Minister inaugurated EFU office at Chitral.
CHITRAL: N.W.F.P. Minister for population welfare Saleem Khan Chitrali stressed on the masses to must planning for future of their children education and EFU will bring green revolution in this regard. He was chief Guest on the occasion of informal inauguration ceremony of EFU (Eastern Federal Union) General Assurance company at Chitral. Saleem Khan cut the Ribbon and inaugurated EFU office at Chitral he also cut a Cake on this occasion. Manager Sher Azam Khan was also present on the occasion. Talking with local journalists Sher Azam Khan Manager EFU said that EFU established in the year 1932 at Kalkatta (presently Colkata) India by Sir Sultan Muhammad Shah Aga Khan the spiritual Imam (leader) of Shia Imamia community in coalition with Nawab of Gopal while former Governor General of Pakistan Ghulam Muhammad was Co-founder of EFU. After partition of Sub-continent it was shifted to Pakistan being a company of Muslims. In 1962 it was declared the largest insurance company of Afro Africa. Insurance companies were nationalized by the then Premier of Pakistan Zulfiqar Ali Bhutto by merging 32 insurance companies in an Umbrella company. This was naming State Life Insurance Corporation. Hence EFU was not nationalized due to having good reputation and largest company of the country.
No private Insurance company was issued life saving license since 1972 to 1992. Hence their general sections (property) more strengthen in the year 1992 all insurance companies were de-nationalized by the former Interim Prime Minister Mueen Qureshi. EFU started their research on different aspects and worked on different sectors since 1992 to 1994 and got license as life saving insurance company from the Government. It was renamed with EFU Assurance Company. Unit licensing system was introduced in the country by government. EFU topped market in the year 2003 and was declared the largest insurance company. Its premium exceeded to 14.14 Billion in the year 2007 and achieved maximum target. EFU working in 3 sectors like Life saving, General and Health Alliance. As well as focusing and working on different plans like Investment Plan which is starting with a minimum amount of 15000 and mature in 2 years only as comparative than other insurance company EFU having no complication in drawing capital money. Secondly it works on Education plan for security and assurance of children education. If parents of a child buy a policy under education plan the EFU is responsible to assure all arrangements and bear expenditure of his education at University level where he is willing to read. In case parent paid some installment under this plan but they expire the EFU is responsible to bear all expenditures of education of their children for whom they paid some installment.
Thirdly it works saving plans as profit and loss policy started with a minimum amount of 10000. Fourthly it works on Prosperity of Life plan which also started with a minim amount of 15000 in which a customer purchase FAP (Fund Accelerate Program). And fifthly it work on capital growth plan on profit and loss basis to strong its customers financially on investment growth basis. Sher Azam Khan Manager of EFU Chitral said that our company achieved the target of 5.5 million in the year 2007 at Chitral. Some 18 consultants have been engaged in EFU Chitral who gaining working for promotion of EFU as well as they gaining their livelihood with a fair means. A musical concert program was also held here in a local hotel on the eve of informal ceremony of EFU at Chitral.
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