LAHORE: Punjab Life Insurance Company (PLIC) made notable progress during FY 2025–26, transitioning from a policy initiative into an operational public sector insurance entity.
On the regulatory side, the PLIC secured a life insurance licence from SECP, becoming the 13th life insurance company in Pakistan— reflecting strong regulatory preparedness and the Government’s commitment to a professionally managed provincial insurer.
Following licensure, PLIC has begun operational structuring and priority setting. In its initial phase, it is positioned to assume management of key public health programmes, including the Chief Minister’s health initiatives and the Sehat Sahulat Programe, aiming to improve efficiency, oversight, and service delivery. Parallel efforts are underway to extend insurance coverage to government employees to strengthen social protection.
According to a budget document, a phased roadmap has been defined with management of CM health initiatives is planned for Q3 FY 2026-27, followed by life and health insurance products for public and private sector employees. Bancassurance through the Bank of Punjab is planned for Q4 FY 2026-27, expanding outreach via its branch network. The Company is also pursuing approval for Shariah-compliant Takaful products.
In the medium to long term, PLIC aims to become a leading provider of inclusive insurance nationwide, focusing on underserved groups. Its planned products include pension schemes, disaster-linked life and health coverage, contributory social health insurance, and tailored solutions for women, transgender persons, low-income households, overseas Pakistanis, farmers, and students.
Copyright Business Recorder, 2026
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