EFU Life Insurance Report

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ACKNOWLEDMENT:
All gratitude and thanks to almighty "ALLAH" the Gracious, The Most merciful
and Beneficent who gave me courage to undertake and complete this task. I am
very much obliged to my ever caring and loving parents whose prayers have
enabled to reach this stage.
I am grateful to almighty ALLAH who made me able to complete the work

presented in this report. It is due to HIS unending mercy that this work moved
towards success.
We feel great pleasure and honor to express our gratitude from the citadel of our
heart to the people whom we met, for their corporation. Their sympathetic
behavior has an everlasting impression on the pages of our memory. We also give
honor to (in charge of project appraisal) Mr. Naeem Gull Gilal, who provide us an
opportunity to us to get practical experience in field work and whose guidance
remained
We are especially thankful to Mr. Sharwan kumar (Assistance Branch Manager

EFU life insurance Mirpurkhas) who provided unnecessary information and show
us the working of EFU. We also wordless to pay our humble gratitude to our
parents, who has supported us to reach the point where we stand now and have
been a great and enormous source of inspiration for us throughout the life.
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DEDICATION:
THIS HUMBLE EFFORT IS DEDICATED TO MY DEARLY LOVED
PARENTS:
WHO DID THEIR BEST TO UPLIFT
ME TO THE HIGHEST OF AN IDEAL
LIFE
TEACHERS:
WHO CONTINUED TO EMBOLDEN
ME IN THIS REPORT TILL I
ACHIEVE THIS GOAL
AYESHA NIAZ
BBA PART 2
ROLL NO: 2K20/MKBBA/07
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POURPOSE OF INTERNSHIP:
The main and primary purpose of this INTERNSHIP is to fulfill the requisite
requirements towards the completion of BBA (Hons) degree.
It was a great chance for me to apply my skills and knowledge which I have
learned during BBA to workplace. The purpose of this internship was gain good
amount of confidence & to become aware of the mechanism of EFU life by
working & dealing with officials of the customers.
For this visited main branch and regional office of

EFU LIFE Mirpurkhas in addition to acquainting my
self with branch and after laborious work I have
written report.
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REASEARCH METHODOLOGY:
In the preparation internship report
I have used both data collection
methods.
1) Primary methods:
 Interviews (employees and attend the new clients)
 Observations (in organization)
2) Secondary methods:
 Internet (website of organization
www.efulife.com)
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EXECUTIVE SUMMARY
 During this era, I got an opportunity of getting practical knowledge about the insurance
system in Pakistan, before thus internship, I was just aware with literally meaning of
insurance.
 As my internship is concerned, it is the requirement of bachelors’ degree, not only this

but I was seeking a reputable organization where I utilized my theoretical knowledge to
gain the experience of practical working
 after getting the internship letter from Sindh university campus Mirpurkhas. I applied in
EFU city branch Mirpurkhas. When I start internship work at EFU. I meet with branch
manager, he was guide to me about insurance system and different departments of
company which are included on history objectives and functions.
 Overall internship experience at EFU remains as good as I got a practical job exposure
continuous concentration and corporation of the employees provided me confidence and
strength, which will be so helpful to me in my professional life.
Business Administration Part (II)
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CONTENTS
SR NO: DESCRIPTION PAGE NO:
1. INTRODUCTION TO INSURANCE 8
2. History of insurance 8
3. Principles of insurance 9
4. Types of insurance 11
5. INTRODUCTION OF EFU LIFE INSURANCE 13
6. History 13
7. Objectives 20
8. Vision and mission 20
9. Core values 23
10. Competitors 24
11. Board of directors 24
12. Organizational structure 25
13. Brief summary of all departments 26
14. PRODUCTS AND SERVICES 30
15. For individuals 31
16. For groups 40
17. Islamic fund products 41
18. FINANCIAL POSITION OF ORGANIZATION 43
19. Financial summary 43
20. Income statement 44
21. Balance sheet 45
22. Cash flow statement 46
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23. Statement of changes in equity 47
24. Statement of value added 48
25. Internship Organization EFU Insurance Company Limited 49

(Mirpurkhas Branch)
26. Introduction 49
27. Internship weekly schedule 51
28. Learning experiences 52
29. CONCLUSION 53
30. SWOT Analysis of EFU 53
31. Suggestions 54
32. Conclusion 55
33. Bibliography 56
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INTRODUCTION TO INSURANCE
DEFINTIONS:
Insurance can be defined into a number of ways. Some of them are as follows:
"A contract between an insurance company and a person or group which provides for a money
payment in case of covered loss, accident or death".
"Insurance is a contract between two parties whereby one party agrees to undertake the risk of
another in exchange for consideration known as premium and promises to pay a fixed sum of
money to the other party on happening of an uncertain event (death) or after the expiry of a
certain period in case of life insurance or to indemnify the other party on happening of an
uncertain event in case of general insurance. The party bearing the risk is known as the 'insurer'
or “assurer” and the party whose risk is covered is known as the “insured” or “assured”.
"It is a system whereby contributions are received from insuring public and pool of money is
created from where the claims are paid to few unfortunate persons who died during the insurance
period".
HISTORY OF INSURANCE
Insurance began as a way of reducing the risk of traders, as early as 2000 BC in China and 1750
BC in Babylon. Life insurance dates only to ancient Rome; "burial clubs" covered the cost of
members' funeral expenses and helped survivors monetarily. Modern life insurance started in
17th century England, originally as insurance for traders, merchants, ship owners and
underwriters met to discuss deals at Lloyd's Coffee House, predecessor to the famous Lloyd's of
London. Thus from Lloyd's of London insurance begins.
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PRINCIPLES OF INSURANCE
In every sort of contract there are some principles which must be followed in order to accomplish
the contract. Following are the principles of every insurance contract.
 principle of utmost good faith

An insurance contract is one of utmost good faith. What this means is that all material facts about
an insured risk must be disclosed to the insurers at the time of completing the proposal form, or
subsequently if the facts change.
 principle of indemnity
Indemnity means that the insurers agree to compensate in the event of loss such that the insured
is left substantially in the same position financially after the loss as she was before it but the
insured cannot profit from a loss.
 principle of contribution
If more than one policy covers the same risk it is not possible for the insured to claim on both
and make a gain. In this situation each of the insurers involved would be required to contribute a
proportionate amount of the loss - this is known as the principle of contribution.
 principle of subrogation
In the event of a claim and where the insurers have fully indemnified the insured, the insured's
original interests can be taken over by the insurers this is known as the principle of subrogation.
For example, where a third party causes damage to the insured's property, after the
insurers have settled the claim they can pursue the third party for the cost of the
damage.
 principle of average
Underinsurance can have serious implications when insuring a property.
Underinsurance means that the replacement value of the property or the value of the contents has
been understated on the proposal, thereby lowering the premiums paid.
The principle of average means that the amount of the claim payment will be reduced
proportionality if the property was not insured to the full amount of its replacement cost.
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 principle of proximate cause
In the event of a claim the insurers will want to ascertain if the cause of the loss was an insured
risk. The principle of proximate cause relates to this and is define as: The efficient cause
which brings about a loss with no other intervening cause which breaks the chain of events.
 insurable interest
You must have an interest (insurable interest) in the thing insured. If you could insure something
which you did not have an insurable interest in (ownership of) it would be possible to gain in the
event of another's loss!
 insurable risk
The risk which is going to cede must be insurable.
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TYPES OF INSURANCE:
There are two types of insurance
LIFE GENERAL
INSURANCE INSURANCE
GENERAL INSURANCE:
General insurance is basically an insurance policy that protects you against losses and damages
other than those covered by life insurance. For more comprehensive coverage, it is vital for you
to know about the risks covered to ensure that you and your family are protected from
unforeseen losses
General insurance includes following types of insurance.
 Vehicle insurance
 Health insurance
 Home insurance
 Property insurance
 Liability insurance
 Credit insurance
 Marine insurance
 Aviation insurance
 Travel insurance
 Professional indemnity
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LIFE INSURANCE:
Life insurance covers the life of a person...
Life insurance provides a monetary benefit to a decedent's family or other designated

beneficiary, and may specifically provide for income to an insured person's family, burial,
funeral and other final expenses. Life insurance policies often allow the option of having the
proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.
Now we will discuss this in detail as this is the main point of discussion.
TYPES OF LIFE INSURANCE:
Life insurance may be divided into two basic classes temporary and permanent or following
subclasses term, universal, whole life and endowment life insurance.

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INTRODUCTION
OF EFU LIFE
INSURANCE
HISTORY
In the early 30s, under the inspiration of the Quaid-e-Azam Mohammad Ali Jinnah, Insurance
companies along with shipping and airline industries made their debut.
In 1932 in Calcutta, Mr. Ghulam Mohammed, who later became Governor General of Pakistan,
established an insurance company with H.H. Aga Khan and H.H. Nawab of Bhopal. The
company was named Eastern Federal Union Insurance Company Ltd. It was registered in
Calcutta and operated in undivided India and Burma. Its business was both General and Life
Insurance.
PAKISTAN OUR NEW HOME
At the time of independence of Pakistan in 1947, EFU (as the company was called), found a new
country and rapidly established itself as a progressive and innovative insurance company. It
provided the emerging insurance industry the leadership, the manpower and the drive needed to
grow in a situation where at that time three-fourths of insurance business was held by foreign
companies.
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1961 "FATHER OF INSURANCE
1961, EFU had become the flag bearer of Pakistan's insurance industry on the world stage, and
the largest life company in Afro-Asian countries (excluding Japan) under the leadership of our
late chairman Mr. Roshen Ali Bhimjee. It remained so until 1972 when Life Insurance in
Pakistan was nationalized.
NATIONALIZATION OF PRIVATE INSURANCE COMPANIES

In 1972 Life Insurance industry in Pakistan was nationalized. From that time onwards, EFU
operated solely as a general insurance company and was subsequently renamed EFU General
Insurance Company Limited. Then create a SLIC group and divided into three parts.
SLIC
A B C
15 16 EFU
COMPANIES COMPANIES
RE-BIRTH
In 1990, the Government of Pakistan reopened the life insurance business to the private sector
organizations and EFU Life Assurance Ltd started operations in November 1992 as the first
private sector life insurance company.
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GROUP OPERATION
In early 1993, EFU Life commenced its Group life insurance business.
INDIVIDUAL OPERATION
1994, the company began writing its individual life business. Pioneers and industry leader in the
Life Insurance Sector, EFU Life's major developments during the years are:
ACHIVEMENTS
 Strongest Financial base in the private sector

 Highest paid up capital of Rs. 1 Billion
 One of the leading Asset Managers in Pakistan
 Diversified Portfolio offering Best Value Products
 Launched the First Window Family Takaful Operations under the brand name 'Hemayah'
 Launched the First Mobile app - EFU Life PlanIT
 The largest sales force in the private life insurance sector
 Introduced MPOS System to facilitate online payments.
 State of the art customer service
 Prompt claim settlement
 First life insurance company in Pakistan to be ISO certified. Currently, the
 Company is ISO 9001:2015 certified
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"Insurer Financial Strength" rating of AA+, Outlook: Stable, by JCR-VIS, an affiliate of Japan
Credit Rating agency
EFU Life's products are designed to meet the varying needs of EFU Life's clients and offer the
best in financial services.
EFU Life is the pioneer in introducing the following products and features in
Pakistan.
TYPE OF EFU INSURANCE

7 Types of Insurance
Types of Insurance Business are;

1. Life Insurance or Personal Insurance.
2. Property Insurance.
3. Marine Insurance.
4. Fire Insurance.
5. Liability Insurance.
6. Guarantee Insurance.
7. Social Insurance.
LIFE INSURANCE
Life Insurance is different from other insurance in the sense that, here, the subject matter of
insurance is the life of a human being. The insurer will pay the fixed amount of insurance at the
time of death or at the expiry of a certain period.
At present, life insurance enjoys maximum scope because life is the most important property of
an individual.
Each and every person requires insurance.
This insurance provides protection to the family at the premature death or gives an adequate
amount at the old age when earning capacities are reduced.
Under personal insurance, a payment is made at the accident.
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The insurance is not only a protection but is a sort of investment because a certain sum is
returnable to the insured at the death or the expiry of a period.
PERSONAL INSURANCE
The personal insurance includes insurance of human life which may suffer a loss due to death,
accident, and disease Therefore, personal insurance is further sub-classified into life insurance,
personal accident insurance, and health insurance.
PROPERTY INSURANCE
Under the property insurance property of person/persons are insured against a certain specified
risk. The risk may be fire or marine perils, theft of property or goods damage to property at the
accident.
MARINE INSURANCE
Marine insurance provides protection against the loss of marine perils. The marine perils are;
collision with a rock or ship, attacks by enemies, fire, and captured by pirates, etc. these perils
cause damage, destruction or disappearance of the ship and cargo and non-payment of freight. So
marine insurance insures ship (Hull), cargo and freight.
Previously only certain nominal risks were insured but now the scope of marine insurance had
been divided into two parts; Ocean Marine Insurance and Inland Marine Insurance.
The former insures only the marine perils while the latter covers inland perils which may arise
with the delivery of cargo (gods) from the go-down of the insured and may extend up to the
receipt of the cargo by the buyer (importer) at his go down.
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FIRE INSURANCE
Fire Insurance covers the risk of fire.

In the absence of fire insurance, the fire waste will increase not only to the individual but to the
society as well.
With the help of fire insurance, the losses arising due to fire are compensated and the society is
not losing much.
The individual is preferred from such losses and his property or business or industry will remain
approximately in the same position in which it was before the loss.
The fire insurance does not protect only losses but it provides certain consequential losses also
war risk, turmoil, riots, etc. can be insured under this insurance, too
LIABILITY INSURANCE
The general Insurance also includes liability insurance whereby the insured is liable to pay the
damage of property or to compensate for the loss of persona; injury or death.
This insurance is seen in the form of fidelity insurance, automobile insurance,
and machine insurance, etc.
GUARANTEE INSURANCE
The guarantee insurance covers the loss arising due to dishonesty, disappearance, and disloyalty
of the employees or second party. The party must be a party to the contract.
His failure causes loss to the first party. For example, in export insurance, the insurer will
compensate the loss at the failure of the importers to pay the amount of debt.
SOCIAL INSURANCE
The social insurance is to provide protection to the weaker sections of the society who are unable
to pay the premium for adequate insurance.
Pension plans, disability benefits, unemployment benefits, sickness insurance,
and industrial insurance are the various forms of social insurance.
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INVESTMENT AND FUND MANAGEMENT
GOVT
SECURITIES
60%
EQUITY BANKS 2%
38%

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OBJECTIVES:
VISION:
Our Vision is to make EFU Life one of the most respected and successful financial
services organization in the world. Our strategy to achieve our vision is: build our
core capabilities, serve our clients beyond their expectations, adhere to our core
values and be a good corporate citizen.
MISSION:
We shall together build EFU Life into a dynamic and financially sound institution
by:
.
 Working together as a team
 Continually improving our client service
 Creating an empowered and self-fulfilling culture
 Developing innovative products
 Adopting leading technology
.
.
VALUES:
Character: Our Business principles for achieving exceptional success are a belief
that our corporate conduct should based on uncompromising integrity, ethics and
honesty.
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By 1961, EFU had become the flag bearer of Pakistan's insurance industry on the
world stage, and the largest life company in Afro- Asian countries (excluding
Japan) under the leadership of our late chairman Mr. Roshen Ali Bhimjee. It
remained so until 1972 when Life Insurance.
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Pride:
We believe that people want to excel and that extraordinary result can be achieved,
if given the right support and work climate.
Service:
Our clients are the reasons for being in business. We shall deliver to them the
highest quality of flawless service to win and keep their loyalty.
Commitment:
We nurture and develop our people to be good human beings, work together as a
team to achieve our organizational objectives
and obligations, while at the same time fulfill their aspirations.
Culture:
Embed a high performance culture that points the organization towards the
common good and creates an intense passion for achievement at all levels.
Corporate Social Responsibility:

Our social responsibility is to contribute to the development of the civilized and
prosperous and respected Pakistan in which all the people live in harmony. To
fulfill our obligations, we shall act responsibly to make a difference by
contributing to these activities that have the greatest visible impact on the
betterment of the society with emphasis on education and health.
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Core values: Our philosophy is to be the lending company with services
above, with integrity, excellence and professionalism. The following are the cores
values:
 Excellence: we measure our performance by results but more by
quality of services.
 Professionalism: We believe professionalism is perfection. Business
resources are utilized in a manner to achieve optimum returns on
resources.
 Our People: In EFU we work like a family. Everyone is treated with
respect and without any discrimination.
 Integrity & ethics: conduct business with ethics, dignity, fairness and
transparency.
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COMPETITORS
state life insurance company
jubilee insurance company
Adam jee
national jubilee insurance
BOARD OF DIRECTORS
Saifuddin N. Zoomkawala Chairman

Abdul rehman haji habib Director
Rafique R. Bhimjee Director
Taher G. Sachak Director
Ali Raza Siddiqui Director
Mohammad Iqbal Mankani Director
Saad Bhimjee Director
Yasmin Hyder Director
Tanveer Sultan Moledina Director
Hasanali Abdullah Managing Director and Chief Executive
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ORGANIZATIONAL STRUCTURE
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BRIEF SUMMARY OF ALL THE DEPARTMENTS
3.7 MARKETING DEPARTMENT: EFU life has a marketing team which focuses on
providing life insurance coverage to corporate entities and bank clients. EFU LIFE recently
launched a mass media campaign after a gap of almost 5 years. Although EFU's previous
campaign had a serious tone, the new approach is lighthearted and humorous.
The campaign was launched with a thematic ad; this was followed by three additional ads for
marriage plan, education plan and retirement plan, which according to EFU are its most
important products.
A word from the client-Aman Hussain, head of marketing, EFU life
On the objective of the campaign: The purpose of the new campaign is to educate consumers
about the numerous benefits of life insurance that they can avail during their lifetime as well as
about the financial security it offers to one's family when one is not around. We want to tell our
consumers that life insurance, because of all its benefits, should be essential part of everyone's
life.
On launching a mass media campaign after almost 5years: we launched campaign for EFU
life at the end of 2008. We also felt that after 20 years of existence and being the leader in the
private life insurance sector, our brand at this stage could do with a refreshed look and feel while
keeping the original brand values intact.
The new tagline "LIFE mein Kamal Karna Zaroori Hai” is an attempt in that direction which
elaborates on our earlier tagline " Zaroori Hai" which was launched in 2008.
on adopting a lighthearted and humorous tone:
Consumer generally perceive life insurance as a very serious and complicated proposition. We
have consciously moved away from the traditional methods of life insurance advertising that
promote fear -appeal and rather we are focusing entirely on the positive and celebrations in life.”
A word from the agency –Kamran khan, group account director, JWT
Pakistan
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on the linking life insurance with success and achievement: "Life insurance is deemed as a
negative term which is associated mostly with death. Insurance companies are seen as the as the
bad guys when in essence they are selling you a level of future security. By his/her family,
friends as well as the world at large. A planned future is the possibility
of a successful one and embracing that is for the smart ones.”
3.2 CLAIMS DEPARTMENT: It is quite tough and complicated process in which insured
do not have any participation other than just providing the exact information of claim. Staff
should treat it with full attention as claim produced of insurance company established its
goodwill in market, and helps to generate more and more business.
Guidance, expertise, knowledge of when to bring someone else in, all provide an important
service to client.
3.3 HUMAN RESOURCES DEPARTMENT: Human resources department is the most

important department on which the internal system of whole organization is based. It motivates
the employees and takes in account the incentives and tactics required to keep thee qualified and
experienced employees with them and to make them work in the way organization wants. HR
Department have to perform the following duties.
 Resources hunting and recruiting.

 Coaching the employees i.e. Training, Development etc.
 Motivation and performance appraisal.
 Salary and payroll negotiation.
 Employee satisfaction and feedback.
3.5 ACCOUNT DEPARTMENT: The function of an accounting department is to look after

the finances of a company this can be anything from paying bills to making sure that the
employees that work for the company get paid. The four main accounting function.
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 Making payments
 Payroll
 Receiving payments
 Budgets
 Accounts Department of EFU insurance have divided its duties into different section.
 Cash collection section
 Cash disbursement section
 Salary preparation section
 Budget preparation section
 Agent commission section
Making payments: Making sure that all bills and claims are paid by the company, on time also
at the least cost possible. If there is discount for paying quickly, the accounts department will
usually pay the bills as soon as possible so that the company spend as little moneys they possibly
can. They are responsible for all outgoing payments and making sure that what they are paying is
correct.
Payroll: The account department has to ensure that the employees are all paid correctly and on
time. They also have to make sure that all of the employees are paying the right amount of tax
and that they have not made any mistakes with tax bracket and government payments on behalf
of the employees.
Receiving payments: The accounting department it also receives payments and make sure that
these are all processed correctly. These will all be payments for the services or product the
company has provided and they must ensure that they have paid all of the payments are received
when they should be.
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Budget: They are also responsible for giving budgets and estimate of what they feel the
company should be spending. These may be split by department or function and they must also
predict budget figures for years to come so that the company knows what it should be spending
and more importantly, charging to customers.
3.5 UNDERWRITING DEPARTMENT: Insurance underwriters evaluate the risk and

exposures and potential clients. They decide how much coverage the client should receive, how
much they should pay for it, or whether even to accept the risk and insure them. Under writing in
valves measuring risk exposure and determining the premium that
needs to be charge to insure that risk. The function of the under writers to acquire or to "write”
business that will make the insurance company money, and to protect the company's book of
business from risk that they feel will make a loss. In simple terms, it is the process of issuing
insurance policies.
As part of the underwriting process for life or health insurance, medical underwriting may be
used to examine the applicant's health status (other factors may be considered as well, such as
age and occupation).
Depending on the type of insurance product (line of business), insurance companies use
automated underwriting system to encode these rules, and reduced the amount of manual work in
processing quotation and policy insurance. This is especially the case for certain
simpler life or personal lines (auto, homeowners) insurance.
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PRODUCTS
EFU life assurance providing its customers the following
PRODUCTS
FOR FOR ISLAMIC

FUND
INDIVIDUALS GROUPS PRODUCTS
1. FOR INDIVIDUALS
EFU Life assurance providing the following products for individuals
Prosperity for life
Education plan
capital growth bond
Saving plan
Executive pension plan
Security plan
Loan protection plan
Accident and hospitalization plan

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PROSPERITY FOR LIFE
Your life is a journey with many different stages and each stage brings with it new challenges.
As you take each step in life your role and responsibilities change. Whether you are at the
beginning of your career, have just started a family, require funds for your children's education
and marriage or would like to plan for your retirement, you need to have a financial planning tool
which can respond to your changing circumstances and at the same time Provide you sufficient
funds to fulfill your and your family's needs.
EFU Life brings you “Prosperity for Life” – a flexible and high value savings and protection plan
that ensures that your dreams become a reality at all stages of life... throughout your life
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EDUCATION PLAN
One of the best investments any parent can make in their lifetime is an Investment in their
children's education.
Of course, parents do strive to give their children a good start in life by accumulating assets for
them such as business, property and cash, but these can be "temporary" in nature. One asset, that
is permanent, however, is a good college / university education - that is something no one can
take away.
From them.
A good solid education is now a prerequisite to financial stability and advancement in the very
competitive and technologically advanced world that your children are growing up in. But
unfortunately, too often one hears.
The following words:
"I wish I had started saving early enough to be able to send my children to university".
With EFU's Education Plan, you can make sure that unlike other parents your dreams for your
children will become a reality.
 INFLATION PROTECTION
Under the Inflation Protection, the contribution will increase every year by 7% of the original
premium with an appropriate increase in benefits, without Any medical evidence.
 GUARANTEE THEIR EDUCATION EVEN IF YOU SHOULD DIE
In the unfortunate event of your death prior to the maturity of the Plan, you would want to make
sure that your education plans for your children will still be fulfilled.
1. CAPITAL GROWTH BOND
An increasing number of investors have discovered that to achieve real capital growth over and
above inflation, it is necessary to have a substantial portion of their investments in asset-backed
investment such as shares.
But successful investment in equities is not easy. Knowing what to buy and sell, and when,
demands experience and expertise and can be extremely time consuming.
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The EFU Capital Growth Bond provides the ideal solution. The Bond provides both the investment
expertise and the spread of risk through investments across a wide range including equities, government
securities and cash deposits.
 SECURITY THROUGH SPREAD

The money you invest with us will be invested in the EFU Capital Growth Fund. The objective
of the Fund is to maximize capital growth whilst reducing the potential risk normally associated
with pure equity funds.
 EMERGENCY ACCESS
There may be instances when you require access to part of your investment to meet a particular
need. The Plan gives you the flexibility to make partial withdrawals and leave the balance of the
investment (minimum of Rs. 20,000) to continue to participate in the performance of the Capital
Growth Fund.
 RETIREMENT INCOME
You may need a regular retirement income as opposed to a lump sum under the Bond. The
Capital Growth Bond gives you the facility of applying the Cash Value to provide a pension to
help you maintain your standard of living in retirement. The income payable (subject to the
Company's minimum) will be dependent on the guaranteed payment period, the value of your
investment and your age at the time.
 BUILT-IN PROTECTION BENEFITS

The Bond also provides valuable protection benefits which are automatically
SAVING PLAN
The EFU Savings Plan is a high value savings and investment vehicle, which offers higher unit
allocation in the early policy years and provides valuable life insurance coverage. The large
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funds accumulated during the savings term can be utilized for higher education or marriage of
children, buying a house, providing for regular income after retirement and any other purpose.
The plan is highly flexible and responds to the needs of the individual. The plan aims to
accumulate contributions and provide a large sum at the end of the savings term. In addition, it
provides valuable life insurance coverage during the entire savings period.
 THE OPPORTUNITY FOR GROWTH

Your contributions to the Plan will buy units in the EFU Managed Growth Fund. The Investment
Plan is designed to provide a large cash sum at the end of your selected period.
premium with an appropriate increase in benefits, without any medical evidence
.
 ACCESS TO YOUR SAVINGS
Nobody can predict the future. If your circumstances change and you have a need for cash before
the end of the savings period, you can encase the policy for the full bid value of units without
any early surrender penalties after the second annual premium has been paid.
 RETIREMENT INCOME
At the maturity of the Plan your need may be for a regular retirement income as opposed to a
lump sum.
 INVESTMENT WITH A "SAFETY NET"

The moment you start saving with the Investment Plan you will enjoy a guaranteed level of life
assurance protection

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EXECTUIVE PENSION PLAN
Ensuring that retirement is planned for is vital, especially for those who are self employed or are
working in a company that does not provide a pension. Otherwise, they will end up becoming
one of the vast numbers of people who cannot maintain a decent standard of living in retirement,
thus negating a lifetime's work.
EFU offers the Executive Pension Plan to suit your circumstances to help you achieve financial
independence in retirement
 EXPERT INVESTMENT MANAGEMENT

Your contributions will buy units in the EFU Managed Growth Fund. The Fund is managed by
experts who will adjust the mix of the underlying investments in the light of economic conditions
and investment opportunities
.
 A RANGE OF BENEFIT OPTIONS
You will be able to choose how to take your benefits from a whole range of options. During the
plan term, you may select to withdraw your full or partial fund value. At maturity you have the
option to withdraw the fund value as a lump sum amount, or you may select an income to be paid
for your lifetime with payments guaranteed for 10 years as shown in the illustration above.
Alternatively, you can select an income which will continue to be paid to your spouse for the rest
of his/her life in you dies first.
 ACCESS TO SAVINGS
Nobody can predict the future. If your circumstances change and you have a need for cash before
the end of the savings period, you can encase the policy for the full bid value of units without
any early surrender penalties after the second annual premium has been paid.
2. EARLY/LATE RETIREMENT
The Executive Pension Plan is designed to mature between your ages of 60 to 70 years.
Page | 36
• PORTABILITY
We live in times where change is the norm and it is likely that you will want to change your job
in the future. It is therefore important that your retirement planning is flexible and can
accommodate your changed circumstances. EFU Executive Pension Plan is fully portable
and stays with you wherever you go. Thus you can continue paying contributions under one Plan
up to your retirement.
• ADDITIONAL BENEFITS
The basic purpose of the Plan is to build up substantial capital to provide a pension. However,
the Executive Pension Plan offers a range of additional benefits to help you tailor the plan to suit
your particular needs.
We make our clients

future confident
empowering them
to look tomorrow in
the eyes fearlessly
Page | 37
SECURITY PLAN
The need to provide high life cover at a minimum cost may arise for a number of reasons.
For example, you may need:
 To provide a replacement income for your family on your death.
 To ensure that your early death does not jeopardize your future plans for your children in
terms of their education, wedding etc.
 To protect the continuity of your business by ensuring that funds are available for your
beneficiaries.
 EFU Security Plan is a term assurance contract which allows you to provide protection
against the financial consequences of death at a very low cost.
.
 HIGH COVER FOR A NOMINAL COST
Example: Male aged 35 next birthday
To provide a lump sum payment of Rs. 500,000 on death during a 20 year term the annual
premium would be Rs. 3,960 i.e. just over Rs. 10 per day.
premium with an appropriate increase in benefits, without any medical evidence.
 additional benefits
The basic objective of the Security Plan is to pay a lump sum if you die within the term of the
Plan. The Plan can also be arranged on a joint-life basis so that both husband and wife are
covered. The benefit (Sum Assured) would then be payable on the first claim of either
partner.
You also have the flexibility to tailor the Plan to suit your circumstances by being able to
choose from a range of additional benefits.
.
 FAMILY INCOME BENEFIT
Page | 38
 Accidental Death and Disability
 Accidental Death and Disability Plus
 Waiver of Premium
LOAN PROTECTION PLAN
The EFU Loan Protection Plan, by providing a capital sum on death and critical illness,
can that your loan will be repaid leaving yours ensure assets unencumbered.
 THE BENEFITS
Taking into account the term of your loan and the interest rate payable, we will tailor the
plan to suit your needs. The Plan will provide a level of cover which will reduce
approximately in line with the reduction of loan capital outstanding through the term of
the loan.
The reduction of the loan capital is dependent on the interest rate payable. The graph
below illustrates the effect of various interest rates - a higher interest rate implies a higher
principal amount of loan outstanding at any point in time.
The EFU Loan Protection Plan gives you the facility to choose the level of cover at four
different interest rates. This means that you can ensure that on death the cover available
will be more or less sufficient to repay the outstanding loan, leaving your home or
business unencumbered.
 High Cover for A Nominal Cost

Example: Male aged 40 next birthday
To cover a principal amount of loan of Rs. 500,000 for a 20-year term and at 10% interest
rate, the annual premium would be Rs. 3,915 i.e. just over Rs. 10 per day.
• ADDITIONAL BENEFITS
The following riders can be added to the main plan:
 Life care Benefit
 Life care Benefit Plus
 Waiver of Premium
Page | 39
ACCIDENT & HOSPITALIZATION PLAN
There is absolutely nothing better than being blessed with good health. However, no one can
predict the future.
 What would happen to you if you suffered an accident or had to be hospitalized?
The likelihood is that you and your dependants would be adversely affected.
EFU's Accident & Hospitalization Plan will help guarantee your financial well being. The Plan
will pay out cash on death, disablement or prolonged absence from work as a result of an
accident or hospitalization due to an accident.
The Plan provides a comprehensive range of benefits from which you can choose. You can also
tailor the level of payments to your needs by being able to choose up to 10 Units of Benefits.
• DEATH
With this plan, you can guarantee that your family receives a substantial lump sum on your
accidental death to help them maintain their standard of living.
 DOUBLE INDEMNITY
If death occurs as a result of an accident whilst you are traveling as a fare-paying passenger on a
licensed public conveyance or on a commercial airline, that standard lump sum payment is
doubled.
• PERMANENT PARTIAL DISABILITY

If you become disabled as a result of an accident, cash will be paid to you expressed as a
percentage of the Basic Sum Assured Per Unit of Benefit. Please contact the Head Office for
details.
Page | 40
 PERMANENT TOTAL DISABILITY
Under this benefit, the cash payment (sum assured) will be made after 6 consecutive months of
total disability, which means inability to engage in any occupation for which you are reasonably
qualified for by education, training or experience.
 ADDITIONAL BENEFITS
In addition to the basic benefits included in each unit you can add the following two benefits to
enhance your cover.
 ACCIDENTAL DISABILITY INCOME

This benefit will help you replace part of your lost income by providing a monthly income so
that you can continue to meet your basic commitments.
 ACCIDENT & SICKNESS IN-HOSPITAL INCOME

This benefit provides a fixed daily cash amount which will be paid directly to you even if the
medical expenses are paid for by your employer.
2. FOR GROUPS
Although everyone has a need for life insurance, people in different life stages may have
different needs. Employees want to ensure whether their families will be able to meet any
financial obligations and carry out basic living expenses should a death occur.
In today's environment, employers seeking to attract and retain high-quality employees must
appeal to a more diverse workforce, consisting of people in various stages of life. They are
challenged to create an employee compensation package that is attractive to a broad range of
people, but which also conserves money and administrative time.
Group cover from EFU Life offers a variety of coverage options. Employers may select basic
and supplemental coverage amount to fit the requirements of the group.
Page | 41
Coverage
 Death
 Group Accidental Death Benefit
 Group Accidental Disability Benefit
 Fortnightly Income Benefit
 Group Natural Disability, Benefit
 Group Terminal Illness Benefit
 Group Critical Illness Cover
 Group Loan Insurance
 Group Provident Fund Insurance
The group cover from EFU Life offers comprehensive protection and a whole range of option It
is a cost-effective and easy-to-administer means for employers to provide protection to up
employees without requiring evidence of insurability.
3. ISLAMIC FUND PRODUCTS
1. ASASA PLAN
Life is the greatest divine gift and gives you the opportunity to live it by fulfilling your dreams,
these dreams are your assets and drive you to plan accordingly. Whether it is your career,
marriage, children's education or your retirement, planning for the future is the key to success. At
each step in life you require a financial planning tool that can fulfill your and your family needs
with certainty.
EFU Life brings you "Asasa" - a high value savings and protection product that ensures you
achieve your dreams for your loved ones.
The two distinguishing features of the plan are:

i. New unit linked fund with "interest free investments". The investments include Islamic
mutual funds, approved equities, term deposits in Islamic Banks and Sukuk Bonds.
This new fund has been named "EFU Aitemad Growth Fund" (AGF). As the name
suggests, Aitemad (meaning Trust) outlines the basic philosophy of EFU Life's
business and all its financial planning solutions.
Page | 42
ii. Allocation of Bonus Units based on experience of the product: At the end of each year,
EFU Life will review the mortality experience of the product, and in case of a surplus
the amount will be distributed back to the clients in the form of "Bonus Units". These
Bonus Units will be credited to the EFU Aitehad Growth Fund to enhance the cash
value of the plan. As a service to society, you may also instruct EFU Life to utilize
your share of the surplus for a social cause and donate it to a charitable institution.
2. NOOR PLAN
Children are a blessing from the Almighty and mean a world to you. Every parent wants to give
their loved ones a secure future and a life that is least disturbed by financial constraints. You, as
a caring parent need to choose an investment and protection package that can cater to all your
requirements and can act as a smart financial tool no matter what uncertainties life unfolds for
you. EFU Life brings you "Noor" - a complete financial planning solution for you to plan
for your children's future education and marriage. The plan helps you accumulate a fund
over a savings period which can be used to finance your children's college or university
education, or marriage expenses.
The two distinguishing features of the plan are:
i. New unit linked fund with "interest free investments". The investments include Islamic
mutual funds, approved equities, term deposits in Islamic Banks and Sukuk Bonds.
This new fund has been named "EFU Aitemad Growth Fund" (AGF). As the name
suggests, Aitemad (meaning Trust) outlines the basic philosophy of EFU Life's
business and all its financial planning solutions.
ii. Allocation of Bonus Units based on experience of the product: At the end of each year,
EFU Life will review the mortality experience of the product, and in case of a surplus
the amount will be distributed back to the clients in the form of "Bonus Units". These
Bonus Units will be credited to the EFU Aitemad Growth Fund to enhance the cash
value of the plan.

Page | 43
FINANCIAL POSITION OF THE ORGANIZATION
Figure 1 Financial highlights 2020
PROGRESS IN 2020
Despite macroeconomic headwinds during the year, company remained to the market leader.
During the year, gross written premium (including takaful contribution) registered 2.3% year-on-
year growth at Rs. 22.6 billion as against Rs.22.1 billion last year. The net premium revenue has
been depicting consistent growth over the last year several years, underlining the company’s
sufficient capital adequacy coupled with financial strength. The net premium revenue (including
takaful) for the year Rs. 8.7 billion for the last year.
For the year, investment and other income was R.s 2.6 billion despite the heightened volatility in
capital markets.
The key performance indicators devised for achieving the management objective were to be
maximization of customer satisfaction, increasing shareholder’s wealth and continue to be
market leader. At the same time, your company continued with the implementation of effective
Enterprise Risk Management(ERM) PROGRAM.
Page | 44
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INTERNSHIP ORGANIZATION E.F.U INSURANCE
COMPANY LIMITED (MIRPURKHAS BRANCH)
Introduction
E.F.U Insurance Company Mirpurkhas Branch is situated at APWA House opposite

Gama Stadium main Hyderabad Road, Mirpurkhas Sindh.
In branch there is only one but strongly working department

SALES AND MARKETING DEPARTMENT
BRANCH MANAGER Muhammad Fawad Faisal is the Group Manager E.F.U life
Assurance Ltd Mirpurkhas-Tharparkar. He is sales professional with over 09 years’
progressive experiences in the field of retail banking sales management with the leading
organizations within and outside the country.

Page | 50
I started my internship in this branch on 13 of September 2021 Saturday and
completed it on 23 of October 2021 Saturday.
It has four main products and services which are offered to a party who wants to be
insured.
Prosperity for life
Education plan
Better life child savings plan
Investment plan
Page | 51
WEEKLY SCHEDULE OF MY INTERNSHIP
PROGRAM
1st week
The first week of my internship started with introduction with all the staff members and
employees, then our coordinator at E.F.U Mirpurkhas Sir Barkat Ali started me
introducing their company basic structure, purpose, and working.
2nd week
In the whole second week of my internship we attend lectures and got the deep
knowledge about the company history, success story and more mainly the products
offered by the company.
3rd week
I started the practical working. I learned how to deal with customers how to give
information of products and which is suitable for that customer. Whole of week is passed
in this dealing learning.
4th week
In my fourth week of internship program I learned how to fill the contract between E.F.U
and customer. This form contains the customer’s information regarding his name, age,
professional, income, family, history etc. All this information is filled properly in
accordance with the information given by the customers.
5th week
In the 5th week I worked under the supervision of Administrator and learned how all
documents are arranged in a proper way manual and save in systems of company. All
these are necessary because the company’s auditor check the records.
6th week
In the 6th and last week of my internship. I learned the knowledge about quarterly closing
process of E.F.U. I also do participate in quarterly closing.
Page | 52
LEARNING EXPERIENCES
a) Knowledge acquired
internship helped me to create entrepreneurial skill and learn work ethics. During my internship
program, I get familiar with the work environment and the culture of Insurance company.
Internship gave me the opportunity to learn valuable information and acquire skills about my
chosen career. You can never understand what a job is unless you have worked practically.
b) Skills learned
internship enhanced my skill and ability to work in a team. E.F.U life Assurance Company Ltd,
allowed me to work with people who are professional of my chosen career. Internship allowed
me to gain experience and developed interpersonal skills which made me an attractive candidate
for any employee.
c) Observed attitudes and gained values
I learned the ability to multitask and improve my communication skills as well as I become
self-confident and tactful. I become able to judge professionally, learned to act in ethical manner
that is most important quality to develop before moving forward.
d) The most challenging task performed
the most challenging task for me was customer dealing because of my introvert nature and lack
of my communication skills.
Page | 53
SWOT ANALYSIS OF E.F.U
SWOT analysis is the analysis of the internal and external factors which have impact on the survival of
any organization. Now let's make SWOT analysis for EFU Life Assurance
Company Limited.
STRENGTHS.
 EFU Life Assurance Company Limited is the part of the EFU Capital
 The brand name is enough to sell the products easily
 Private placement of Rs 10,000 crs worth of securities by the government. Led 10 an
 improvement in market securities
 Strong liquidity was the major reason for the up more
 Range of products
 Reliance Life Insurance Company Limited has a long and strong history of solvency, financial
stability
WEAKNESSES:
 Due to lack of awareness, people seem it risky
 Lack of stall
 Lack of advertisement, so most of the customers are not aware of the EFU Lite Assurance
 Company Limited
OPPORTUNITY:
 There is a vast untapped market in Pakistan. The life insurance penetration in Pakistan is
approximately 2.5% So it has large potential.
 Intention of traditional products is to encourage long term, regular and disciplined savings to
systematically build up a target fund.
 The average insurance premium being collected by the company has been growing
exponentially year on year.
THREATS:
 The main threat is from the other players who have grabbed approximately 15% of the market
share
 As the government has scrapped the rebate on the life insurance premium, the people who used to
invest in life insurance for the sole motive of tax benefit may turn to other instruments
Page | 54
SUGGESTIONS
To achieve its mission EFU LIFE ASSURANCE LTD will have to:
 Give highest priority to Health and Safety policies, Environment and Ethical matters.
 Ensure our products provide maximum value to customers by maintaining dependable
trust, consistent quality, and reliability.
 Uphold excellent service levels to foster long-term relationships with customers and
aliens.
 Achieve the highest possible operating efficiencies and lowest costs, and expand the
business through selective capacity increase and new policy plans launches.
 Develop and retain a team of highly capable people dedicated to delivering the mission.
 Never compromise with quality which is major strength of EFU Life Assurance Ltd.
More and more innovations.
 If we look at the overall performance of the company, then it is not hard to say that the
company was in a good position whether it is liquidity wise or profitability wise.
 By and large, the company is performing not so well as they should be.
 Company facing any serious imminent financial or management failure because of
product guidance.
 Investing in the company is not feasible in current situation for the opportunity seekers.
 Company staff is much cooperative but training should be need.
 Maximum entrance in potential and emerging markets.
 Maintain financial strength and make good financial structure.
 Have a close look on their competitors and having flexible strategies.
Page | 55
CONCLUSION
If we look at the overall performance of the company, then it is not hard to say that the company
was in a good position whether it is liquidity wise or profitability wise.
 By and large, the company is performing not so well as they should be.
 Company facing any serious imminent financial or management failure because of
 product guidance.
 Investing in the company is not feasible in current situation for the opportunity
 seekers.
 Company staff is much cooperative but training should be need.
 Maximum entrance in potential and emerging markets.
 Maintain financial strength and make good financial structure.
 Have a close look on their competitors and having flexible strategies.
Page | 56
BIBLIOGRAPHY
INTERNET
https://efuinsurance.com/conventional/products-services.php
http://www.efulife.com
http://en.wikipedia.org/wiki/insurance in Pakistan
REPORTS
1.annual report EFU life insurance limited 2019
2.annual report EFU life insurance limited 2020
NEWSPAPERS
1.Dawn
2.The News
3.Business Recorder
4.The Business Recorder
Page | 57

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I am grateful to almighty ALLAH who made me able to complete the work

We are especially thankful to Mr. Sharwan kumar (Assistance Branch Manager

For this visited main branch and regional office of

 As my internship is concerned, it is the requirement of bachelors’ degree, not only this

Business Administration Part (II)

SR NO: DESCRIPTION PAGE NO:

5. INTRODUCTION OF EFU LIFE INSURANCE 13

8. Vision and mission 20

11. Board of directors 24

12. Organizational structure 25

13. Brief summary of all departments 26

14. PRODUCTS AND SERVICES 30

15. For individuals 31

16. For groups 40

17. Islamic fund products 41

18. FINANCIAL POSITION OF ORGANIZATION 43

19. Financial summary 43

20. Income statement 44

21. Balance sheet 45

22. Cash flow statement 46

24. Statement of value added 48

25. Internship Organization EFU Insurance Company Limited 49

27. Internship weekly schedule 51

28. Learning experiences 52

30. SWOT Analysis of EFU 53

Business Administration Part (II)

 principle of utmost good faith

The risk which is going to cede must be insurable.

Business Administration Part (II)

General insurance includes following types of insurance.

Business Administration Part (II)

Life insurance covers the life of a person...

Life insurance provides a monetary benefit to a decedent's family or other designated

TYPES OF LIFE INSURANCE:

Business Administration Part (II)

PAKISTAN OUR NEW HOME

Business Administration Part (II)

NATIONALIZATION OF PRIVATE INSURANCE COMPANIES

 Strongest Financial base in the private sector

Business Administration Part (II)

TYPE OF EFU INSURANCE

Types of Insurance Business are;

Business Administration Part (II)

Business Administration Part (II)

Fire Insurance covers the risk of fire.

Business Administration Part (II)

Business Administration Part (II)

Business Administration Part (II)

if given the right support and work climate.

highest quality of flawless service to win and keep their loyalty.

Corporate Social Responsibility:

Business Administration Part (II)

state life insurance company

jubilee insurance company

national jubilee insurance

Saifuddin N. Zoomkawala Chairman

3.3 HUMAN RESOURCES DEPARTMENT: Human resources department is the most

 Resources hunting and recruiting.

3.5 ACCOUNT DEPARTMENT: The function of an accounting department is to look after

Business Administration Part (II)

Business Administration Part (II)

3.5 UNDERWRITING DEPARTMENT: Insurance underwriters evaluate the risk and