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State Life Insurance Corporation of Pakistan Plans

Before Getting Insurance Plans Of State Life You need to read the importance of Insurance.

Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses:

Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.

The financial loss to the family due to the unfortunate death of the sole earner can be covered by insurance plans. The family can also repay any debts like home loans or other debts which the person insured may have incurred in his/her lifetime.

Insurance plans will help your family maintain their standard of living in case you are not around in the future. This will help them cover the costs of running the household through the insurance lump sum payout. The insurance money will give your family some much-needed breathing space along with coverage for all expenditure in case of death/accident/medical emergency of the policyholder

Insurance plans will help in protecting the future of your child in terms of his/her education. They will make sure that your children are financially secured while pursuing their dreams and ambitions without any compromises, even when you are not around.

Many insurance plans come with savings and investment schemes along with regular coverage. These help in building wealth/savings for the future through regular investments. You pay premiums regularly and a portion of the same goes towards life coverage while the other portion goes towards either a savings plan or investment plan, whichever you choose based on your future goals and needs.

Insurance helps protect your home in the event of any unforeseen calamity or damage. Your home insurance plan will help you get coverage for damages to your home and pay for the cost of repairs or rebuilding, whichever is needed. If you have coverage for valuables and items inside the house, then you can purchase replacement items with the insurance money.

Here Is the List of State Life Insurance Plans.

    State Life Insurance Plans

    State Life Insurance Plans



    Whole Life Insurance

    It is a unique combination of protection and savings at a very economical premium. Death at any time before age 85 years terminates payment of premiums and the sum insured and attached bonuses become payable. In the event the insured survives to the policy anniversary at age 85 years, the policy matures and the sum insured plus bonuses become payable. Under this plan the rates of bonuses are usually much higher than the other plans and they help in increasing not only protection but also the investment element of the policy substantially. 
    This plan is best suited for youngsters who have at initial stages of their careers and cannot afford to pay high premiums. Individuals who anticipate requirement of a lump sum in far future can also opt this plan.

    Endowment Insurance

    Eligible ages:-

    Minimum Age: 10 years
    Maximum Age: 65 years
    Age (Maximum) on Maturity: Age 75 years.

    It's a safest and surest method of guaranteed cash provision either at a specified time or at death (Allah forbid). Under these policies, the sum insured plus bonuses are payable at the end of the specified number of years or at death of the life insured if earlier. Premiums are payable for the specified number of years or till death, if earlier. The benefits under the plan can be further increased by attaching supplementary covers.

    This policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by State Life on request of the policyholder.

    The plan serves the requirements of a family in various shapes by way of financial help at retirement, education of children or provision of capital for business.

    Sadabahar Plan

    Sadabahar is an anticipated endowment type with-profit plan that provides lump sum benefit at certain stages during the premium-paying term or on earlier death. In addition, this plan has a built-in Accidental Death Benefit (ADB) rider so that the policyholder gets an additional sum assured in case of death due to an accident.

    This plan is a safe instrument for cash provision at the time of need. With this plan, the policyholder can secure greater protection and continued prosperity for the family at an affordable cost.

    Admissible Ages and Terms This plan is available to all members of the general public, aged from 20 to 60 years nearest birthday. Both males and females may purchase this plan. Terms offered under this plan are 12,15,18, 21, 24, 27 and 30 years.

    Survival Benefits

    • On completion of one-third of the policy term, 20% of basic sum assured can be taken by the policyholder. Another 20% of the sum assured can be taken on completion of two-third of the policy term and the remaining 60% of basic sum assured plus accrued bonuses (if any) shall be payable at the end of the policy term in the event of survival of the assured.
    • If the option to withdraw an installment of 20% sum assured is not exercised on the due date or within 6 months after the due date, a special bonus will automatically be added to the policy at the end of 6 months. In this event:
    • On death of the assured while the policy is in force, the special bonus will be payable in addition to (1) Basic Sum Assured (2) Other Reversionary Bonuses accrued on the policy and (3) the amount of any installment left with State Life.
    • On the maturity date, the special bonus will be payable together with all the installments of the sum assured remaining with State Life, in addition to regular reversionary bonuses accrued on the policy.
    • So long as the policy remains in force, the policyholder may surrender the unclaimed installment of sum assured together with the related special bonus. The aggregate cash surrender value of the two shall not be less than the amount of the said unclaimed installment.
    • 4.The reversionary bonuses as per usual practice will continue to be allotted each year on the basic sum assured (if in force) as and when Actuarial Surplus is declared. However, the unclaimed installments of the sum assured and related special bonus will not participate in State Life's Actuarial Surplus.

    Death Benefits

    The full basic sum insured plus accrued bonuses are payable on death of insured any time while the policy is in force. In addition, if death occurs as a result of an accident, additional amount equal to one basic sum assured, subject to maximum limit, will be paid. The usual maximum on the ADB of Rs. 4 million will apply and premium will be calculated accordingly

    Bonuses

    This policy will participate in State Life's surplus. Rates of bonus applicable will be 25% higher than those on anticipated endowment plan.

    Anticipated Endowment Insurance

    Anticipated Endowment Assurance

    This is a modified form of endowment assurance and is also called 'Three Payment Plan'. Besides fulfilling the long-term financial needs, it also helps in meeting the short-term financial exigencies. As the name suggests, the plan offers three payments throughout term of the policy.

    The plan offers survival benefits equal to 25% of sum insured on completion of 1/3rd and 2/3rd term of the policy. If the policyholder does not withdraw the survival benefits, a very attractive special reversionary bonus is available. On completion of term of the policy, the remaining 50% sum insured plus accrued bonuses shall be payable. If the life insured expires during term of the policy, sum insured, accrued bonuses,unclaimed survival benefits and special reversionary bonuses are payable.

    The plan is suitable for the individuals who have long-term financial needs but also anticipate requirement of money relatively earlier. Three Payment Plan helps fulfilling these short-term financial needs without terminating the actual contract.

    Shad Abad Insurance

    Eligible ages:-

    Minimum Age: 20 years
    Maximum Age: 60 years
    Age (Maximum) on Maturity: 70 years

    On completion of term of policy, sum insured plus bonuses attached to the policy are payable. However, on death during the policy term, the death benefit consists of double of sum insured with accrued bonuses. Incase of death due to accident, the death benefit consists of four times the sum insured plus bonuses. The coverage can be further widened by attaching supplementary covers with the policy. 
    This plan meets the requirements of those who appreciate the basic savings purpose of endowment assurance but also like some additional cover to protect loved ones in case they die, Allah forbid, before maturity.

    Jeevan Saathi Insurance

    Eligible ages:-

    Minimum Age (Equivalent): 20 years
    Maximum Age: 50 years
    Equivalent Age (Maximum) on Maturity: 70 years

    This is a joint life plan and covers lives of two partners say husband and wife simultaneously. Premiums are payable till the end of the specified term or till death of either of the insured persons, if earlier. The plan contains extensive benefits; an overview of which appears as under:

    On the death of the first life, the sum insured will be paid to the survivor. Further premiums under the policy will be waived, but the insurance protection of the second life will continue. Also, the policy will continue to participate in profits of the Corporation. On death of the second life, again the sum insured will be paid together with the attaching bonuses. In this event the policy will terminate.

    If the second life survives the term of the policy, he or she will be paid sum insured together with the attached bonuses, even though the sum insured has been paid once, on the death of the first life. If both the lives survive the term of the policy, the sum insured will be paid to them jointly, only once, together with the attached bonuses. Different supplementary covers are also available for increasing coverage under the policy.

    Jeevan Sathi Plan is best suited for those married couples who want to enjoy insurance coverage for a comparatively lesser premium. Moreover, housewives who are otherwise not insurable can also enjoy the benefits of insurance policy through this plan.

    Child Education & Marriage Plan

    Eligible ages:-

    Minimum Age: 20 years
    Maximum Age: 60 years
    Age (Maximum) on Maturity: 70 years

    Allowable Riders:

    Child Education & Marriage Assurance is a plan for the protection of child's future. It provides a lump sum benefit for the child at the completion of the policy term. On completion of term of the policy, full sum insured together with the accrued bonuses become payable to the policyholder.

    If the policyholder dies (Allah forbid) before completion of the term, a family income benefit of Rs 240 per 1000 sum insured per annum is paid to the child until the completion of policy term. Further, future premiums under the policy are waived and policy remains in force with full sum insured and continues to participate in State Life's surplus and receive bonuses. Upon the completion of policy term, the child gets two options of either getting the proceeds in a lump sum or in five equal installments.

    • Continue the policy in the same manner as earlier by switching the plan for the benefit of another child.
    • Get a refund of all the previous premiums paid till the death of the child or the cash value of the policy, whichever is higher and terminate the contract.
    • Continue the policy without naming another child in which case the benefit of Refund of Premium [as provided above under condition (b)] will not be available.


    Child Education & Marriage Plan is suited for the parents who are conscious about the future of their children. The term of the plan is such that the lump sum benefit becomes payable when the child attains a predetermined age of 18, 21 or 25 years. These ages may be selected considering the occasion at which children generally need financial assistance for higher education, marriage, or setting up business. Depending upon your individual needs, the plan is available in two separate versions of with and without built-in family income benefit. In addition to parent, this plan can also be affected by grandparents, uncles, aunts or any other person who is paying for the maintenance of the child.

    This policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by State Life on request of the policyholder.

    Child Protection Insurance

    This is a joint life assurance and covers the lives of child and either of the parents. If the policyholder and the child both survive full term of the policy, sum insured and accrued bonuses become payable. If the policyholder dies before completion of term of the policy the payment of premiums ceases and the child is paid an income of Rs 100/- per thousand sum insured per annum till the completion of the policy term. On completion of policy term, sum insured inclusive of bonuses accrued till the death of the policyholder is paid to the child.

    If the child dies (Allah forbid) before maturity of the policy and during lifetime of the policyholder, the death claim payable to the policyholder depends on the age at death of the child.

    As the name suggests, the plan is suitable for parents who want to cater future financial needs of their children incase of death of the breadwinner of the family. The plan has a unique feature of providing coverage on the life of child. The coverage of the policy can further be widened by attaching supplementary covers.

    Sunheri Policy

    Sunehri Policy is an innovative life insurance product. It is flexible, secure and meets the challenges of inflation quite economically. Under a special feature of this plan, from third policy year onwards, sum insured under the policy and premium will increase by 6% per annum without providing any evidence of insurability. From the third policy year onward, the policyholder is provided with a statement showing the build up of cash value of the policy and sum insured for the year. The policy also participates in the surplus of State Life and currently the rate of bonus is Rs 105 per thousand per annum of the adjusted opening cash value.

    Death Benefit: If the life insured dies during first two years of policy issue, then the initial basic sum insured will be payable. If the life insured expires in third or later policy years, the death benefit payable will be equal to sum insured applicable to the policy year of death plus adjusted opening cash value.

    Maturity Benefit: Policy matures on policy anniversary nearest to age 70 years of the life insured. The maturity benefit equals to cash value of the policy at age 70.

    The plan is suitable for individuals who have started their career and expect increase in their income over a certain period of time say a year or two. The increase in premium and sum insured helps them to meet their increased insurance requirement with increase in incomes.

    Shehnai Policy

    Eligible ages:-

    Minimum Age: 20 years
    Maximum Age: 60 years
    Age (Maximum) on Maturity: 70 years

    Shehnai Policy is an innovative life insurance product. It provides a solution to the problems of many concerned parents who want to save now in order to provide for their children's higher education, marriage and other expenses when the need arises. The term of the plan is such that the lump sum benefit becomes payable as the child attains the age of 25 years.

    Shehnai Policy also caters from the ravages of inflation. This is done by the option of automatic increase of 6% per annum in sum insured and premium from third policy year onward. From the fourth policy year onward, the policyholder is provided with a statement showing the build up of cash value of the policy and sum insured for the year. The policy also participates in the surplus of State Life and currently the rate of bonus is Rs 105 per thousand per annum of the adjusted opening cash value.

    Maturity Benefit: The policy matures when the child attains age 25 years. At maturity the cash value of the policy is paid to the child. The cash value includes all the bonuses attached with the policy.

    Death Benefit: If the life insured dies during term of the policy, premium payments stop and the sum insured applicable to the policy year of death is deferred to be payable when the child attains age of 25. At the time of death of the life insured, the said sum insured is added to the 'adjusted opening cash value' to be called the 'enhanced cash value' and participates in State Life's surplus until it is paid out to the child when he or she attains the age of 25 years. The child will have an option of either collecting the benefit in a lump sum or in five equal annual installments.

    This policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by State Life on request of the policyholder.

    Optional Maturity Endowment

    It is an endowment assurance with a built in option to mature early. The plan is available for individuals aged 20 to 45 years. The policyholder has following options regarding maturity of this plan.

    • After the policy has been in force for 20 years or more, the policyholder gets an option to mature the policy for a proportionately reduced sum insured.
    • After the policy has been in force for 20 years or more, the policyholder, depending on his or her needs, can mature the policy in parts.
    • Let the policy mature at originally selected term. In this case the policyholder gets an additional bonus.

    The policy participates in bonuses declared by State Life from time to time. Coverage under the policy can also be enhanced by attaching supplementary covers. Please use calculator link for calculation of your premium under this plan.

    Nigehban Plan

    This plan provides term insurance cover for a period ranging from 5 to 10 years.

    As the name suggests, this plan is meant to provide protection during the term of the policy only i.e. sum insured is payable on death if it occurs during the term of insurance while the policy is in force. The plan does not carry any survival benefits, maturity benefits, surrender values, loan values etc. The policies will be without profits. Please use calculaotor link for calculation of your premium under this plan.

    The plan is available in two versions namely, with single premiumand with annual premiums. Attaching certain supplementary covers can widen the coverage under the plan.

    Muhafaz Plus Insurance

    Muhafiz Plus provides a substantial sum of money on maturity or earlier death (Allah forbid) of the life insured. On maturity, the policyholder will receive sum insured plus bonuses attached with the policy.

    However if the life insured dies before completion of term of the policy, basic sum insured plus attached bonuses will be paid to the dependants immediately. In case of death due to accident, the double of the sum insured is paid. In addition, the dependents will also be paid an income of Rs 240 per thousand sum insured per annum for a fixed period of 15 years. The first payment will fall due on the policy anniversary immediately after the death of the life insured.
    If you want to calculate your premium under Muhafiz Plus Assurance, please use calculator link.


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