"Bancassurance" means distribution of insurance products through bank’s distribution channels. The concept of bancassurance in Pakistan took birth in 2003 but this sector got encouragement during 2008-2009. This product attracted a number of banks in Pakistan, especially those with large branch network and extensive clientele. At present, there are more than twenty banks involved in the business of bancassurance with different companies.
This business is managed by Life Insurance Companies and falls under the purview of Securities and Exchange Commission of Pakistan who has provided comprehensive guidelines for Bancassurance which are mandatory to be followed by the banks & insurance companies.
The Bank of Punjab is in agency arrangements with M/s EFU Life Assurance Limited for Bancassurance scheme whereby BOP will act as Corporate Distribution Agent for certain insurance products of M/s EFU Life.
Initially, The Bank of Punjab is offering under-mentioned four Banca Products: