INTERNSHIP REPORT
Name: Muhammad Hamza Zahid
Roll No. 180070
Session: 2018–2021
BSAF-08
INTERNSHIP AT EFU LIFE INSURANCE,
MUZAFFARGARH BRANCH,
SOUTH-PUNJAB, PAKISTAN
Address: Jandeer Plaza, first floor Jhang road Muzaffargarh
Supervisor: Shahzad Ahmad (GM)
Email: Muhammadhamzazahid9@gmail.com
Phone. No: +92-340-0738562
ACKNOWLDEGMENT
First of all, all the compliments go to ALLAH Almighty the most gracious, merciful and the
most kind and generous to man and his actions. And who granted me the wealth of
Knowledge, Love and respect to share with my friends & Colleagues. Indeed, he give me
courage to Continue my passion & learning against all the chances.
I owe my biggest appreciation to my parents for their continuous support, assistance guidance
and affection & patience without which I could not able to complete this internship and report
in the short span of time.
I’m extremely thankful to my chosen organization, EFU LIFE ASSURANCE LTD.
(Muzaffargarh Branch) Special thanks to Shahzad Ahmad for giving me this opportunity
and their all staff members who helped me throughout the internship. Also extremely
thankful to the seniors who helped me providing free knowledge in the practical field of life
and give me accurate data & practical experience to pursue my life goals with confidence.
Contents
• Introduction To Insurance ………………………………………………………………………………………………… 3
• Insurance In Pakistan ………………………………………………………………………………………………………. 3
• List Of Insurance Companies In Pakistan …………………………………………………………………………… 3
• Terms Related To Insurance Sector …………………………………………………………………………………… 4
• Parties Involved In Insurance: …………………………………………………………………………………………… 5
• FOUR I’s Of Insurance Industry ……………………………………………………………………………………….. 5
• PRINCIPLES OF INSURANCE …………………………..………………………………………………………….. 5
• HISTORY & CORPORATE PROFILE OF EFU …………………………..……………………………………. 6
BRIEF HISTORY ………………………………………………………………………………………………………………….. 6
CORPORATE PROFILE ………………………………………………………………………………………………………… 7
VISION STATEMENT ………………………………………………………………………………………………………….. 7
MISSION STATEMENT ……………………………………………………………………………………………………….. 8
DEPARTMENT OF EFU INSURANCE ………………………………………………………………………………….. 8
1. Marketing Department …………………………………………………………………………………………………….. 8
2. Claim Department …………………………………………………………………………………………………………… 8
3. Human-Resource Department …………………………………………………………………………………………… 8
4. Sales Department ……………………………………………………………………………………………………………. 9
5. Accounts & Audit Department …………………………………………………………………………………………. 9
PRODUCT OR SERVICES ……………………………………………………………………………………………………. 9
i) PRDOUCTS EFU LIFE INSURANCE …………………………………………………………………………… 9
ii) Allianz Insurance …………………………..………………………………………………………………………….. 11
iii) EFU INSURNACE (General) ………………………………………………………………………………….. 12
LEARNING ON INTERNSHIP & BRANCH ANAYLSIS ……………………………………………………….. 12
SWOT ANAYLSIS (EFU MUZZAFARGARH BRANCH) ………………………………………………….. 13
STRENGTH …………………………………………………………………………………………………………………….. 13
WEAKNESS …………………………..……………………………………………………………………………………….. 13
OPPORTUNITIES ……………………………………………………………………………………………………………. 13
THREATS ………………………………………………………………………………………………………………………. 13
CONCLUSION & SUGESSTIONS …………………………..…………………………………………………………… 14
Form that we fill on our internship …………………………………………………………………………………………. 15
• Introduction To Insurance
A promise of repayment for certain potential future damage in exchange for a periodic
payment. Insurance is designed to save the financial loss of an individual, organization or other
entity in the case of uncertain or unexpected loss. Some forms of insurance required by Law
while others are optional. By Agreeing to the terms & Conditions of insurance policy creates a
contract between the insured and the insurer in exchange of payments from the insured called
premium. The insurance companies are also known as insurer which agrees to pay the policy
holder a sum of money upon the occurrence of a specific event. In most cases the policy holder
pays pat of the loss which is known as deductible insurance.
The transaction involves the insured assuming a guaranteed and known relatively small
loss in the form of payment to the assurer in exchange for the insurer’s promise to compensate
the insured in the case of a financial loss. The insurer received an insured contract called
insurance policy which details the conditions and circumstances under the insured will be
financially compensated.
• Insurance In Pakistan
In Pakistan insurance is regulated under the ordinance 2000. In the few previous years, it is
transformed into a developing and fast growing market which is generally divided into
further 3 components
1. Health Insurance
2. General Insurance
3. Life Insurance
The government of Pakistan was established the department after the freedom of Pakistan in
April 1948 as under the department of ministry of commerce, the main target of this department
is to take care of affairs related to insurance industry. Out of the 54% of the Pakistan service
Sector Contributes to the national GDP.
• List Of Insurance Companies In Pakistan
• Jubilee Life Insurance Co. Ltd
• The United Insurance Company of Pakistan Ltd
• State Life Insurance Corporation of Pakistan
• Adamjee Insurance Company Ltd
• Alfalah Insurance Company
• Asia Insurance Company Ltd
• EFU Insurance Company Ltd
• SPI Insurance Company Ltd
• Terms Related To Insurance Sector
Sum Assured
This represent that an amount payable to the assured agreed in
advance at agreed time
Limit Of
Indemnity
This represent that the amount payable to the insured commencing
with his/her loss or damage subject to the maximum limit agreed in
advance.
Policy
This represent that the document which shows that a contract has
been made between the insurer/ Assurer and insured/Assured. It is not
called contract in itself.
Broker
This term represents that a person who manages the cover with the
insurer & assurer on behalf of the insued or assured in the exchange
of commission payable by the assurer.
Underwriter
This term represents that this is a person working in an insurance
company whose duty is to evaluate the risk which is presented by the
assured as to wherever to accept/reject the risk and if it accepts then
must accepted with the what term and conditions with premium.
Premium
This term represents that the amount which is paid by the assured or
insured in consideration of accepting the risk by insurer. Premium
includes commission paid to intermediary or broker /pure premium/
administration expenditures and gains.
the policy holders being managed by the insurance company. In case
of claim he has to evaluate if the claim is payable under the term and
conditions of the policy or not and if payable then what should be the
minimum part of the claim should be paid.
mathematicians who complies the statics of losses and insurance rates
and calculate dividends and evaluated the financial position of
insurance company.
Cash Value
The saving feature associated with permanent life insurance. The
result of an initial period or phase when the premium payments
increase mortality and other charges or fee.
This term represents that the ability to reveal that the assured event is
capable of causing a financially loss of the person owing the