The Securities and Exchange Commission of Pakistan (SECP) has issued the Directive for the Sale of Life Insurance Savings Products through Technology-Based Distribution Channels, 2025, aimed at fostering a flexible and enabling environment for the digital distribution of life insurance savings products.
The directive introduces rationalized onboarding requirements to facilitate distribution while ensuring enhanced value for policyholders.
It enforces a streamlined fee structure while prioritizing investments in low-risk instruments, thereby fortifying consumer protection and fostering financial security.
Additionally, the directive promotes the accessibility of digital life insurance savings products by requiring insurers to offer at least one product via a website or mobile app and through an independent platform within one year.
By easing customer onboarding processes, the directive is expected to boost insurance penetration across the country and contribute to the growth of the insurance sector.
Furthermore, it opens up new technology driven avenues for life insurance products having saving component, including digital banks, telecommunication operators, and web aggregators.
This initiative aligns with SECP’s five-year strategic plan for the insurance sector, reinforcing its commitment to facilitating the distribution of savings policies via online channels.
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