Golden Endowment (Table-81)
Golden Endowment (Table-81)
Why State Life
State Life offers complete satisfaction to our valued policyholders from issuance of policy, to providing after sales service and optimizing return on Life Fund through a quality culture to maintain ourselves as the leading life insurer in Pakistan. The sum assured and declared bonuses payable on maturity or death (God forbid) are guaranteed by the Government of Pakistan.
What is Golden Endowment plan?
Golden Endowment Plan is a unique savings and protection scheme which offers insurance coverage of twenty (20) years while only paying premiums for the first seven (7) years. The benefits and bonuses payable under this plan will be based on the coverage years of 20 years and the policy will continue to participate in State Life’s surplus even after the premium payment term of 7 years. The bonuses announced for a 20-year endowment plan will be applicable for the Golden Endowment plan.
Why buy?
Golden Endowment can be a smart addition to your financial plans and an advantage to this plan is that the insured person also gets life coverage along with an opportunity to build a living for a financially secured future. One of the major reasons why one should buy Golden Endowment plan is that it does not require a commitment of paying premiums for the entire term of the policy and short-term savings can be used to provide the funding for the first 7 years while availing full benefits for the 20 years of the policy. Under this endowment policy, the policyholder can also avail tax rebates in line with income tax ordinance.
What needs does this fulfill?
- To ensure that your immediate family has financial support in the event of your demise
- To finance your children’s education and other needs
- To have a savings plan for the future so that you have a source of
income after retirement - To provide for other financial contingencies and life style
requirements - Creating a supplemental source of income for your loved ones
State Life Plans and Features
Plans & Features
| Plan Features | Description |
| Plan Type | Conventional Endowment with surplus participation of 97.5% |
| Minimum/Maximum Age at Entry | 20 to 55 years |
| Minimum/Maximum term | 20 years |
| Bonus participation | State Life announces a bonus every year according to its actuarial valuation and 97.5% of surplus is distributed as bonuses to all with-profit policies. The bonuses declared by State Life are guaranteed by the Government of Pakistan. |
| Where are the funds invested | State Life invests its funds in avenues such as government securities, real estates rental, blue chip equities and banks etc. |
| Death Benefit | Basic Sum Assured plus accrued bonuses are payable on death (God forbid) of the life assured under this plan |
| Surrender/ Early Withdrawal | The policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default |
| Maturity Benefit | Basic Sum Assured plus accrued bonuses are payable upon survival of the life assured to maturity date |
| Loan Facility | Under this plan, after the payment of third premium, if the policyholder immediately needs money, he/she can avail a maximum loan of 80% of the net surrender value of the policy |
| Free-Look Period | The policy can be cancelled at the option of the policyholder within (14) fourteen days of its commencement date |
| Grace period: | Policyholders can pay the premium to State Life within a grace period of 31 days after it falls due |
| Underwriting Requirements | The plan will be subject to underwriting as per standard practice of State Life |
| Add-Ons | Description |
| 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 |
Sample Premium Rate
| Age | Main Plan Premium Rate (Rs 1000 Sum Cover) | Add-ons | |
| FIB (Rs 1000 Sum Cover) at 20 years term | ADB (Rs 1000 Sum Cover) | ||
| 20 | 106.03 | 5.17 | 2.78 |
| 21 | 106.07 | 5.40 | 2.78 |
| 22 | 106.14 | 5.65 | 2.78 |
| 23 | 106.20 | 5.94 | 2.78 |
| 24 | 106.28 | 6.25 | 2.78 |
| 25 | 106.35 | 6.60 | 2.78 |
| 26 | 106.41 | 6.99 | 2.78 |
| 27 | 106.51 | 7.43 | 2.78 |
| 28 | 106.62 | 7.92 | 2.78 |
| 29 | 106.72 | 8.48 | 2.78 |
| 30 | 106.85 | 9.11 | 2.78 |
| 31 | 106.99 | 9.83 | 2.78 |
| 32 | 107.13 | 10.64 | 2.78 |
| 33 | 107.32 | 11.56 | 2.78 |
| 34 | 107.50 | 12.60 | 2.78 |
| 35 | 107.73 | 13.78 | 2.78 |
| 36 | 107.99 | 15.10 | 2.78 |
| 37 | 108.28 | 16.58 | 2.78 |
| 38 | 108.61 | 18.23 | 2.78 |
| 39 | 108.97 | 20.06 | 2.78 |
| 40 | 109.41 | 22.06 | 2.78 |
| 41 | 109.87 | 24.25 | – |
| 42 | 110.41 | 26.61 | – |
| 43 | 110.98 | 29.17 | – |
| 44 | 111.66 | 31.92 | – |
| 45 | 112.38 | 34.86 | – |
| 46 | 113.20 | 38.00 | – |
| 47 | 114.10 | 41.34 | – |
| 48 | 115.10 | 44.89 | – |
| 49 | 116.19 | 48.64 | – |
| 50 | 117.37 | 52.59 | – |
| 51 | 118.68 | – | – |
| 52 | 120.07 | – | – |
| 53 | 121.59 | – | – |
| 54 | 123.19 | – | – |
| 55 | 124.90 | – | – |
Disclaimers
This product is underwritten by State Life Insurance Corporation of Pakistan. The past performance of State Life Insurance Corporation of Pakistan is not necessarily a guarantee to future performance. A personalized illustration of benefits will be provided to you by our representative. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions. A description of how the contract works is given in the policy privileges and conditions. This product’s brochure only gives a general outline of the product features and benefits and the figures used above are indicative and for illustration purposes only.