@MGK, your cousin is right in what he says, the policy that he may have showed you will show you the exact figures as well. The only catch, the amount mentioned is from a 'probable percentage increase'. Most of the time that means that they take into account the best of conditions the country and the economic situation will be in. By the looks where Pakistan is heading, I don't see that happening.
What you will be paying for 10 years will be inflation adjusted (that's 5~10% increase) every year, this means that you will NOT pay exactly 10,000 every year. You will off-course make a profit at the end of the policy time but not that radical. For example if you pay them 145,000 (adjusted to 10% inflation a year) and taking the current market conditions in mind, you may get anywhere between 300,000~500,000. That is still a good return on investment.
The EFU life insurance almost works like mutual funds, every year when you pay for there policy, you are assigned certain amount of fund stock. I am guessing you will be getting the EFU Guaranteed Growth Fund the price of which currently is 696+/share (ref:http://www.efulife.com/).
I know this because I hold almost the same policy of 20 years, for my child education, the price I paid for the EFU GGF 7 years ago when I started was way way less than what it is now, I wish I would have saved more then.
EDIT: Your cousin isn't lying, he knows what he was thought, and is Pakistan sees good GDP growth over the next 10 years you will get what he says you will.