Punjab to form life insurance co for govt employees: PA told

Punjab plans to set up a life insurer for provincial government employees, Finance Minister Mujtaba Shuja-ur-Rehman told the Punjab Assembly, Business Recorder reported. The provincial cabinet approved the proposal in 2024, and work on the papers needed to register the Punjab Life Insurance Company is due to begin. The scheme is expected to start with about one million clients drawn from government institutions.

The minister said the proposed insurer would offer employees lower premiums than other insurance companies. He also told lawmakers that the Punjab Revenue Authority’s tax collections rose 38 percent in fiscal year 2025-26, while the provincial government is targeting more than Rs1 trillion in revenue for welfare and development spending. These updates were shared during the Assembly’s question hour.