Article Source: State ife insurance office Website.
Assurance of a lifetime
It’s a unique combination of security and savings at a very economical premium. Death terminates the premium payment at any time before the age of 85 and the insured and associated bonuses become payable. If the insured policy survives until the age of 85, the policy matures and bonuses are payable in addition to the sum insured. Under this scheme, bonus rates are usually much higher than other schemes and they help to significantly increase the investment factor in not only security but also policy. Click here for additional covers that may be associated with this project.
This plan is best suited for young people who are in the early stages of their careers and cannot afford to pay high premiums. Individuals who expect to need a single item in the future can also choose this plan. Click here to calculate your life premium under this plan. Visit Now
Minimum age: 10 years
Maximum age: 65 years
Age at maturity (maximum): Age 75 years.
Permissible Riders: Visit Now for complementary covers that may be associated with this project.
One of the safest and surest ways to provide guaranteed cash is at a certain time or at the time of death (God forbid). Under these policies, bonuses in addition to the sum insured are paid at the end of certain years or earlier if the insured dies. Premiums are payable for a certain number of years or until death if any. The benefits under the project can be further enhanced by adding additional cover.
After its implementation for at least two years, the policy will incur the cost of surrender, provided there is no premium default. At the application of the policyholder, the cost of surrender will be quoted by State Life.
Evergreen is a type of endowment with a lucrative plan that provides a special benefit at certain stages during the premium payment period or before death. In addition, the plan carries a built-in Accidental Death Benefit (ADB) so that the policyholder can be assured of an additional amount in the event of an accidental death
This plan is a safe way to provide cash when needed. With the help of this plan, the policyholder can secure most of the protection and ongoing prosperity for the family at affordable cost.
Acceptable Terms and Conditions This plan is available to all members of the general public, who are approaching 20 to 60 years of age. Both men and women can buy this plan. The terms offered under this plan are 12, 15, 18, 21, 24, 27, and 30 years.
Expected endowment guarantee
This is a modified form of endowment guarantee and is also called a ‘three payment plan’. In addition to meeting long-term financial needs, it also helps meet short-term financial needs. As the name suggests, this plan offers three payments throughout the policy.
The plan has durability benefits equal to 25% of the sum guaranteed upon completion of the 1st / 3rd policy and 2 / 3rd policy. If policyholders do not redeem the survival benefits, a very attractive special reverse bonus is available. Visit Now for a special reverse gift currently available. Upon maturity of the policy, the remaining 50% of the insurance plus the accumulated bonus will be payable. If the life insured expires during the term of the policy, the sum insured, accumulated bonus, claimant survival benefits, and special reversal bonus are payable. Click here for the additional cover available with this project.
At the end of the policy term, the policy-linked insurance plus bonuses are payable. However, upon death during the policy term, the death benefit consists of double the sum insured with the accumulated bonus. In the event of accidental death, the death benefit consists of a fourfold bonus in addition to the sum insured. Coverage can be further expanded by adding additional coverage to the policy. Click here for additional cover details.
It is a joint life plan and covers the lives of two partners who are called husband and wife at the same time. Premiums are payable by the end of the term or until the death of one of the insured, if any. There are many benefits to this project. An overview of which appears below:
Upon death in the first life, the sum insured will be paid to the survivor. More premiums will be waived under the policy, but second life insurance coverage will continue. Also, the corporation will continue to participate in the policy for profit. After the death of the second life, the reinsured amount will be combined with the attached bonus. In that case, the policy will expire.
If the second life survives the term of this policy, the sum insured will be paid along with the associated bonus, even though the sum insured has been paid once on the death of the first life. If both spouses survive for the term of the policy, the sum insured will be paid to them only once, together with the associated bonus. Various sub-covers are also available to increase coverage under the policy. Click here for additional cover.
The Spouse Plan is best suited for married couples who want to enjoy insurance coverage for relatively low premiums. In addition, housewives who would not otherwise be insured can also enjoy the benefits of an insurance policy through this scheme.
Children’s education and marriage planning
Minimum age: 20 years
Maximum age: 60 years
Age at maturity (maximum): 70 years
Child education and marriage insurance is a plan to protect the child’s future. This provides a one-month benefit for the child when the policy expires. At the end of the policy term, the full bonus is payable to the policyholder along with the accumulated bonus.
If the policyholder dies before the term expires (God forbid), then the annual insurance of a family income is Rs. 240 per year, which is paid to the child till the term of the policy expires. In addition, under this policy, future premiums are waived and the policy remains permanent with full insurance and continues to participate in the surplus of State Life and receive bonuses. Upon expiration of the policy, the surviving options receive two payments, either in one installment or in five equal installments.
Change the plan for the benefit of another child and continue the policy as before.
Refund of all previous premiums paid until the child’s death or the policy’s cash value, whichever is higher, and terminate the contract.
Continue the policy without naming another child, in the event that the premium refund benefit [as provided above (provided under the condition) (b) is not available.
Children’s education and marriage plans are suitable for parents who are aware of their children’s future. The duration of the plan is such that when the child reaches the prescribed age of 18, 21 or 25 years, the benefit will be one-time. These ages can be chosen at a time when children usually need financial support for higher education, marriage, or starting a business. Depending on your individual needs, it is available in two separate versions with and without the benefit of a planned family income. In addition to the parents, the plan may also affect grandparents, aunts, uncles or anyone else who is paying for the child’s care.
After its implementation for at least two years, the policy will incur the cost of surrender, provided there is no premium default. At the request of the policyholder, the cost of surrender will be quoted by State Life.
State life insurance Company of Pakistan Visit now for full article.