Why State Life?
State Life offers complete satisfaction to our valued policyholders from issuance of policy, providing after sales service and optimizing return on Life Fund through a quality culture and to maintain ourselves leading life insurer in Pakistan. The sum assured and declared bonuses payable on maturity or death (God Forbid) are guaranteed by the Government of Pakistan.
This plan is specially designed for Pakistani expatriates working in Middle East for earning better income for their loved ones. Since the earning level of overseas Pakistanis is higher in Middle East, they are in a better position to save higher amounts. It is observed that due to a disciplined method of saving, these expatriates do not find much money back home after putting their precious decades in hard work away from home. This plan is available in UAE, in US dollars and UAE Dirhams and in Kuwait and Saudi Arabia, in US dollars only.
The benefits under the plan can be further increased by attaching supplementary contract.
|
Plan Features |
Description |
|
Plan Type |
Endowment with surplus participation of 97.5% |
|
Lives Covered |
Single |
|
Minimum/Maximum Age at Entry |
20-55 Years |
|
Minimum/Maximum term |
Premium Paying term=7 Years, Coverage Term=20 Years |
|
Death Benefit |
Full sum assured plus attached bonuses is payable to the dependents on death of the life insured. |
|
Surrender/ Early Withdrawal |
The policyholder has the option to surrender the policy after 2 years’ premium have been paid. |
|
Maturity Benefit |
Full Sum Assured plus Bonuses are payable to the policyholder upon completion of the 20 years term of the policy. |
|
Loan Facility |
Under this plan, after the payment of third premium, if the policy holder immediately needs money, he/she can avail a maximum loan of 80% of the net surrender value of the policy. |
|
ANF Options |
The usual “Automatic Premium Loan” and “Automatic Paid up” options are also available under this plan. The automatic option gets activated during the premium paying period of 7 years when the policy has acquired a cash value and a premium remains unpaid beyond the grace period. |
|
Free-Look Period |
The policy can be cancelled at the option of the policyholder within (14) fourteen days of its commencement date. |
|
Grace period: |
Policyholders can pay the premium to state life within a grace period of 31 days after it falls due. |
|
Underwriting Requirements |
The plan will be subject to underwriting as per standard practice of State Life |
|
Add-Ons |
Description |
|
Accidental Death Benefit (ADB) |
If this supplementary contract is availed, then on his/her accidental death (God forbid) during the term of policy, an amount equal to basic sum assured becomes payable. |
|
Age |
Main Plan Premium Rate (Rs 1000 Sum Cover) |
|
20 |
107.38 |
|
25 |
107.70 |
|
30 |
108.21 |
|
35 |
109.08 |
|
40 |
110.75 |
|
45 |
113.72 |
|
50 |
118.70 |
This product is underwritten by State Life Insurance Corporation of Pakistan. The past performance of State Life Insurance Corporation of Pakistan is not necessarily a guide to future performance. A personalized illustration of benefits will be provided to you by our representative. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions. A description of how the contract works is given in the policy privileges and conditions. This products brochure only gives a general outline of the product features and benefits and the figures used above are indicative and for illustration purposes only.
Death claim is usually payable to the nominee/ assignee or the legal successor, as the case may be. However, if the deceased policyholder has not nominated/ assigned the policy or not made a will, the claim is payable to the holder of a succession certificate or such evidence of title from a Court of Law.
State Life distributes its profits among it policyholders every year in the form of bonuses. Bonuses are credited to the account of the policyholders and paid at the time of maturity or at the time of death (if earlier) . Bonus is declared as a certain amount per thousand of sum assured.
Life insurance is normally offered after a medical examination of the life to be insured. However, to facilitate greater spread of insurance and also as a measure of relaxation, State Life has been extending insurance cover without any medical examination, subject to certain conditions. This facility is called Non-medical Scheme.
Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.
The amount payable by State Life on termination of the policy contract at the desire of the policyholder before the expiry of policy term is known as the surrender value of the policy.
It is not possible to raise money against your life insurance policy. However, there is a provision available by way of assignment or mortgaging the policy provided the policy has been in force for a minimum stipulated period.
The calculation of life insurance premiums is primarily based on age of the person to be insured, sum insured and term of the policy.
The policyholder has to apply for loan in a prescribed form and submit the policy document with the form duly completed.
A policyholder can repay the loan amount either in part or in full anytime during the term of the policy.
If the policy has acquired a surrender value and a premium has remained unpaid beyond the grace period, the policyholder will entitled to benefits under one of the following two options given hereinafter, depending on the option exercised (if any) in his Proposal for this policy:
A – Automatic paid-up Option
This policy will be converted into a paid-up policy. The paid-up Sum Insured will be specially calculated to allow for the clearance of all outstanding dues of State Life against the policy.
B – Automatic Premium Loan Option
So long as the net surrender value of the policy equals or exceeds any due premium remaining unpaid beyond its grace period, State Life will continue to keep this policy in full force, and treat the said premium as paid by creating an automatic premium loan against the net surrender value of the policy.
