Professional Documents
Culture Documents
Submitted To:: Master in Commerce
Submitted To:: Master in Commerce
Semester:
4th Regular
Subject:
Lease & Insurance.
Submitted to:
Sir Muhammad Shahid Rasheed .
Submitted By:
MAHBOOB UL HASSAN (MCOF19M6)
M. IMRAN (MCOF1M003)
M.SABIR (MC9M013)
HAFIZ M. FAIZAN (MCOF19042)
University of Sargodha
Noon Business School
Submission Date: 13 JUNE, 2021
The United Insurance Company of Pakistan Limited (UIC).
History:
The United Insurance Company of Pakistan Limited was established in the year
1959 on the Twentieth day of October. It was operational in Pakistan including
East Pakistan (now Bangladesh). UIC operating more than 100 branches all over
Pakistan. UIC doing General business including Group Health Insurance, Travel
Insurance (Health), Travel Bonds & Guarantees, Livestock and Crop Insurance.
Type of Company:
It is a public limited company listed in Pakistan Stock Exchange
Limited (Formerly Karachi Stock Exchange Limited). UIC directors hail from
various vocations & professions.
Status of Company:
PIC – Public Interest Company
Head Office:
UIG House,
6-D, Upper Mall,
Lahore, Pakistan.
U.A.N.: (+92-42) 111-000-014
Tel.: (+92-42) 35776475 to 83, 042-35776485
Fax: (+92-42) 35776486 – 87
E-mail: uicp@theunitedinsurance.com
Trade Membership:
Karachi Chamber of Commerce & Industry (KCCI)
Insurance Association of Pakistan (IAP)
Lahore Chamber of Commerce & Industry (LCCI)
Pak Afghan Chamber (PAJCCI)
Company Enlisted with:
ZTBL RUDA, NHA, DHA, PHA, IATA, LDA LAYARI DEVELOPENT
AUTHORITY, FHA, FWO, NPHP, WARSA, POWER AND ENERGY
PROJECTS & CPEC.
PRODUCTS
FOR INDIVIDUALS:
1)-TRAVEL INSURANCE:
Travel insurance provides medical and financial assistance during
traveling. Before starting a trip make sure that traveler must be properly
and securely covered for any emergency aid. There are many travel
insurance companies in Pakistan for providing these services. The United
Insurance Company of Pakistan Limited provides its client with the best.
The UIC is rated AA by PACRA.
PREMIUM
For person aged between 66 and 75 years, increase 50%
For person aged between 76 and 80 years, increase 75%
For person aged between 81 and 85 years, increase 100%
Family Size: Husband + Wife + 3 Children (Less than 18 years)
* 15% premium will be charged extra in case of COVID-19 coverage only.
EXCLUSION
Pre-Existing medical conditions.
War, Invasion/terrorism.
Fire Penalties/ punitive damages.
For more detail on exclusions refer to policy wording.
RISK COVERED
Accidental External means
Riots, Strikes & Malicious Damages
Theft
Fire, External explosion, self-ignition or lightning or frost
Third Party Liability
Benefits
Curtails administrative and financial burden of the employer.
Because of branding we offer more than the market.
Employer wins loyalty of the employees thereby enhancing efficiency and
productivity…motivating to work more proactively.
Extensive nationwide branch network of over 100 branches; almost every
reputable hospital is on our panel in every town.
WHAT’S COVERED
OPD Benefits
G P and Specialist Consultation fees.
Prescribed medicines.
Laboratory and other Investigations. (e.g. X-Rays, ECGS & Ultrasound etc).
Dental care benefits.
Besides doctors, Consultations with registered Hakims and Practicing
alternative medicine specialist is also admissible.
Hospitalization
Hospital Expenses Per Person Per Confinement Per Ailment. (Pregnancy &
Dreaded Diseases excluded ).
Room Rent, Nursing expenses.
Hospital Expenses includes Surgical expenses, Anesthesia.
O.T. Charges, Consultation Fee, Nursing Charges etc.
Investigation and Medicines, Blood, Oxygen Supplies, Dialyses
Chemotherapy / Radiotherapy cost of pacemakers ( subject to Hospitalization
Unit).
Miscellaneous Expenses Pre & pos
t hospitalization expenses.
Note: 24 Hrs. In-Patient confinement as a resident Patient is compulsory.
Specialized Investigation
Dreaded Diseases
Management of acute Myocardial infarction (Heart Attack)
By-pass grafting
Cancer
CVA- Stroke
Kidney Failure
Renal and other major organ transplants
Major burns
AIDS
Knee joint replacement
Chemotherapy
Multiple Fractures
Hip bone Replacement
Dental Cover
Following are the benefits under ‘Dental Care’ cover.
Dental care is included in the prescribed OPD (Per family).
Dental Care include consultation and medicine, treatment of acute dental
conditions and diseases of gums.
All orthodontic procedures, making & placement of prosthesis (e.g.
dentures), scaling & polishing are excluded.
Total payable cumulative dental bills should not exceed 40% of the total
OPD limit (per family).
Maternity Benefit
Gynaecologist fee
Anaesthetic fee
Diagnostic tests
Miscarriage
Medicines
Baby’s Nursing Care
Labour Room charges
Operation Theater charges etc.
WHO’S COVERED
Corporate sector employees up to the age of 65.
Special modules are designed to cover dependent parents.
Age of daughter can be relaxed up to her marriage.
Age of son can be relaxed up to till 25.
Home insurance is same as property insurance and it covers all the losses and
damages occur at individual’s house. Now a days, Pakistan is facing many crises in
such condition everyone should need a proper security for its home and business.
The United Insurance Company of Pakistan Limited is one of the best insurance
company, providing best services for home insurance. UIC protect your dreams
through home secure plan.
COVERED
Home Secure Plan covers loss or damage caused by:
Armed robbery, burglary and house breaking
Earthquake
Rain, Flood, Cyclone & Severe Storms
Riot & Strike damage
Acts of Malicious Persons
Fire and Lightning
Explosion
Falling Aircraft and other Aerial Devices
Water damage due to bust pipes
Impact of Motor Vehicle
Impact of falling trees
Accidental loss breakage (glazing)
Accidental damage to underground tanks
Loss of Rent
The Loss of Rent feature covers the loss of rental income or additional expense of
renting substitute housing incase and insured peril renders your home
uninhabitable. It’s is only applicable if building is covered under Home
Secure Plan, up to 10% of Sum Insured for Building.
Your Valuables
This unique insurance plan covers high value items including jewelry and cash.
Jewelry needs special protection not just because of its high intrinsic value but
because of the sentimental attachment. Women so often have with their ornaments.
Accordingly Home Secure Plan is designed to cover jewelry in the following
situation.
Student insurance covers the students when they are out for studying. Insurance for
students is the biggest satisfaction to the parents. The United Insurance Company
of Pakistan Limited provides the best packages for personal accident insurance for
students. Every student should avail accidental student insurance so it can become
a helping hand at the time of emergency.
Co-curricular activities are the best way of learning. Trip and tours provide
students more opportunities for mind development but on the other hand safety and
security is always at first priority. In case of emergency student travel insurance
must be there. UIC serve with the best coverage for student travel insurance.
Blanket School Coverage protects the school students against all kind of
accidentsPersonal Accident insurance provides benefits in the events of loss of life,
limb, sight, hearing, speech, and loss of use/paralysis because of an accident. Cash
amount is payable in cases of hospitalization due to an accident.
The way, future of Pakistan is being transported, from home to school and back,
most of the transporters are not professionals. As the traffic is increasing on the
roads, changes of accidents are increasing day by day. Just spare Rs. 25/- PM from
kids fee or ask the parents to contribute this minor amount and avail A PEACE OF
MIND
You are the breadwinner for your family. But your shop is the breadwinner for
you! It offers you the opportunity to earn on your own terms, to be your own boss.
The rising trend in consumer expenditure promises handsome returns on your
investment. However these are also anxious times with uncertain law and order and
ever increasing natural calamities.
Regardless of all the precautions you may take, your shop still remain vulnerable
to armed robbery, riots, strikes, fire, natural disasters and freak weather conditions
among other risks. Loss of income coupled with high costs of construction renders
in next to impossible to repair, restore or replace your commercial property.
UIC endeavors to cushion the financial impact of loss related to your shop and
stock by offering a customized insurance program for your “bread and butter”
assets.
COVERS:
Shop Secure Plan Plus protection covers loss or damage caused by:
Armed robbery, burglary
Riot & Strike damage
Earthquake
Rain, Flood, Cyclone & Severe Storms
Acts of Malicious Persons
Fire and Lightning
Explosion
Falling Aircraft and other Aerial Devices
Impact of Motor Vehicle
Loss of Rent
The Loss of Rent feature covers the loss of rental income or additional expense of
renting alternate shop in case an insured peril renders your shop unusable. It is only
applicable if Building is covered under Shop Secure Plan Plus up to maximum of
10% of Sum Insured for Building.
YOUR CASH:
This unique insurance plan includes FREE cover for Cash amounting to 5% of
Sum insured for Contents upto maximum of Rs. 10,000. Cash within the limit is
protected while kept in a safe on shop premises.
COVERS:
Self Secure Plan plus provides for distinct protection segments with benefits
depending on the plan you select:
Aggregate benefits for accidental death or Permanent Disability
Medical Expenses (Accident only)
Inpatient Surgical Expenses (illness only)
Burial and Repatriation
PROTECTIVE SEGMENT:
SEGMENT 1 provides financial protection against death, permanent total
and permanent partial disability caused by and occurring within 12 months of an
accident.
SEGMENT 2 provides for medical expenses arising out of an accident any
where in the world.
SEGMENT 3 provides for medical expenses of surgical operations due to
illness. The procedure must involve an overnight stay at a registered hospital or
clinic in Pakistan. This segment excludes any expenses in respect of health
conditions existing at inception of cover.
SEGMENT 4 provides or repatriation and burial expenses following death
due to natural causes anywhere in the world. This Segment excludes death due to
health conditions existing at inception of cover.
The maximum age for new cover SSP-49 years. However in case of existing
covers age starting at least 3 years before the 50th birthday the cover may continue
till 55 years.
CHILDREN ARE OUR FUTURE. We are not into this business just to make
money; rather we have taken upon ourselves the responsibility of contributing to
the welfare of our children. Many a time, our most talented children are left
behind, often sidelined in the event of a mishap. We insure a child is not left
behind for want of resources or become victim of an eventuality. Our Education
Secure Plan is precisely tailor-made to protect future of our children.
BENEFITS:
Curtails financial burden of school and parents.
Because of branding we offer more than the market.
School management wins trust of the parents thereby enhancing image and
credibility of institution.
Extensive nationwide branch network of over 105 branches; almost every
reputable hospital is on our panel in every town.
A WIN WINWIN SITUATION
A marketing edge for the institution offering valuable services and incentives for
the students.
WHO IS COVERED
Emergency Accidental medical cover for students during school time.
Personal Accidental Death (PA) and Permanent Total Disability (PTD)
cover for the Parents/Guardians.
All Educational expenses i.e Exam Fee, Tuition Fee, Computer Fee, Sports
and Lab Charges, Books, Uniforms etc. Upto Grade 10.
Emergency accidental medical cover for students during school times.
All claims are filed on a simple easy to fill Performa duly endorsed by the
school management.
Original prescription bills, receipt etc. should be attached.
Direct settlement of claims with panel hospital is also available.
All claims should be filed within two (2) weeks.
B)-FOR BUSINESS:
What’s Covered
The safety of customers is our first priority. United Insurance provides large range
of Fire Insurance coverages to facilitate our clients. The coverages are given
below:
or violence.
Allied Perils
This is the most important and basic form of insurance and is essential for all types
of business concerns. Fire and Allied Perils Insurance provides comprehensive
cover in respect of loss of or damage to your property against fire and lightning. To
further safeguard the interest of our valued clients the policy can be extended to
cover riot and strike damage, malicious damage, atmospheric disturbance,
earthquake (fire and shock), explosion, impact damage, aircraft damage etc.
Terrorism Cover
We live in an altogether different world after September 11, 2001. Post 9/11
scenario resulted in removal of terrorism cover globally, leaving the insured and
the insurer at a difficult juncture. We, at The United Insurance Company of
Pakistan Ltd. created niche for our valued clients by designing a policy exclusively
for the risk of Terrorism. This policy is issued in conjunction with Fire and Allied
Perils Policy protecting the interest of insured up to a specified limit.
2)-LIVESTOCK INSURANCE PLAN
An insurance policy having coverages for losses and damages due to the death or
injuries of livestock. Pakistan is an agricultural country more than 50% of
population are resides on farming and our economy is based on it which is directly
or indirectly linked with livestock. For the protection of one’s livelihood livestock
insurance companies in Pakistan provide their services.
The United Insurance Company of Pakistan Limited main aim is to serve with the
best.
Risk Covered
United Insurance provide suitable coverage plans for the livestock insurance.
These coverages are as following:
Financial protection against mortality, theft & disability of the insured
animals including the risk of calving.
Eligibility
Mandatory for all farmers receiving livestock loan from the bank.
Livestock Covered
All livestock for which the bank is advancing loan to its borrowers.
Perils Covered
Mortality due to natural perils, fire, theft, poisoning, diseases and risk of calving.
Indemnification
The comprehensive coverage is extended upto 80% indemnity .i.e insured shall
bear 20% of loss and cost of skin of dead animal.
Payment of Claim
Mandatory for all livestock advances.
The Bank will provide all possible details on specified proposal form along
with Demand Draft to the Insurance Company.
The Bank Manager is required to issue undertaking incase of delay in
payment of Premium for New/Renewal cases.
The Bank Manager may take signature of the borrower on respective Iqrar
Nama on disbursement of loan.
Crop Insurance
Crop insurance deals with the financial protection against natural disasters, fire &
lightening and insect / pets attack on standing crop. According to the survey,
Pakistani economy is based on agricultural production so that’s why for the safety
of farmer’s investment agriculture insurance become essential. Here for your help
the UNITED INSURANCE provides you the best services for Crop Insurance.
Farmer Insurance
The care of human life is our first priority. Life is more worth than anything. From
this point of view farmer insurance become equivalent important. The UIC offers
you affordable farmer insurance packages with great benefits.
The crop insurance details are given below:
Farmer
– Project his source of credit and debit carrying capacity.
– Low premium rates.
Lender (Bank)
Protected against default when crops fail.
Insurer
Selling and administration cost is greatly reduced due to larger business volume /
turnover.
Farmer
Mandatory for all borrower farmers.
Crops Covered
All field Crops.
Types of Cover
The consortium provides two types of cover:
– Catastrophe Area Loss Cover (CALC)
– Catastrophe Individual Loss Cover (CILC)
Note: CILC will be determined in conjunction with CALC.
Perils Covered
Excessive rain, floods, drought, hailstorm, cyclones, insect/pest attack,Frost, wind
storm and fire & lightening.
Period Covered
From sowing/transplanting till harvest i.e. standing crop.
Sum Insured
Amount of inputs or the outstanding amount of loan including mark-up.
(Upto the amount shown on the Crop Policy).
Indemnification
The Indemnity shall become payable provided:
The insured crops situated in an area declared as “Calamity affected” by the
government and the damage to the crop was due to any of the insured perils.
The declaration is notified in the Gazette.
The Insured farmer is exempted from the ushr / land revenue, etc as a result
of such
declaration.
The name of the farmer and the insured crop has been entered in the USHR /
LAND REVENUE Khasra gardawari.
Compensation
Identified crop losses upto 25% will not be claimed.
Losses from 25% – 50% will be compensated as 50% of the outstanding
loan.
Losses >50% or yield loss up to 75% will be compensated as 100% of the
outstanding loan.
Reference Yield
Reference Yield means the average yield (kg/Acer or kg/hectare) of the insured
crop of same variety for the last three years (excluding any abnormal year) for the
smallest of union council, tehsil or district for which the official yield records are
available with Agri / Revenue Department.
Bonds
Bid bond is issued on behalf of contractors in connection with the submission of
tenders for contracts with public authorities and private owners.
Contractor’s All Risk Insurance
The basic concept is to offer comprehensive and adequate protection against loss
or damage in respect of the contract works, construction plant and equipment
and/or construction machinery, as well as against third party claims in respect of
property damage and/or bodily injury arising in connection with the execution of a
construction project.
Guarantees
This bond is issued on behalf of a contractor and in favour of the project owner to
guarantee the full and due performance of the contract.
Machinery breakdown
It was developed to grant industry effective insurance cover for plant, machinery
and mechanical equipment at work, at rest or during maintenance operations.
Miscellaneous insurance that provide benefits to the staff and covers variety of
risks. This mixed insurance policy is one of the most important insurance that is
necessary for secure future. The United Insurance Company of Pakistan Limited
gives the superior services for miscellaneous insurance.
Workmen’s Compensation
Employees are the most precious assets and result in the growth and prosperity for
any organization. To protect the rights of this invaluable asset Workmen
Compensation / Employer Liability Insurance provides coverage for any legal
liabilities of the employers arising out of and in the course of employment as per
Workmen Compensation Act, Fatal Accident Act, or at Common Law.
Accident Coverage
This cover operates 24 hours and on worldwide basis. It Provides for payment of
specified capital benefits following accidental death, bodily injury, permanent total
disablement, permanent partial disablement, temporary total and temporary partial
disablement caused by an accident.
In addition the cover also provides reimbursement of emergency transportation to
the nearest Hospital and also expenses incurred for preparation and transportation
of the mortal remains of the insured person from the place of death to home and
can also be extended to cover medical expenses.