The Khyber Pakhtunkhwa (KP) provincial government has announced the launch of a new life insurance scheme, effective January 1st of the coming year. The scheme, estimated to cost Rs4.5 billion annually, will be fully funded by the provincial government.

Under the program, the government will provide financial assistance to the families of deceased individuals who are heads of households. The payout will be made if the death occurs in a government hospital or any hospital listed on the Sehat Sahulat Card panel.

The insurance payout will be Rs10 million rupees for individuals who die before the age of 60, and Rs5 million for those who die at age 60 or older.

The Chief Minister, during a recent meeting, set a three-month deadline for the establishment of the Provincial Islamic Takaful Insurance Company.

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Relevant officials have been instructed to finalize all necessary arrangements within this timeframe.