State Life Ins.

Why Buy?

The Platinum Plus Plan is a smart addition to your financial strategy, offering life coverage alongside an opportunity to build a secure financial future. A major advantage of this plan is the flexibility it provides; you only need to pay premiums for the first three years while enjoying full benefits for the entire ten-year term. This allows you to use short-term savings to fund the initial premiums. Additionally, policyholders can benefit from tax rebates under the income tax ordinance with this endowment policy.

Why State Life?

State Life is committed to delivering complete satisfaction to our esteemed policyholders, from policy issuance to providing exceptional after-sales service and optimizing returns on the Life Fund. Our dedication to a culture of quality ensures our position as the leading life insurer in Pakistan. Additionally, the sum assured and declared bonuses payable upon maturity or in the unfortunate event of death are guaranteed by the Government of Pakistan.

What needs does this fulfil?

To ensure that your immediate family has financial support in the event of your passing.
To finance your children's education and other needs.
To establish a savings plan for future income after retirement.
To provide for other financial contingencies and lifestyle requirements.
To create a supplemental source of income for your loved ones.

Plan Features

Plan type: Conventional Endowment with surplus participation of 97.5% to policyholders
Where are the funds invested: State Life invests its funds in avenues such as government securities, real estate rental, blue chip equities and banks etc
Loan facility: Under this plan, after the payment of the third premium, the policyholder can avail a maximum loan of 80% of the net surrender value of the policy if immediate funds are needed.
Min/Max age at entry: 1 to 65 years.
Coverage term: 10 years.
Premium paying term: 3 years (only annual mode applicable)
Surrender/early withdrawal: The policy will acquire a surrender value after being in force for at least two consecutive years, provided no premiums are in default.
Bonus Participation: State Life announces an annual bonus based on its actuarial valuation, with 97.5% of the surplus distributed as bonuses to all with-profit policies. These bonuses, declared by State Life, are guaranteed by the Government of Pakistan.
Maturity Benefit: The Basic Sum Assured plus 50% more bonuses than those of a standard 10-year endowment plan are payable upon the survival of the life assured to the maturity date.
Death benefit: In the unfortunate event of the death of the life assured, the Basic Sum Assured along with accrued bonuses are payable under this plan.
Grace period: Policyholders can pay the premium to State Life within a grace period of 31 days after it falls due.
Free-Look period:The policy can be cancelled at the discretion of the policyholder within fourteen days of its commencement date.
Underwriting requirements: The plan will be subject to underwriting as per standard practice of State Life

Add-Ons

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

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, 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 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 the 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 the age of the person to be insured, sum insured and term of the policy.

The calculation of life insurance premiums is primarily based on the age of the person to be insured, the sum insured and the 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 be 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.

Platinum Plus

Why Buy?

Why State Life?

What needs does this fulfil?

Plan Features

Add-Ons

Frequently Asked Questions

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