Endowment Assurance by single premium (Table-09)

Why State Life

State Life offers complete satisfaction to our valued policyholders from issuance of policy, providing after sales service and optimizing return on Life Fund through a quality culture and to maintain ourselves 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 Endowment Plan (Table 03)?

As the name suggests, the plan is a savings and protection scheme which facilitates the policyholder to pay the premium in a lump sum single payment at the time of inception. The policyholder receives complete sum assured and full-term bonuses ranging from 10 years to 50 years at maturity or earlier death under this plan. The benefit structure is same as Endowment Plan (Table 03).

Based on current bonus rates 2022

Scenario 1

Policyholder’s age at issue	30
Selected Sum Assured	1,000,000
Term of Policy	10
Single Premium	699,000

Mr. Zain is writer who recently received huge recognition for his recent book. He invested the amount the amount he received in a single lump sum payment for short term.

Then for the next 10 years, he was worry-free for any additional payment and received almost twice of the invested amount as maturity value (i.e 1.5 million). Now he can pay the remaining installments of his new house at once.

Scenario 2

Policyholder’s age at issue		25
Selected Sum Assured		500,000
Term of Policy		20
Single Premium		249,100

Saima recently got married and invested the money she received at wedding for any contingencies.

After 10 years, her husband was having a surgery where she availed loan facility from SLIC (80% of cash value) to ensure her husband’s surgery at a renowned and trustworthy hospital. She was provided almost 1.6 times of her invested amount (i.e 3.8 lacs). She manages to repay the loan in 3 years.

At the age of 45 on the completion of policy, she received 1.8 million (7x of her total premium paid) as maturity value which she used to plan better future with her kids.

Scenario 3

Policyholder’s age at issue	40
Selected Sum Assured	5,000,000
Term of Policy	25
Single Premium	2,230,600

Mr. Rashid is businessman who recently sold his property to invest in his business. Since the property was of higher value, he decided buy an insurance policy with one-time payment for life protection and saving.

But unfortunately, he was unable to survive till maturity of the family and dies in the 21^stpolicy year. The death claim of 18.8 million is payable to his family which is 8 million of his investment. His family can have a financial support and can plan their future accordingly.

Why Buy and what needs does this fulfill?

To be worry-free from lapsed policy due to non-payment of premium and long-term coverage with annual returns added to policy.

To ensure that your immediate family has some financial support in the event of your demise

To avoid annual payments and ensure protection with just one lump sum payment

To finance your children’s education and other needs by only one time investment

To provide for other financial contingencies and life style requirements

To provide life coverage along with an opportunity to build a living for financially secured future.

State Life Plans and Features

Plan Features	Description
Plan Type	Endowment with surplus participation of 97.5%
Minimum/Maximum Age at Entry	20-60 Years
Minimum/Maximum term	10, 15, 20, 25, 30, 40, 50 Years, Max maturity age = 70
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 has a comprehensive investment policy and tactically invests its funds in Government Securities, Blue Chip Equities, 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 policyholder has the option to surrender the policy after at least one full year has elapsed since the commencement date.
Maturity Benefit	Basic Sum Assured plus accrued Bonuses are payable upon survival of the life assured to maturity date.
Loan Facility	Under this plan, if the policy holder 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:	Not Applicable
Underwriting Requirements	The plan will be subject to underwriting as per standard practice of State Life

Sample Rates

Single Premiums for an Assurance of Rs. 1,000/-
Maturity Age	Terms of Assurance
Maturity Age	10 years	15 years	20 years	25 years	30 years	40 years	50 years
Up to 52	699.40	586.40	498.50	414.00	344.10	–	–
53-57	703.10	591.40	503.90	419.50	349.40	–	–
58-62	710.20	600.70	513.90	429.40	358.60	250.70	–
63-67	721.70	616.90	531.50	446.60	374.50	263.30	–
68-70	736.50	640.20	558.70	474.00	400.10	283.20	200.80

Rebate of 0.5 applicable on main plan premium for sum assured greater than equal to Rs. 300,000/-

policy fee will be applicable on premium

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 guide 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 products brochure only gives a general outline of the product features and benefits and the figures used above are indicative and for illustration purposes only.

Endowment Assurance by single premium (Table-09)