INTERNSHIP REPORT ON

STATE LIFE INSURANCE CORPORATION OF

PAKISTAN ABBOTTABAD ZONE

Submitted by: Adeel Waheed

Roll# 119

Supervised by: Dr. Amjad Rafiq

Government College of Management Sciences Abbottabad

SESSION 2011-2013

INTERNSHIP REPORT ON
STATE LIFE INSURANCE CORPORATION OF
PAKISTAN ABBOTTABAD ZONE

Submitted by: Adeel Waheed

Registration # 119

Supervised by: Dr. Amjad Rafiq

This internship report is submitted in partial fulfillment of the
requirements for the degree of Master of Commerce awarded by
the Hazara University, Mansehra

Government College of Management Sciences Abbottabad

SESSION 2011-2013

Government College of Management Sciences

Abbottabad
Approval sheet

Approval Committee
1.

External Examiner

_______________________________

2.

Supervisor

Dr.Amjad Rafiq
___________
Associate Professor

3.

Signature

Signature

Head of Department

Mr. Mushtaq Ahmed

(Principal)

Signature

DEDICATION:
Dedicated to my Respected Parents, Honorable
Teachers
& All Friends
Whose love, prayers and
Magnanimous supports have a great contribution
in my carrier development.
Allah Bless them All...

PREFACE

This Report is specially meant for the student of M.Com (Final). It is concerned to a
brief study of the operation, Function, tasks and services of State Life Insurance Corporation
Pakistan.
Now-a-days we know that Insurance corporations are using different modern technologies,
which influence the managerial activities, thats why I decided to do my internship Training in
the Insurance Corporation
In preparation of this Report is have tried my best to provide all Possible information about
the operation, function and tasks of State Life Insurance Corporation in brief and
comprehensive form. It also includes a brief department worked during internship. I have also
tried my best to use simple and easy words and language.
Then internship report ends with some recommendation after identification of some problems
observed during the course of internship.

ACKNOWLEDGMENT
All the praise to Almighty Allah, the most benevolent ever merciful, which gave me power
and patience to complete my internship successfully.
This report has been prepared to meet the requirement of (M.com) program and completed on
the basis of practical experience and working knowledge ascertained through participation in
various focused processes.
During the period of obtaining knowledge about various processes and activities of State Life
Insurance Corporation of Pakistan, Abbottabad Zone, I found immense help from the
management and staff of the zone for which I thankful to Mr.Anwar ul Haq , Zonal Head of
Abbottabad Zone and various staff member particularly those working in Administration &
Finance department who extended fullest cooperation and assistance in preparation of this
report.
I am thankful to teachers and seniors whose contribution in shaping my life and career is far
greater than my own. Thanks also to my family members who suffered and sacrificed a lot for
being ignored at the time when they deserved attention and support.
I have applied maximum efforts to make this report concise, complete and comprehensive but
due to paucity of space many aspect of organization could not be covered in this short report
and there might be some other short comings for which I take responsibility.

Adeel Waheed

TABLE OF CONTENTS
1. OBJECTIVES OF STUDYING THE ORGANIZATION
2.INTRODUCTION TO THE ORGANIZATION

01
01

2.1 Mission Statement

02

2.2 HR Mission Statement

02

2.3 Objective of The Organization

03

2.4 Strategy Of The Organization

03

3. OVERVIEW OF THE ORGANIZATION

04

3.1 Brief History

04

3.2 Business Volume

05

3.3 Financial Statement Summary From Dec 31, 2009 To Dec 31, 2012

06

3.4 Product Lines

07

3.5 Individual Life Plans

07

3.6 Individual Life Plans

12

3.7 Group Life & Pension Plans

14

4. ORGANIZATION STRUCTURE

20

5. SOURCES OF CANDIDATES

26

5.1 Internal Sources

26

5.2 Employment Selection Process

26

5.3 Training And Development

28

5.4 Performance Management

33

5.5 Employee Compensation And Benefits

35

5.6 Organization Career Management

38

5.7 Job Changes Within The Organization

41

6. CONCLUSION AND RECCOMENDATIONS

56

REFERENCES

58

EXECUTIVE SUMMARY
Now-a-days we know that Insurance corporations are using different modern technologies,
which influence the managerial activities, thats why I decided to do my internship Training in
the Insurance Corporation
The Life Insurance Business in Pakistan was nationalized during March 1972.
State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the
Executive Directors appointed by Ministry of Commerce, Federal Government.
The basic structure of the Corporation consists of 4 Regional Offices, 26 Zonal Offices, a few
Sub-Zonal Offices, 111 Sector Offices, and a network of 461 Area Offices across the country
for Individual Life Insurance;
4 Zonal Offices and 6 Sector Offices with 20 Sector Heads for Group & Pension are involved
in the Marketing of Life Insurance Plans policies. I have been working in Abbottabad Zone
from 13 years in the capacity of Assistant Manager. It was easy experience to work here after
studying and passing Hazara University M.com courses.
The SLIC of Pakistan is an insurance concern with different departments. So for complete
knowledge of Budget & account, Policy Holder Services, IT, Agency, Management and
Marketing, I selected this organization for my M.com finance internship activities