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State Life
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Joint Life Endowment (Table-06)

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.

What is Joint Life Endowment Plan (Table 06)?

Joint Life Endowment Plan offers life protection for two persons at a time and ensures the associated risk for both lives on a sum assured. The sum assured and bonuses are payable under this plan either at the end of specified term or at earlier death of either of the assured person. Further the premium will be payable for the tenure of policy or till death of either of the insured and the policy terminates.

Why Buy and what needs does this fulfill?

  • To cover the risk on the lives of both assured for a sum assured.
  • To ensure that your immediate family has some financial support on death of either of the insured.
  • To finance your children’s education and other needs
  • To have a savings plan for the future so that both the partner has a source of income
  • To provide for other financial contingencies and life style requirements
  • To provide life coverage of two persons along with an opportunity to build a living for financially secured future.

The benefits under the plan can be further increased by attaching supplementary contract.

State Life Plans and Features


Plan Features

Description

Plan Type

Endowment with surplus participation of 97.5%

Minimum/Maximum Age at Entry

20-50 Years (Equivalent Age is calculated based on the Uniform Seniority Table given below)

Minimum/Maximum term

10, 15, 20, 25, 30, 35 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, Real Estate rentals, Blue Chip Equities, and Banks.

Death Benefit

Basic Sum Assured plus accrued Bonuses are payable on death (God forbid) of either of the assured person under this plan

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, 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.

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 upto maximum of 10 years.

Family Income Benefit (FIB)

If this supplementary contract is availed, then on his/her death (God forbid) during the term of contract, an annuity of 10% to 50% per annum of the basic sum assured is payable under the main policy till the expiry of rider.

Waiver of Premium (WP)

If this supplementary contract is availed, then on his/her total or permanent disability due to accident, the premium on the policy is waived.

Special Waiver of Premium (SWP)

If this supplementary contract is availed, then the premium on the policy to be waived during total or permanent disability when he/she is unable to engage in any occupation.

Guaranteed Insurability

If this supplementary contract is availed, SLIC gives the right to purchase additional life insurance upto specified maximum amounts on specific further dates at standard rates, without evidence of insurability being required at such later dates.

Hospital and Surgical (H&S)

If this supplementary contract is availed, then it provides benefits in case of his/her hospitalization in SLIC’s approved hospitals, as result of sickness or accident.

Refund of Premium Rider (RPR)

If this supplementary contract is availed, then on his/her death (God forbid) during the term of contract, it provides refund of premium paid.

 

When difference between the ages of two lives is

Deduct from the age of the older life

0 to 1 Year

Nil

2 to 3 Years

1 Year

4 to 6 Years

2 Years

7 to 9 Years

3 Years

10 to 13 Years

4 Years

14 to 17 Years

5 Years

18 to 24 Years

6 Years

25 to 33 Years

7 Years

 

 

Age

Main Plan Premium Rate (Rs 1000 Sum Cover)

Add-ons

FIB (Rs 1000 Sum Cover) at 20 years term

ADB (Rs 1000 Sum Cover)

20

50.22

3.30

1.25

25

50.74

3.96

1.25

30

51.61

5.12

1.25

35

53.20

7.30

1.25

40

56.22

11.27

1.25

45

61.79

17.67

-

50

71.20

27.18

-

 

  • for rates specific to your age and term please contact our representative
  • policy fee will be applicable on premium
  • Rebate of 0.5 applicable on main plan premium for sum assured greater than equal to Rs. 300,000/-

 

Disclaimers

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.

Frequently Asked Questions


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.