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It is the dream of every father and mother to educate their children. They sacrifice their needs and work hard to turn their dreams into reality. However, the human life is uncertain. A sudden death of the breadwinner could end all the hopes.
State Life has designed an innovative plan to address this area. You know that State Life is the largest Life Insurance Organization in Pakistan with offices throughout the country including remote areas. There are around 6 million people insured with State Life. We have the experience of more than 30 years in Life Insurance Business. Besides the immense financial strength, all the policies of State Life are guaranteed by Government of Pakistan.
Being the leading Insurer in the country, State Life aims to play its role in development of education. State Life would run this plan on non-profit basis. If the plan generates any profit to State Life, whole profit would be returned to the school which may be utilized for the welfare of students such as scholarship. Having such plan would also give competitive advantage to the school.
This plan intends to ensure continuation of education of school children in case their fathers or guardians die. The plan would cover the annual fee of the schools and cost of books and uniforms.
Schools to be Covered
Registered Private Schools with at least 300 students would be eligible to be covered under this scheme.
The G&P Division should approach the schools with good standing based on their general reputation, location, fee structure etc. This point should be taken as general advice and not as a matter of strict condition.
The fathers (with age below 60) of the students studying in class level Nursery to 10 would be covered under the scheme on compulsory basis. In case the father is not alive, guardian may be covered provided his age is not more than 60 years.
In case the father or guardian dies while the student is studying in school, State Life would pay the fee of the student to the school. An additional annual grant equal to school annual fee would also be paid to cover the cost of books and uniforms. This payment would be made by State Life each year till the student completes education in class 10.
In case the annual fee of the school increases by more than 5% in any year, the benefit payment by State Life would take it as 5%
The cost of the scheme for first year would be 6.00% of total annual fee of the school. The cost would be paid by the school annually in advance.
State Life would review the cost each year.
There would be no medical requirements if the annual fee is equal to or less than the Class Level Wise Limits given below
|Class Level||Maximum Annual Fee upto which No Medical
would be Required (Rs.)
1 & KG
In case the annual fee is higher than the above limits, State Life would determine if any medical is required.
Once the policy is issued to the school, the data of fathers/guardians such as name, date of birth, occupation, NIC # would be provided by the school to State Life within a period of 3 months.
The school would lodge the claim as soon as possible on a prescribed form along with necessary supporting documents such as death certificate, copy of NIC. State Life would start paying the fee within the shortest possible time, after necessary verification.
Termination of the Coverage
The insurance coverage would terminate on the earliest of following events:
a. Termination of the Contract between the School and State Life,
b. Father/Guardian attains the age of 60,
c. Student leaves the school,
d. Wind up of the School,
State Life would evaluate the scheme after every three years and if the scheme has generated any profit to State Life, 100% of the profit would be returned to the School. The profit of the Scheme would be worked out as follows:
Total Cost Paid or Payable
State Life's Management Expenses & Contingency Margin
Present Value of future payments on claims incurred & reported
Provision for claims incurred but not reported.
State Life's Management Expenses & Contingency Margin as percentage of cost would depend on average number of students remained covered during the profit commission period, as follows:
|Average Number of
Student per year
|State Life's Management Expenses &
Contingency Margin (as % of Cost)
|More than 3,000||10%|
This is a brief of the Scheme which is sufficient at proposal stage. If a proposal is accepted, a detailed contract would be executed between the School and State Life, containing all the details of the scheme.