05/03/2025
What is Whole Life Plan (Table 01)?
Whole Life Plan is a unique combination of protection and saving at a very economical premium. It offers insurance coverage till the age of 85 years. The sum assured and bonuses are payable at death before the age of 85 years or if the insured survives till maturity of policy. 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.
Based on current bonus rates 2022
Scenario 1
Policyholder's age at issue 18
Selected Sum Assured 3,500,000
Annual Premium 47,315
Total Premium payable 3,170,105
Mr. Ali is a student who is also a freelancer selling his skills of designing presentation and short vides for his client. He plans to save for a better future or any contingencies but can’t afford annual premium more than 50,000.
At the age of 43 years, he decided to perform hajj with his wife but he was short of money due to sudden hike in prices. He decided to avail loan facility from SLIC which is 80% of cash value accumulated till that point. He received 2.8 million as loan which he could easily return over a number of years in future.
By the grace of Allah, he was able to survive till age 85 years and he receives maturity amount of Rs. 42.2 million (almost 13 times of his premium paid). The amount can be used for meeting his daily needs as well as for the welfare of his children.
Scenario 2
Scenario 3
State Life Plans and Features
Plans & Features
Plan Features
Description
Plan Type
Whole life with surplus participation of 97.5%
Minimum/Maximum Age at Entry
10-65 Years
Maximum/Minimum term
85 – Age at entry
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 2 years’ premium have been paid.
Maturity Benefit
Basic Sum Assured plus accrued Bonuses are payable upon survival of the life assured to maturity date at the age of 85 years.
Loan Facility
Under this plan, after the payment of third premium, 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:
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.
Accidental Indemnity Benefit (AIB)
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. Proportionate amount of sum assured is payable in the event of loss of two or more limbs or loss of sight in both eyes. For other injuries, weekly indemnities for total or partial disability are paid. Thereafter, an annuity will be payable upto maximum of 10 years.
Family Income Benefit (FIB)
If this supplementary contract is availed, then on his/her death (God forbid) during the term of contract, an annuity of 10% to 50% per annum of the basic sum assured is payable under the main policy till the expiry of rider.
Waiver of Premium (WP)
If this supplementary contract is availed, then on his/her total or permanent disability due to accident, the premium on the policy is waived.
Special Waiver of Premium (SWP)
If this supplementary contract is availed, then the premium on the policy to be waived during total or permanent disability when he/she is unable to engage in any occupation.
Guaranteed Insurability
If this supplementary contract is availed, SLIC gives the right to purchase additional life insurance upto specified maximum amounts on specific further dates at standard rates, without evidence of insurability being required at such later dates.
Hospital and Surgical (H&S)
If this supplementary contract is availed, then it provides benefits in case of his/her hospitalization in SLIC’s approved hospitals, as result of sickness or accident.
Sample Premium Rates,
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.
