State Life offers attractive bonuses that are declared on the basis of Actuarial Valuations. Presently the following types of bonuses are available for different plans subject to the terms and conditions applicable to each. Please click on the links below and find out which bonuses are attachable to your policy.
The present rates of Reversionary Bonus per thousand of sum assured, for all with profit Pak Rupee policies that were in force for the full sum assured as at 31st December 2023, announced as a result of the Actuarial Valuation as at 31st December 2023 are as under:
| Reversionary Bonuses per thousand of sum assured to with profit Pak Rupee policies | |||
| Description of Plans | For first five policy year | From 6th policy year to 16th policy year | From 17th policy year onwards |
| Whole Life | 51 | 111 | 170 |
| Endowments * Term of policy (in years) |
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| 20 years and over | 43 | 96 | 147 |
| 15 to 19 years inclusive | 29 | 81 | 92 |
| 14 years and less | 17 | 66 | - |
| Sada Bahar Plan Term of policy (in years) |
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| 20 years and over | 38 | 86 | 147 |
| 15 to 19 years inclusive | 26 | 75 | 92 |
| 14 years and less | 20 | 66 | - |
| Anticipated Endowments ** Term of policy (in years) |
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| 20 years and over | 29 | 70 | 113 |
| 15 to 19 years inclusive | 21 | 60 | 66 |
| 14 years and less | 16 | 53 | - |
This bonus has a surrender value, subject to the fulfillment of certain conditions.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Bonuses under these policies are credited to the policy after the policy has acquired an Adjusted Opening Cash Value. The bonus is credited on the Adjusted Opening Cash Value and not on minimum guaranteed surrender value. Bonuses will be credited at the end of the policy year. These bonuses are payable when the Cash Value under the policy is payable.
The rate of bonus is Rs. 125 per thousand per annum of the Adjusted Opening Cash Value. This bonus rate will be allowed till the next Actuarial Valuation.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Investment Return under this policy is credited to the policy after the policy has acquired an Adjusted Opening Cash Value. The return is credited on the Adjusted Opening Cash Value and not on minimum guaranteed surrender value. This return will be credited at the end of each quarter. These returns are payable when the Cash Value under the policy is payable.
The credit rate for each quarter falling due in 2024 shall be calculated at 12.50% per annum of the Adjusted Opening Cash Value. This rate will be allowed till the next Actuarial Valuation.
Reversionary, terminal or any other bonus declared as a result of this valuation will not be payable under these policies.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Bonuses under Personal Pension Plan where “Pension is being paid” will be allowed on Pension Payments. Pension Payments will be increased by bonus from the policy anniversary falling in the year 2024. This increase will also be available on pension payments commencing in 2024.
The rate of bonus is Rs. 125 per thousand per annum of the pension payments.
Reversionary, terminal or any other bonus declared as a result of this valuation will not be payable under these policies.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Family Income Benefit to heirs or nominees of deceased life assureds will be increased by 7.5%, where life assured has died on or before 2023, payable from policy anniversaries in the year 2025 under with profit policies.
Please contact your servicing State Life zonal office for other terms and conditions related to this benefit.
This bonus is exclusively for Anticipated Endowment Assurance and Sada-Bahar with profit Pak Rupee policies. If the policyholder lets a Survival Benefit remain with State Life, a Special Reversionary Bonus will be added six months after the due date of the Survival Benefit. For Anticipated Endowment policies that were in force for the full sum assured that have Survival benefits falling due in 2024 and for Sada-Bahar policies that were in force for the full sum assured that have Survival benefits falling due in 2024, which the policyholder opts to leave, Special Reversionary bonus will be allowed as follows:
| Period between Survival Benefit due date & maturity date | Special Reversionary Bonus per Rs.1000 Survival Benefit | Period between Survival Benefit due date and maturity date | Special Reversionary Bonus per Rs.1000 Survival Benefit |
| 20 years | Rs. 3,165 | 9 years | Rs. 1,005 |
| 18 years | Rs. 2,765 | 8 years | Rs. 845 |
| 16 years | Rs. 2,350 | 7 years | Rs. 695 |
| 14 years | Rs. 1,940 | 6 years | Rs. 555 |
| 12 years | Rs. 1,545 | 5 years | Rs. 420 |
| 10 years | Rs. 1,175 | 4 years | Rs. 300 |
Note:
Policies under Family Pension Plan (Table 12) will not be eligible for Special Reversionary Bonus.
This bonus also has a surrender value, subject to the fulfillment of certain conditions.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Terminal bonus is available for all with profit policies in force for the full sum assured, except Anticipated Endowment policies. It is payable only on maturity or earlier death of the life insured in the year 2024 and does not carry any surrender value. A pre-condition for entitlement of this bonus is that more than ten years' premiums must have been paid against a policy. Presently, the rate of the bonus is Rs.70 per thousand sum assured for each year's premium paid in excess of 10 years subject to a maximum of Rs.1400 per thousand sum assured.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Special Terminal bonus, at present rates, is available for all with profit Pak Rupee policies in force for the full sum assured. It is payable on maturity of the policy in the year 2024 and does not have any surrender value. It is attached on the policies where Family Income Benefit (FIB) has remained in force for more than 10 years either as a supplementary cover or as a built-in benefit. Currently the rate of special terminal bonus is Rs.10 per thousand basic sum assured for each year in excess of ten years’ that the FIB has been in force, subject to a maximum of Rs.200 per thousand of sum assured.
This bonus is also payable under Child Protection Policy and Child Education & Marriage Plan having built-in FIB.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
This bonus was announced for the first time in 2005 Actuarial Valuation. It is payable to Paid-up policies (Whole Life and Endowment) terminating by way of death or maturity in 2024 and does not have any surrender value. It is attached on the policies where policies have been on the books for more than 10 years. The rate is Rs.70 per thousand Paid-up Sum Assured for each year in excess of 10 years subject to a maximum of Rs. 1,400 per thousand Paid-up Sum Assured.
This bonus is also payable to Anticipated Endowment paid-up policies terminating by way of death or maturity in 2024.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
This bonus was announced for the first time in 2007 Actuarial Valuation. It is payable to all with profit Pak Rupee policies that have been with State Life since 2003 or earlier. The rate of Loyalty Terminal Bonus is Rs.200 per thousand sum assured and will be paid on claims by death or maturity in 2024 to with profit Pak Rupee policies with risk year 2004 or earlier. It does not contain any surrender value.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Loyalty Terminal Bonus on Whole Life and Endowment paid up polices will be paid on claims by death or maturity in 2024 to policies with risk year 2004 or earlier. The rate will be Rs. 70 per thousand paid-up sum assured for each year in excess of 10 years subject to maximum of Rs.1400/ per thousand paid sum assured. JeevanSathi and Shadabad polices will be treated as Endowment polices.
The above Loyalty Terminal bonus will also be paid to Anticipated Endowment paid-up polices on claims by death or maturity in 2024 to policies with risk year 2004 or earlier.
This bonus was announced in Actuarial Valuation as at 31st December 2002 in celebration of the 30th anniversary of State Life Insurance Corporation of Pakistan. It is payable on all with profit Pak Rupee policies that were in force for the full sum assured as at 31st December 2002, where more than 10 years' premiums have been paid. This is just a one-time bonus.
In respect of Whole Life and Endowment Assurances, the rate of bonus is Rs.48 per thousand sum assured for each years' premium paid till 31st December 2002 in excess of 10 years subject to a maximum of Rs.480 per thousand sum assured.
In respect of Anticipated Endowment Assurances, the rate of bonus is Rs.24 per thousand sum assured for each years' premium paid till 31st December 2002 in excess of 10 years subject to a maximum of Rs.240 per thousand sum assured.
This bonus, if allowed on a policy fulfilling the conditions mentioned above, would also carry a surrender value.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Millennium bonus was announced in Actuarial Valuation as at 31st December 2000 for all with profit Pak Rupee policies. It is payable in full on maturity or earlier death of the life insured. To qualify for this bonus, a policy must be in force for the full sum assured as at 31st December 2000 and premiums for the year 2001 must be paid in 2001. The rate of bonus is Rs.51 per thousand sum assured. This is just a one-time bonus.
Millennium bonus also acquires a surrender value on in force policies if five full years' premiums have been actually paid and the policy has been in force for at least five complete policy years.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
This bonus was announced in the Actuarial Valuation as at 31st December 1996 for all with profit Pak Rupee policies in celebration of the fiftieth anniversary of Independence of Pakistan. It is payable on maturity of the policy or earlier death of the life insured and does not have any surrender value. To qualify for this bonus, a policy must be in force for the full sum assured as at 31st December 1996 and premiums due in the year 1997 must be paid in 1997. The rate of bonus is Rs.50 per thousand sum assured. This is just a one-time bonus.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Onetime bonus was announced in the Actuarial Valuation as at 31st December 1994 for all with profit Pak Rupee policies. It is payable on maturity of the policy or earlier death of the life insured and does not have any surrender value. To qualify for this bonus, a policy must be in force for the full sum assured as at 31st December 1994 and premiums due in the year 1995 must be paid in 1995. The rate of bonus is Rs.40 per thousand sum assured. This is just a one-time bonus./p>
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Disclaimer regarding future bonuses Bonus rates for future years are not guaranteed and may either go up or down depending on future Actuarial Valuations.
State Life offers the following bonuses for different plans subject to the terms and conditions applicable to each. These bonuses are declared on the basis of Actuarial Valuations.
The present rates of reversionary bonus per thousand of sum assured, for all with profit UAE Dirham/ US Dollar policies that are in force for the full sum assured as at December 31, 2023, announced as a result of the Actuarial Valuation as at December 31, 2023, are as under:
| Reversionary Bonuses per 1000 of sum assured to with profit UAE Dirham policies | |||
| Description of Plan | For 1st five policy years | From 6th policy year onwards | From 17th year policy onwards |
| AED | AED | AED | |
| Whole Life | 20 | 57 | 71 |
| Endowments Term of policy (in years) |
|||
| 20 years and over | 18 | 48 | 60 |
| 15 to 19 years inclusive | 13 | 36 | 45 |
| 14 years and less | 8 | 21 | - |
| Anticipated Endowments Term of policy (in years) |
|||
| 20 years and over | 10 | 33 | 41 |
| 15 to 19 years inclusive | 8 | 24 | 30 |
| 14 years and less | 8 | 18 | - |
| Reversionary Bonuses per 1000 of sum assured to with profit US Dollar policies | |||
| Description of Plan | For 1st five policy years USD | From 6th policy year onwards USD | From 17th year policy onwards |
| Whole Life | 20 | 57 | 71 |
| Endowments Term of policy (in years) |
|||
| 20 years and over | 18 | 48 | 60 |
| 15 to 19 years inclusive | 13 | 36 | 45 |
| 14 years and less | 8 | 21 | - |
| Anticipated Endowments Term of policy (in years) |
|||
| 20 years and over | 10 | 33 | 41 |
| 15 to 19 years inclusive | 8 | 24 | 30 |
| 14 years and less | 8 | 18 | - |
These bonuses have a surrender value, subject to the fulfillment of certain conditions.
Please contact your servicing State Life zonal office for other terms and conditions related to these bonuses and the details of total bonuses attached to your policy.
Family Income Benefits in course of payment (Where the life assured has died).
Family Income Benefit to heirs or nominees of deceased life assureds will be increased by 4.0%, where life assured has died on or before 2023, payable from policy anniversaries in the year 2025 under with profit policies.
Please contact your servicing State Life zonal office for other terms and conditions related to this benefit.
Terminal bonus will only be payable on Whole Life and Endowment policies and not on Anticipated Endowment policies. It will be available on claims by maturity or earlier death of the life insured in the year 2024 and does not carry any surrender value. A pre-condition for entitlement of this bonus is that more than ten years’ premiums must have been paid against a policy. For policies expressed in UAE Dirham, the rate will be AED 20 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of AED 400 per thousand sum assured. For policies expressed in US Dollar, the rate will be USD 20 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of USD 400 per thousand sum assured. This bonus shall only be payable on whole life and endowment policies and not on Anticipated Endowment policies. Additionally, this bonus shall only be applicable for those policies that have been enforce at death or maturity and not for paid-up policies.
Please contact your servicing State Life Zonal Office for other terms and conditions related to this bonus and details of total bonuses attached to your policy.
Special Terminal bonus will be paid to Anticipated Endowment policies on claims by maturity in 2024, where a Family Income Benefit (FIB) is in force at maturity as a supplementary contract and has been in force for more than 10 years. For policies expressed in UAE Dirham, the rate will be AED 5 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of AED 100 per thousand basic sum assured. For policies expressed in US Dollar, the rate will be USD 5 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of USD 100 per thousand basic sum assured.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Bonus rates for future years are not guaranteed and may either go up or down depending on future Actuarial Valuations.
Specified Major Surgical Benefit was announced for the first time in 1992 Actuarial Valuation. This benefit has been retained in 2023 Valuation. This benefit is available to all with profit policies, which have been in full force as at 31st December 2023 and have been continuously in force for at least five complete policy years at the date of surgery. The maximum benefit for such policies is Rs. 250,000/-. However, if with-profit policies have been in full force as at 31st December, 2023 and have been continuously in force for at least ten complete policy years at the date of surgery then the maximum benefits for these policies will be Rs.500,000/-.
Under such policies, if the life assured undergoes specified major surgery during the inter-valuation period i.e. from 1st January 2024 to 31st December 2024 on account of a specified dread disease, the Corporation would pay 50% of the basic sum assured [in case of Anticipated Endowment plan, 50% of the remaining sum assured after deducting any due survival benefit(s)], subject to the above given maximum payment. The amount payable will be adjusted against future payments under the policy such as Survival Benefits, Maturity Claims or Death Claims.
Explanation This benefit is free of cost and provides valuable relief to the life insured if he/ she undergoes specified major surgery from 1st January 2024 to 31st December 2024. The cost of the benefit will be met out of the actuarial surplus revealed by the 31st December 2023 Actuarial Valuation. The following questions provide details regarding the benefit:
1. Which policies will be eligible for the benefit?
To be eligible for the benefit, all the following conditions must be fulfilled:
The continuation of the Scheme to cover surgery after December 31, 2024 will depend on the actuarial valuation due as at December 31, 2024.
If the policy was in force under the grace period at the date of the surgery, it will be considered in full force for this purpose provided the relevant premium was paid in full during the grace period, or advanced by State Life under the APL option.
A policy in force on December 31, 2023 which later on lapsed or became auto surrendered and was then revived before surgery will not be eligible for benefit in respect of surgery during January 1, 2024 to December 31, 2024. However, if the scheme is continued beyond December 31, 2023, to be decided after the actuarial valuation as at December 31, 2024, then such a policy may be eligible for surgery after December 31, 2024 subject to the terms and conditions decided after the 2024 actuarial valuation.
The following surgical procedures are covered, provided they were caused by disease and not traumatic injury:
Undergoing of open heart surgery to correct narrowing or blocking of two or more coronary arteries with by-pass grafts. Laser treatments and/ or reliefs, balloon angioplasty and/ or any other procedures not necessitating thoracectomy will be excluded.
The coronary by-pass surgery must be a direct result of a diagnosis of definite coronary artery disease by accepted angiography.
The actual undergoing of open heart surgery for a disease of the aorta needing excision and surgical replacement of the diseased aorta with a graft. For the purpose of this definition, aorta shall mean the thoracic and abdominal aorta but not its branches.
The replacement of one or more heart valves with artificial valves due to stenosis or incompetence, or a combination of these conditions. Valvotomy is specifically excluded.
The actual undergoing of a transplant of a heart, heart and lung, liver, kidney or bone marrow as a recipient.
Any major neuro-surgical procedure on or in the brain, involving craniotomy.
Any major surgical procedure which is the direct result of cancer. For this purpose, cancer means a malignant tumor characterized by uncontrolled growth and spread of malignant cells and the invasion of tissue. Malignancy must have been evidenced by medical investigations. Excluded are: (a) non-invasive cancers in situ; (b) any skin cancers other than malignant melanoma; and (c) male prostate cancer if limited to the prostate.
The benefit will consist of an accelerated payment of 50% of the basic sum assured under the policy (excluding the sum assured under any supplementary contracts), subject to a maximum of Rs. 250,000 for policies in full force for at least five years and a maximum of Rs. 500,000 for policies in full force for at least ten years as at the date of surgery. The benefit will be subject to the following further conditions:
The accelerated benefit payable under all policies taken together will depend on the number of the years policies have been continuously in full force. For the policies that have been continuously in full force for at least five years but less than ten years, the maximum benefit paid under all such policies together will be limited to Rs.250,000/- or 50% of the sum assured, whichever is less.
For policies that are continuously in full force for at least ten years, the maximum benefit payable under each policy is limited to Rs.500,000/- or 50% of the sum assured, whichever is less.
The benefit will be paid (at 50% of the basic endowment benefits outstanding subject to the maximum amount) from the policy issued first to the insured. If the amount paid is less than the maximum limit then the amount will be paid from the second policy issued and so on subject to the maximum limit. In other words, if life insured is covered under multiple policies and is eligible for surgical benefit, then the benefit will be paid from the policy issued first to the life insured.
5. How will APL or cash loans be treated?If there is an APL or Cash Loan under the policy, the accelerated payment on surgery will first be used to pay off the "APL and/ or Outstanding cash loan including any other encumbrances". The remaining part of the accelerated benefit after this adjustment will be paid to the policyholder.
6. How will the surrender value be calculated after specified major surgical benefit is paid?If specified major surgical benefit is paid, it will affect the basic surrender value of the policy from which it is paid. The subsequent surrender value of the policy will be reduced proportionate to the outstanding endowment benefit advanced. Suppose the benefit consists of an accelerated payment of 50% of the basic sum assured, then the subsequent surrender value will be 50% of the basic surrender value had no specified major surgical benefit been paid.
The surrender value of accrued bonuses will not be affected by the payment of the specified major surgical benefit.
The total surrender value of the policy would be the reduced basic surrender value of the policy plus the surrender value of the accrued bonuses.
7. What will be the position of the policy after the accelerated benefit payment?The benefit will be payable only once to any one life. If the life insured again undergoes any surgery whatsoever, no benefit will be payable even if the later surgery was of a different type from the first surgery for which benefit was paid.
Likewise, the benefit will be payable only once under any policy. This means that under Joint Life or JeevanSaathi policies, or other policies under which there is more than one life insured, if any accelerated benefit has been paid in respect of one life, then neither life insured will be eligible for any future surgical benefit.
Evidence satisfactory to State Life of having had the eligible surgery will have to be provided by the claimant at his own cost. The claimant will have to file the original policy document and submit a personal statement.
Confidential statement will also be required from the physician making the original diagnosis and the concerned surgeon(s), including the surgeon who performs the operation. State Life may require any additional proof it deems necessary, including but not limited to reports, test results and medical examination of the life insured. The decision of State Life shall be final and binding on all concerned.
If the policy is assigned, then the official discharge and written permission of the assignee must be filed before the accelerated benefit can be paid.
If the policy has an irrevocable beneficiary, or the policyholder/ policy owner is not the life insured, then the official discharge and written permission of the beneficiary/ policy owner must be filed before the accelerated benefit can be paid.
Under Joint Life and Jeevan Saathi policies, all the policyholders/ lives insured must sign the official discharge and give written permission for payment of benefit.
The benefit cannot be paid before the surgery takes place. It cannot be paid in anticipation of the surgery. Claims can be entertained only after the surgery takes place. The amount of benefit is independent of the cost of surgery. It is not intended to help to pay for the surgery, but rather to provide a lump sum of money to be disposed off as deemed fit by the claimant who gets it. The life insured may use it for post-operative care, or to recoup part of the cost of surgery, or in any other way he wants.
