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.
As the name suggests, the plan is a savings and protection scheme which facilitates the policyholder to pay the premium in a lump sum single payment at the time of inception. The policyholder receives complete sum assured and full-term bonuses ranging from 10 years to 50 years at maturity or earlier death under this plan. The benefit structure is same as Endowment Plan (Table 03).
Policyholder's age at issue | 30 |
Selected Sum Assured | 1,000,000 |
Term of Policy | 10 |
Single Premium | 699,000 |
Mr. Zain is writer who recently received huge recognition for his recent book. He invested the amount the amount he received in a single lump sum payment for short term.
Then for the next 10 years, he was worry-free for any additional payment and received almost twice of the invested amount as maturity value (i.e 1.5 million). Now he can pay the remaining installments of his new house at once.
Policyholder's age at issue | 25 | |
Selected Sum Assured | 500,000 | |
Term of Policy | 20 | |
Single Premium | 249,100 |
Saima recently got married and invested the money she received at wedding for any contingencies.
After 10 years, her husband was having a surgery where she availed loan facility from SLIC (80% of cash value) to ensure her husband’s surgery at a renowned and trustworthy hospital. She was provided almost 1.6 times of her invested amount (i.e 3.8 lacs). She manages to repay the loan in 3 years.
At the age of 45 on the completion of policy, she received 1.8 million (7x of her total premium paid) as maturity value which she used to plan better future with her kids.
Policyholder's age at issue | 40 |
Selected Sum Assured | 5,000,000 |
Term of Policy | 25 |
Single Premium | 2,230,600 |
Mr. Rashid is businessman who recently sold his property to invest in his business. Since the property was of higher value, he decided buy an insurance policy with one-time payment for life protection and saving.
But unfortunately, he was unable to survive till maturity of the family and dies in the 21st policy year. The death claim of 18.8 million is payable to his family which is 8 million of his investment. His family can have a financial support and can plan their future accordingly.
Why Buy and what needs does this fulfill?
Plan Features | Description |
Plan Type | Endowment with surplus participation of 97.5% |
Minimum/Maximum Age at Entry | 20-60 Years |
Minimum/Maximum term | 10, 15, 20, 25, 30, 40, 50 Years, Max maturity age = 70 |
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 | Basic Sum Assured plus accrued Bonuses are payable on death (God forbid) of the life assured under this plan |
Surrender/ Early Withdrawal | The policyholder has the option to surrender the policy after at least one full year has elapsed since the commencement date. |
Maturity Benefit | Basic Sum Assured plus accrued Bonuses are payable upon survival of the life assured to maturity date. |
Loan Facility | Under this plan, 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: | Not Applicable |
Underwriting Requirements | The plan will be subject to underwriting as per standard practice of State Life |
Single Premiums for an Assurance of Rs. 1,000/- |
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Maturity Age |
Terms of Assurance |
||||||
10 years |
15 years |
20 years |
25 years |
30 years |
40 years |
50 years |
|
Up to 52 |
699.40 |
586.40 |
498.50 |
414.00 |
344.10 |
- |
- |
53-57 |
703.10 |
591.40 |
503.90 |
419.50 |
349.40 |
- |
- |
58-62 |
710.20 |
600.70 |
513.90 |
429.40 |
358.60 |
250.70 |
- |
63-67 |
721.70 |
616.90 |
531.50 |
446.60 |
374.50 |
263.30 |
- |
68-70 |
736.50 |
640.20 |
558.70 |
474.00 |
400.10 |
283.20 |
200.80 |
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.