Pakistan is a country located in South Asia, with a population exceeding 180 million and ranked the 6th largest country in Pakistan, covering an area of 796,095 square kilometers and has become the 36th largest country in terms of land. Pakistan is strategically very important due to its location and territory connected to Central Asia and Western Asia. Pakistan has a 1,046 km long coastline along with the Arabian Sea and its borders are with India in the east, Iran in the southwest, Afghanistan in the west and north while China in the extreme northeast. This territory belongs to some of the world's oldest civilizations and culture including the Neolithic Mehrgarh and the Bronze Age Indus Valley Civilization. It has been ruled by several empires and dynasties including Hindu, Persian, Indo-Greek, Islamic, Turko-Mongal, Sikh and Afghan. In the past, Perians, Arabs and Alexander also ruled. The country is made up of four provinces and has adopted a federal parliamentary system. All provinces are ethnically and linguistically diverse. The country has a semi-industrial economy with well-integrated agricultural systems. Pakistan's economy is the 26th largest in the world in terms of purchasing power and 45th largest in terms of nominal GDP and has been named the emerging world economy of the 21st century.Map of PakistanPerspective Insurance Sector of PakistanThe Pakistan's insurance sector contributed 5.2% overall to the services sector in the financial year 2012-2013. The sector recorded growth in 2012-2013 of around 6.6% against 1% last year. The regulatory body for the sector is the SECP (Securities & Exchange Commission of Pakistan) and the State Bank of Pakistan. Prospects for Foreign Investment Pakistan holds huge potential for foreign direct investment in the financial sector... middle of paper... may prosper more and solve their problems individually. Approval Process of Life Insurance Products It is also seen that the approval of life insurance products by the SECP has been delayed for a long time, resulting in a lack of interest from the general public. It is suggested to introduce an online product approval system. The insurance ombudsman must have insurance knowledge and background. Insurance companies are too lazy to change the insurance ombudsman, sometimes they do not cover basic insurance knowledge and this creates problems for customers in understanding the policy. document manuals. Offering of voluntary pension products by life insurers Life insurance companies are authorized to offer voluntary pension products under the law, but companies are now being advised that they do not find it feasible to offer pension products under the rules and existing regulations.