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State Life

Platinum Plus

The Platinum Plus Plan is a distinctive savings and protection scheme providing ten years of insurance coverage with premiums payable only for the first three years. Benefits and bonuses under this plan are based on the ten-year coverage period, and the policy continues to participate in State Life's surplus even after the premium payment term ends. Additionally, the bonuses for this plan are 50% higher than those of a standard 10-year endowment plan.

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