K-P govt approves universal life insurance among seven key projects

The Khyber Pakhtunkhwa (K-P) government has approved seven major flagship projects, including life insurance for the entire population of the province.

A meeting chaired by Chief Minister K-P Sardar Ali Amin Gandapur, attended by Finance Advisor Muzammil Aslam and administrative secretaries of relevant departments, gave the nod to the projects.

The flagship projects include life insurance coverage for the entire provincial population, the establishment of the provincial government's own Islamic Takaful insurance company, the launch of a solarisation program, and a home-stay tourism scheme.

Other approved projects include the construction of the Peshawar-Dera Ismail Khan Motorway, a 120-kilometre-long transmission line, the establishment of a trade corridor hub, and the creation of a debt management fund.

It was decided that these flagship projects would be completed by the end of 2027.

Following the health card scheme, the life insurance scheme will be the Pakistan Tehreek-e-Insaf (PTI) government’s second major social security initiative.

Under the scheme, in the event of the death of a family head, the heirs will receive compensation ranging from Rs500,000 to Rs1,000,000.

To sustainably run the health card and life insurance schemes, the provincial government will establish its own Islamic Takaful insurance company.

As part of its strategy to boost international trade, the provincial government will construct the Peshawar-Dera Ismail Khan Motorway. The 365-kilometre-long motorway will pass through 12 districts of the province and will connect Khyber Pakhtunkhwa with Punjab and Balochistan.

The meeting also approved the construction of a 120-kilometre-long 220 kV transmission line from Swat to Chakdara.

This transmission line will provide electricity generated by the provincial government’s hydropower plants in Swat and adjoining areas to local industries at affordable rates.

Upon completion, the project is expected to generate an annual revenue of 54 billion rupees for the provincial government.

To facilitate better trade management with Afghanistan and Central Asian states, the establishment of a trade corridor hub in Torkham was also approved.

Additionally, a trade facilitation centre will be set up in Peshawar, and a freight railway service from Peshawar to Torkham will be introduced.

The solarisation scheme is another flagship project of the provincial government. Under the scheme, low-income households will be provided with solar units, and all government buildings will be transitioned to solar energy.

In the first phase, 65,000 deserving households will receive free solar units, while in the second phase, 65,000 additional units will be provided to the public on easy instalments.

Under the home-stay tourism program, a concept of providing tourist accommodation within homes in remote tourist areas will be introduced. The provincial government will offer loans to residents to enable them to offer lodging facilities within their properties to tourists.

To improve financial management, the provincial government also approved the creation of a debt management fund, making K-P the first province to establish such a fund.

At least five per cent of the provincial government's total debt will be deposited into this fund, ensuring timely repayment of debt instalments and the availability of funds for major development projects.

These flagship projects are expected to play a pivotal role in making the province financially self-sufficient and improving the quality of life for its people.

CM Gandapur stated that the purpose of these flagship projects is to ensure the social security of the province’s residents, boost commercial and tourism activities, and create employment opportunities. He emphasised that the completion of these projects will transform the province into a hub for industrial, commercial, and tourism activities, ushering in an economic revolution.

"We are committed to making the province financially independent and a model for others. To achieve this, we must work beyond the norm."