State Life Insurance Company of Pakistan, also known as State Life or SLIC, is the biggest life insurance firm in Pakistan and one of the biggest businesses thereby assets. Its Urdu name is. It keeps up a network of agencies with some 200,000 salespeople. Although SLIC’s primary duty is to conduct life insurance business, it also engages in other commercial ventures, including the investing of policyholder funds in government securities, stock market investments, and real estate. [2] Shoaib Javed Hussain is the chairman of the State Life at the moment. Four directors provide assistance to the Chairman. The Pakistani government appoints State Life’s chairman and board of directors. [3] Karachi is home to State Life’s principal office.
History
State Life Insurance Company In Pakistan, the life insurance industry was nationalized in March 1975. There were 36 life insurance companies operating in the life insurance industry prior to 1972. Later, these businesses were combined into three Beema Units called “A,” “B,” and “C.” Later, on November 1, 1972, these Beema Units were combined to become the State Life Insurance Corporation of Pakistan.
Subsidiaries
State Life has the following subsidiaries:
- Alpha Insurance Company Limited
- State Life (Abdullah Haroon Road) Properties (Private) Limited
- State life (Lackie Road) Properties (Private) Limited
- State Assets Management Company Limited (SAMCO)
State Life Insurance Corporation of Pakistan
Individual Life Plans
State Life Insurance Company Government-owned State Life Insurance Corporation of Pakistan offers a range of insurance plans to its customers. It is one of Pakistan’s most well-known insurance providers. Additionally, State Life is at the top of the list of Pakistani life insurance providers. It deals with both group plans and individual insurance in addition to both. The following are a few of the individual plans that the corporations offer:
- Whole Life Assurance.
- Endowment Assurance.
- Shad Abad Assurance.
- Anticipated Endowment Assurance.
Whole Life Assurance
State Life Insurance Company It is an exceptional value that offers safety and savings for a very low premium. When a person dies before turning 85, premium payments stop, and the insured amount and any related bonuses become payable. The insurance matures and the guaranteed money plus bonuses begin payable if the insured lives to the policy anniversary at age 85. The rates of bonuses under this plan are typically much larger than those under other plans, and they significantly increase both the policy’s investment component and protection. For additional coverings that can be added to this plan, click here. The greatest candidates for this plan are young people who are just starting their professions and cannot afford exorbitant premiums. premiums. People who believe they will need a lump sum in the future may also choose this option. To calculate the premium for your life under this plan, go here.
Endowment Assurance
The minimum age is ten. maximum age of 65 Age 75 is the maximum age at maturity. Allowable Riders: For more coverage options that can be added to this plan, go here. It is the most secure and reliable way to assure monetary provision, either at a predetermined time or at death (Allah forbid). In accordance with these policies, the money insured plus bonuses is paid out at the end of the set number of years or, if the insured life dies earlier, at the time of death. If death occurs early, premiums are due until the required number of years have passed. Attaching supplemental covers will improve the plan’s advantages even more. If no premiums are late, this policy will acquire a surrender value after being in effect for at least two years in a row. At the policyholder’s request, State Life will provide a price for the surrender value. The plan meets the needs of a family in a variety of ways, such as by providing cash for a family company, retirement financial assistance, or child education assistance. To calculate the premium for your life under this plan,
Shad Abad Assurance
minimum age of 20 maximum age of 60 Age at Maturity (Maximum): 70 years Allowable Riders: For more coverage options that can be added to this plan, go here. The money covered plus any connected bonuses become payable at the end of the policy’s term. The death benefit, however, consists of double the money insured plus earned bonuses in the event of death during the policy period. The death payout in the event of an accident-related death is equal to four times the insured amount plus extras. By incorporating supplemental covers with the policy, the coverage can be extended even further. For information on the supplemental covers, click here. This program satisfies the needs of people who value endowment assurance’s primary savings goal but also want some extra protection. to shield loved ones in case they pass away, which Allah forbids, before reaching adulthood. To calculate the premium for your life under this plan,
Anticipated Endowment Assurance
This is also referred to as the “Three Payment Plan” and is a modified form of endowment assurance. It aids in addressing both short-term financial demands as well as long-term financial requirements. The plan offers three payments during the course of the insurance, as the name would imply. On the completion of the policy’s first third and second third terms, the plan offers survival payments equivalent to 25% of the sum covered. The policyholder is eligible for a very alluring special reversionary bonus if they choose not to withdraw the survival benefits. To view the current special reversionary bonus, click here. The remaining 50% of the insured amount, along with collected bonuses, will be paid out at the end of the policy’s term. In the event that the life insured passes away during the policy’s term, the amount insured, accrued bonuses, unclaimed survival benefits, and there are unique reversionary benefits available. To view the other coverage options offered by this plan, click here. The plan is appropriate for those who anticipate needing money relatively earlier than necessary but also have long-term financial needs. The Three Payment Plan assists in meeting these urgent financial requirements without ending the actual contract. To calculate the premium for your life under this plan,
State Life Insurance Company Click here to read more details
On the other hand, other categories of insurance include:
- Jeevan Sathi Assurance
- Child Protection Assurance
- Wealth Builder Plan
- Supplementary Covers
- Health Care Plans
Jeevan Saathi Assurance
Minimum Age: 20 years (or equivalent). Age limit: 50 years. Maximum Age (Equivalent) on Maturity: 70 years Allowable Riders: For more coverage options that can be added to this plan, go here. This joint life insurance policy covers the simultaneous lives of a husband and wife. Until the conclusion of the stipulated term or, if earlier, until the death of any of the insured persons, premiums are due. The plan offers a wide range of advantages, an outline of which is provided below:The insured amount will be paid to the survivor at the death of the first life. The second life insurance protection will continue, but any additional premiums under the policy will not be required. Additionally, the policy will continue to share in the corporation’s profits. The second life’s death will result in the payment of the insured amount and any accompanying incentives. In this situation, the coverage will expire.Even if the money insured has already been paid once, on the death of the first life, if the second life lives the duration of the policy, he or she will be paid the sum insured together with the connected bonuses. If both lives are still alive at the end of the policy’s term, the total amount insured as well as any accompanying bonuses will be paid to them jointly and only once. For extending the policy’s coverage, various extra covers are also offered. Visit this page for additional covers. Married couples who desire to benefit from insurance coverage for a comparatively low price are best suited for the Jeevan Sathi Plan. Additionally, with this scheme, housewives who would not otherwise be insurable can also benefit from an insurance policy.
Child Protection Assurance
This dual life insurance policy protects the lives of the child and both parents. The insured amount and accrued incentives become payable if both the policyholder and the kid live through the whole period of the insurance. If the policyholder passes away before the policy’s term is up, premium payments stop, and the kid receives an annual income of Rs. 100 per thousand of the total insured till the policy’s term is up. When the policy’s term is up, the child receives the whole insured amount, including any bonuses that have accrued up until the policyholder’s death. The death benefit payable to the policyholder depends on the child’s age if they pass away (Allah forbid) before the policy matures and while they are still alive. age of the child at death. The plan, as its name implies, is appropriate for parents who desire to provide for their children’s financial requirements in the event that the family’s primary provider passes away. The distinctive aspect of the plan is that it covers a child’s life. Attaching supplemental covers will further expand the policy’s coverage. To view the information on supplemental covers, please go here. If you’d want to figure out your premium for this plan,
Wealth Builder plan
To help Pakistani ex-pats working in the Middle East provide a better life for their loved ones, this plan was specifically created for them. They are better able to save more money since Pakistanis living abroad earn more money in the Middle East. After spending their valuable decades working hard away from home, it is found that many expatriates do not find much money back home due to a disciplined approach of saving. State Life provides the Wealth Builder Plan to meet this demand, which has a 20-year insurance protection and saving term but a 7-year premium payment term. In the UAE, this plan is offered in both US dollars and UAE dirhams, but it is only offered in US dollars in Kuwait and Saudi Arabia. Whenever a policyholder plan will continue to share in State Life’s surplus and be eligible for bonuses after paying all seven premiums. The benefits at maturity or premature death will be paid in US dollars or UAE dirhams, depending on whether the policyholder stays in the Middle East or returns to Pakistan. The following supplemental covers can be attached to the insurance to extend coverage even further:
- Accident Death Benefit (ADB)
- Term Insurance (TI)
Following maturity and death benefits available under this plan:
Maturity Benefit:
Full sum insured plus bonuses are payable to the policyholder on completion of the 20 years term of the policy.
Death Benefit:
The full sum insured plus attached bonuses is payable to the dependents on the death of the life insured.
For further details about this plan, please contact our Gulf Zone.
Supplementary Covers
A variety of supplemental covers are available from State Life to expand coverage under various plans. These supplemental coverage options are not only offered in conjunction with the primary policy but also alone. Please visit the link below for more information on these additional covers:
- Accidental Death & Indemnity Benefit (AIB)
- Accidental Death Benefit (ADB)
- Family Income Benefit (FIB)
- Waiver of Premium (WP)
- Special Waiver of Premium (SWP)
- Term Insurance (TI)
- Guaranteed Insurability (GI)
- Refund of Premium Rider (RPR)
- Hospital And Surgical Benefits (H and’S)
Health Care Plans
State Life Insurance Company for maternity benefits, daycare procedures, and hospitalization, but only up to a certain amount. The supply of these amenities will be accompanied by a monitoring program to raise the service quality. Features like financial grants for transportation during pregnancy will encourage the female population to use healthcare facilities, which will ultimately increase the survival rate for both women and children. To benefit from hospitalization, the program will recruit more than 1 million people. the plan will continue to share in State Life’s surplus and be eligible for bonuses after paying all seven premiums. The benefits at maturity or premature death will be paid in US dollars or UAE dirhams, depending on whether the policyholder stays in the Middle East or returns to Pakistan. The following supplemental covers can be attached to the insurance to extend coverage even further:
Disclaimer:
State Life Insurance Company Nothing in this article’s information should be interpreted as investment advice. Before investing in any project, our readers are always urged to complete their research. It is the reader’s responsibility to be aware of the investment regulations in their area. Along with these businesses, the Pakistani government also introduced the Sehat card in the federal, KPK, and Punjabi provinces as part of the Sehat Sahulat program. Every family in Pakistan will receive an annual health insurance benefit of roughly 1,000,000 Rupees. Learn about Pakistan’s Imran Khan Naya Housing Scheme.