KARACHI, Dec 29: The State Life Insurance Corporation of Pakistan (SLIC) plans to launch health insurance and introduce occupational group insurance for non-corporate clients.

The corporation is expecting to make a record premium collection of over Rs4.05 billion by the close of the year on Dec 31. This would be 35 per cent higher than previous year’s collection.

This was disclosed by Shahid Aziz Siddiqui, SLIC chairman, while taking to media after hosting a lunch in honor of group clients of the corporation here on Monday.

He said presently the corporation was working on modalities of the health insurance within the parameters given by the government. Similarly, the SLIC chief said occupational group insurance for non-corporate clients was being worked out.

Mr Siddiqui said that the SLIC will also approach the Security and Exchange Commission of Pakistan (SECP) to get approval for health and occupational group insurance.

He further said that it would be ensured that maximum number of citizens get the benefit of health insurance. For group insurance, new non-corporate categories would be included, such as growers, fishermen and other trades.

Responding to a question, he said: “the only problem the SLIC could confront in these categories is with regard to premium payment and for this the corporation is working out such plans under the guidance of the government.”

The corporation, he said has approached the government for introducing a new product of accident insurance throughout the country. If it was given a nod by the government, the corporation will come with such a plan next year.

Expressing his full satisfaction over the performance of the SLIC, he said the corporation has netted 0.3 million new policy holders this year (2008) and collected a huge amount of Rs8 billion on renewal of life insurance policies.

The corporation collected Rs3 billion on account of group insurance (corporate) premium this year and have an accumulated life insurance fund of Rs168 billion.

During the third quarter of this year (2008), he said, the corporation held investment portfolio of Rs160 billion.

The SLIC chairman, who was assisted by Mohammad Izqar Khan, general manager group and pension division, said that the corporation wants to expand its operations by including new categories of group insurance.

He, however, said the only difficulty being faced is the assurance and mode of premium from these categories, such as farmers, fishermen, craftsmen and other trades.

Once this was resolved, he said the SLIC would come out with this group policy.