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 provides a pension guarantee for 25 years and if the policyholder lives beyond 25 years, pension will be paid for the rest of policyholder life. The pension will be payable yearly in advance, with the first payment due at the beginning of the 8th policy year. Personal Pension Plan is a without profit plan for the first 6 policy years and it will start participating in the State Life’s actuarial surplus from the 7th policy year onwards.
After 6 years, if the policyholder decides to cash the entire policy instead of opting for pension, he will receive a lumpsum amount of double the single premium paid and the policy will terminate. The policyholder can also opt for a combination of pension and encashment value at the end of 6 years and will receive a reduced pension from the 8th policy year onwards.
If the policyholder dies within 6 years of the policy issue, the nominee will receive a lumpsum amount which will depend on the year of death of the policyholder.
The benefits under the plan can be further increased by attaching supplementary contract.
Plan Features |
Description |
Plan Type |
Annuity Plan |
Minimum/Maximum Age at Entry |
Min age of 18, no upper limit |
Minimum/Maximum term |
6 years |
Bonus participation |
State Life announces a bonus every year according to its actuarial valuation and 97.5% of surplus is distributed as bonuses to all with-profit policies. The bonuses declared by State Life are guaranteed by the Government of Pakistan. |
Where are the funds invested |
State Life has a comprehensive investment policy and tactically invests its funds in Government Securities, Blue Chip Equities, Banks, etc. |
Death Benefit |
On death of the policyholder within 6 years pf the policy issue, a lumpsum payment will be payable. |
Surrender/ Early Withdrawal |
The policyholder has the option to surrender the policy after 2 years’ premium have been paid. |
Maturity Benefit |
Basic Sum Assured plus accrued Bonuses are payable upon survival of the life assured to maturity date. |
Loan Facility |
Under this plan, on confirmation that the policy will be cashed on the option date, he can avail a maximum loan of 90% of the net surrender value of the policy and the loan will be adjusted against the cash option. |
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. |
Term Insurance Rider (TIR) |
If this supplementary contract is availed, then on his/her death (God forbid) during the term of contract, an amount equal to basic sum assured becomes payable. |
Accidental Indemnity Benefit (AIB) |
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. Proportionate amount of sum assured is payable in the event of loss of two or more limbs or loss of sight in both eyes. For other injuries, weekly indemnities for total or partial disability are paid. Thereafter, an annuity will be payable up to maximum of 10 years. |
Age |
Premium Rate (Rs 1000 Sum Cover) |
20 or less |
2,168 |
25 |
2,253 |
30 |
2,352 |
35 |
2,463 |
40 |
2,579 |
45 |
2,688 |
50 |
2,777 |
55 |
2,837 |
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.