Personal finance in EFU and NAFA

I want to know why my investment has shown a loss during the last 4 to 5 months.

The funds invest in the stock market, and the Pakistan stock market has gone down in last 4-5 months from all time high.

Should I liquidate my investment or wait in hope that it will grow again?

This is opinion-based and one cannot predict what will happen in the future. The funds may grow or may lose value.

If I lose all my investment value, is it insured? OR do I lose everything?

As I understand it, the growth fund does not guarantee any returns. In theory you could lose all the money, however practically there will be some value. If you need guaranteed returns maybe EFU Guaranteed Growth fund will be better choice.