
sof
ort
he
newt
rai
nerwhocomesf
rom uni
ver
sit
yandal
soanot
hersi
def
ort
rai
ningi
nthest
atel
i
fe
i
nsur
ancecor
por
ati
onofPaki
stan.

Thest
atel
i
fei
nsur
anceshoul
dbuyt
hedust
binf
orwr
apper
sbecauset
her
ewer
emany
wr
apper
sint
hest
atel
i
fei
nsur
ancecor
por
ati
on.

Ther
ewasal
soaneedf
ormor
esupper
sint
hest
atel
i
fei
nsur
ancecor
por
ati
onbecause
t
hebat
hroomsofst
atel
i
fei
nsur
ancewer
enotcl
ean,andal
soneedt
omakecl
ean
bat
hrooms.

I
nthest
atel
i
fe,t
hei
nsur
ancewor
kingpr
ocessoft
heof
fi
cer
swasl
azybecauset
he
of
fi
cerofst
atel
i
fei
nsur
ancecamel
atet
ime.

Thest
atel
i
fei
nsur
anceshoul
dneedmor
esecur
it
yguar
dsbecauset
her
ewasal
ackof
secur
it
yguar
ds.

Thest
atel
i
fei
nsur
anceshoul
dneedmor
epeonsbecauset
her
ewasal
soal
ackof
peonsi
nthest
atel
i
fei
nsur
ance.

Thest
atel
i
fei
nsur
anceshoul
dneedt
osweetwat
erf
ort
heusageofempl
oyeesand
al
soot
her
swhi
chcomef
rom ot
hersi
desf
orexampl
ecust
omer
sandal
sof
orot
her
s.

Thest
atel
i
fei
nsur
anceneedsmor
eli
ft
sbecausei
fonel
i
ftwasbusyt
hent
heycanuse
t
heot
hereasi
l
y.

WhenIser
vedt
hewhol
edepar
tmentoft
hest
atel
i
fei
nsur
anceandIsawt
hewal
l
sof
someof
fi
ceswer
edamaged.

Thest
atel
i
fei
nsur
anceshoul
dneedt
hepar
kfort
hepeopl
ebecauset
her
ewer
enot
seenanypar
kingi
nthest
atel
i
fei
nsur
ance.

Dur
ingt
hei
nter
nshi
ppr
ogr
am,Isawt
hati
nthest
atel
i
fei
nsur
ancet
her
ewasal
ackof
gener
atorbecausedur
ingt
hewor
kingpr
ocesst
heof
fi
cer
soft
hest
atel
i
fei
nsur
ance
hav
etof
acedi
ff
icul
ti
es.

53
6.
6Concl
usi
on
Fr
om t
heabov
ebr
iefandwi
dedi
scussi
on,Ihav
ecomet
othepoi
ntt
hatt
hest
ate
l
i
fei
nsur
ancecor
por
ati
onpl
aysav
italr
olei
npr
esenti
nsur
ancemar
ket
ingi
nPaki
stan.
Thegr
osspr
emi
um oft
hecompanyi
sincr
easi
ng.I
twasani
nter
est
ingexper
iencet
odo
i
nter
nshi
psi
nthest
atel
i
fei
nsur
ancecor
por
ati
on.Thest
affwashi
ghl
ycooper
ati
veand
duet
othei
rhel
p,Il
ear
nedabi
gdeal
aboutt
hei
nsur
ancesect
or.

Isuggestt
hatsuchani
nter
nshi
ppr
ogr
am hi
ghl
yint
egr
ati
vef
ort
hest
udentof
managementsot
hatt
hest
udentshoul
dbeenqui
redwi
tht
heknowl
edgeofpr
act
ice
wor
ld.Idosummar
izet
hati
twoul
dbeagr
eathel
ptomei
nthesel
ect
ionofaj
obor
f
utur
efi
eldofwor
k.

Fr
om t
heabov
edi
scussi
onandal
soIl
ear
neddur
ingmyi
nter
nshi
ppr
ogr
am how was
t
heor
gani
zat
iongr
ow upbecausewear
east
udentofbusi
nessadmi
nist
rat
ionsoI
shoul
dabl
etoknowwhati
sthehi
erar
chyoft
heor
gani
zat
ionwor
ksandhowt
oachi
eve
t
hei
rgoal
sbecausei
ntheuni
ver
sit
yandal
soi
nthesubj
ectwej
ustl
ear
nedwhati
sthe
hi
erar
chy
,goal
s,andal
sopl
anni
ngbuti
nthest
atel
i
fei
nsur
anceIj
ustl
ear
nedhowwas
i
tspr
ocess.I
nthei
nter
nshi
ppr
ogr
am,wehav
eexper
ienceofanor
gani
zat
ion.Af
teral
l
,
i
nthef
utur
e,i
twashel
pedusdur
ingt
hej
obbecauseI
nthi
smoder
nageev
ery
body
needsanexper
iencef
ort
hej
obsoi
twasagoodexper
iencef
ormeandal
soapi
eceof
goodknowl
edgef
ort
hef
utur
e.

Thei
nter
nshi
ppr
ogr
am wasv
eryhel
pfulf
ort
hest
udenti
nthef
utur
e.Af
teral
l
,ithel
ps
ust
ogetmor
eknowl
edgef
ort
hef
utur
ebecausei
tisv
erygoodf
ort
hest
udent
s.

54
  Ref
erenceandSour
ceUsed
I
nthepr
epar
ati
oni
nter
nshi
prepor
tmedi
scussedv
ari
ousbookseconomi
st
newspaper
sandv
isi
tedwebsi
tes.Fol
l
owi
ngar
eref
erencesf
rom whi
chIt
ook
assi
stancei
npr
epar
ati
onofmypr
oject
sonSt
ateLi
feI
nsur
anceCor
por
ati
on.

Mycour
sebooks

Cl
assNot
esdur
ingourcl
assl
ect
ures

Speci
alI
nst
ruct
ionsandgui
del
i
nebyt
eacher
s

Bookl
etspr
ovi
dedbyt
heconcer
nedor
gani
zat
ions

I
nhousenewsl
ett
ersofSt
ateLi
feI
nsur
anceCor
por
ati
on.

 E-
DATESOURCES

 www.
stat
eli
fe.
com.
pk

 www.
wiki
i
pedi
a.com.
pk

 www.
googl
e.com.
pk

55