KARACHI: EFU Life, a leading life insurance and family takaful operator, and EFU General, a premier non-life/general insurance and takaful service provider, have teamed up with Bank Alfalah, one of Pakistan's largest banks with a network of over 1000 branches across 200 cities, to introduce “Alfa Transaction Insurance/Takaful by EFU”. This unique product combines the benefits of both general and life insurance/takaful, addressing the pressing need for comprehensive financial protection.
The introduction of Transaction Insurance/Takaful aims to safeguard financial transactions, providing enhanced protection beyond traditional customer indemnity. Additionally, this product offers term life/takaful benefits, ensuring complete financial security by paying a defined amount in the event of a customer’s death due to any cause.
At the launch ceremony, Mr. Mohammed Ali Ahmed, the MD and CEO of EFU Life, expressed his enthusiasm: “As a prominent insurance provider on the Alfa App, we are thrilled to strengthen our partnership with Bank Alfalah by enabling them to offer top-tier insurance/takaful coverages to their customers, including Transactional Insurance/Takaful. This proposition holistically protects Alfa customers through innovative general and life protection available on the Alfa App and underscores EFU Life's commitment to digital transformation, transitioning from traditional manual processes to automated, high-precision systems.”
“ Mr. Syed Salman Rashid, Deputy Managing Director of EFU General, highlighted the broader impact by quoting, “This initiative extends beyond just the bank and its customers; it builds a bridge between insurance companies and their customers, fostering trust in insurance providers. Financial stability is crucial, especially in today’s challenging times, and Transaction Insurance is a product that will benefit all parties involved.”
Mr. Muhammad Yahya Khan, Chief Digital Officer Bank Alfalah Limited, “emphasized on Bank Alfalah’s award winning Alfa App and the fact that new customers can digitally insure their digital transactions; providing peace of mind to them. Bank Alfalah is committed to continually expanding its innovative product suite to bring ease, security and convenience in the lifestyles of its customers.”
