Mortgage Protection by Single Premium (Table-23)
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 Mortgage Protection by Single Premium (Table 23)?
Loans and mortgages have become essential parts of the life of modern man. The Mortgages Protection Policy essentially provides coverage approximately equal to the outstanding loan at any time, which is being repaid by regular instalments. It provides the debtor with the satisfying knowledge that in case of his premature death, his creditors will simply turn to State Life Insurance Corporation collection of outstanding debts.
Why Buy and what needs does this fulfill?
To ensure that in case of the premature death of the debtor, his creditors will not be pounding on the doors of his heirs but will simply turn to State Life for collection of outstanding debt.
State Life Plans and Features
Plans & Features
| Plan Features | Description |
| Plan Type | Term Insurance Plan |
| Minimum/Maximum Age at Entry | 20-62 Years |
| Minimum/Maximum term | 8-20 Years, Max maturity age = 70 |
| Bonus participation | Term Insurance Plan |
| Where are the funds invested | Term Insurance Plan |
| Death Benefit | Sum Assured approximately equal to outstanding loan at any time during policy term payable on death (God forbid) of the life assured under this plan. |
| Surrender/ Early Withdrawal | No Surrender Value |
| Maturity Benefit | No Maturity Value. |
| Loan Facility | No Loan Value |
| 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 |
Sample Rates for term 08 years,
| Age | Premium Rate (Rs 1000 Sum Cover) |
| 20 | 12.31 |
| 25 | 13.64 |
| 30 | 15.63 |
| 35 | 18.97 |
| 40 | 25.02 |
| 45 | 36.72 |
| 50 | 59.31 |
| 55 | 96.85 |
| 60 | 146.31 |
Rebate of 0.5 applicable on main plan premium for sum assured greater than equal to Rs. 300,000/-
for rates specific to your age and term please contact our representative
policy fee will be applicable on premium