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.

Committee Policy

Eligible ages and Terms:-

Minimum Age : 20 years
Maximum Age : 50 years
Terms Available: 3 and 5 years only.

This plan is a unique short term savings and protection scheme through which the policyholder can get a lump sum amount of money at a specified time or on death (God Forbid), if earlier. The policy would be a Pak Rupees policy and hence all premiums and claims would be payable in Pak Rupees. This plan would not participate in the Actuarial Surplus of State Life. The premium paying mode of this plan would be quarterly.

ELIGIBLE PROPOSER:

Only Standard Lives shall be eligible to own the plan.

MINIMUM AND MAXIMUM SUM ASSURED:

The minimum acceptable Sum Assured would be Rs. 75,000. The maximum Sum Assured under the plan will be as follows:

Age at entry (Age nearest birthday)	Maximum Sum Assured Rs.
20 to 40 years	400,000
41 to 45 years	300,000
46 to 50 years	150,000

PREMIUM:

Premium is a level amount payable quarterly. It will be calculated as follows:
Basic Quarterly Premium = Sum Assured
Term of Assurance x 4

SUPPLEMENTARY CONTRACTS:

Term Insurance Rider (TIR) and/or Accidental Death Benefit (ADB) can be attached.

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

1. 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. 
2. 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: 
1. 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.
2. 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.
3. 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.

STATE LIFE INSURANCE COMPANY

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Whole Life Assurance

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.

Make your children's future bright and happy.

We have a Child Education and Marriage Plan. It gives you the brighten future of your children's and keep them happy.

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.

1.       Continue the policy in the same manner as earlier by switching the plan for the benefit of another child.

2.       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.

3.       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 enforce 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.