Pay Continuation Plan
Manpower is still considered as one of the most important elements of productions inspite of the dramatic growth of microchip based automation in all walks of life, especially in commerce and industry. The overall efficiency of an organization therefore depends upon the quality of the manpower of its employees. The more devoted, hardworking and loyal the employees the higher the reward to the employer in the form of greater efficiency and profitability. Quality manpower can be attracted by offering a good employee benefits package based on ensuring security and peace of mind of the workforce so that a greater commitment is obtained from them.
Progressive Employers
This is why the enlightened employer pays particular attention to the welfare and well-being of their workforce through various employee benefits scheme. One of the functions of such schemes is to provide protection to the employee’s dependents in the event of his death. Progressive employers do provide group insurance which pays a lump sum to the dependents. This however does not last long. What is required in addition is a regular monthly income for a period of time. To meet this Requirement State Life proudly presents a plan, which offers invaluable protection to the employee’s family during his working life. The family’s regular monthly income is protected for 15 years or until age 60 whichever is earlier. In this way coverage is provided for pay upon the death of the employee. This is illustrated by the following example:
- Supposing the pay of an employee is Rs 2000/- per month. If death takes place at age 47 then the benefits payable will be Rs 2000/- per month up to age 60, i-e., for a period of 13 years. Total amount payable Rs.3,12,000/-
- If death takes place at age 35 then the benefit payable will be 2,000/- per month for a period of 15 years. Total amount payable Rs. 3,60,000/-
Annual premiums will be calculated on the basis of the employee’s pay and his age and will be payable at the beginning of each scheme year. If this policy qualify for profit commission it will be payable in accordance with the rules at the end of 3 years.
“Cover without medical evidence” is allowed on the same basis as group term with the monthly benefits being converted into a lump sum equivalent. The total of the benefits so arrived at should, however not the maximum allowable under the policy exceed.
Please contact our representative of further information and quotation at any of the following addresses:
| Zonal Head (G&P)Karachi Zone, SLIC Bldg #. 2, 6th Floor, Wallace Road Karachi Phone No. 9217060-9217098 | Sector Head (G&P)Quetta Sector, State Life Insurance Corporation Firdousi Building, Jinnah Road, Quetta. Phone # 081-920 1852 | Sector Head (G&P)Multan Sector, State Life Insurance Corporation Multan Sector, State Life Building, Chowk Nawan Shahr, Multan Phone # 061-920 0606 |
| Zonal Head (G&P)Rawalpindi Zone, State Life Insurance Corporation State Life Building No. 8, Kashmir Road, Rawalpindi Phone # 051-927 2598 | Zonal Head (G&P)Lahore Zone, State Life Insurance Corporation 15-A Davis Road Lahore, Phone # 042-920 0355 | Deputy Manager (G&P)Faisalabad Sector, State Life Insurance Corporation Sector Office, State Life Building,Liaqat Road Faisalabad Phone # 041-920 0467 |
| Zonal Head (G&P)Peshawar Zone, State Life Insurance Corporation State Life Building, 34-The Mall, Peshawar Phone # 091-921 1596 |
State Life Plans and Features
How can a lapsed policy be revived?
A lapsed policy may be revived during the lifetime of the life insured, buy within a period of 5 years from the due date of the first unpaid premium and before the date of maturity. Revival of a lapsed policy is considered either on nonmedical or medical basis depending upon the age after life insured at the time of revival and the ium to be revived.