endowment plan to provide financial assistance for: establishment and expansion of business...
TRANSCRIPT
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ENDOWMENT POLICY
TABLE 03
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ENDOWMENT PLAN
To Provide Financial Assistance for:
Establishment and expansion of business
Children’s education and marriage Loan repayments, etc Hajj or Umrah Purchase of land or construction of
house Income generation after retirement
This is one of the most popular plans of the Corporation, Ideally designed to all sections of the society.
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This Plan is a unique saving and protection scheme, the sum assured and terms of Policy are determined in accordance with the future needs and paying capacity of the Policyholder.
It’s a safest and surest method of guaranteed cash provision either at a specified time or at death (Allah forbid).
SALIENT FEATURES
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It’s most popular plan with 92% share in the market.
Term of the policy flexible and can be selected as per choice of the Policyholder.
Premium rates are comparatively low.
Loan value, maturity value and Surrender value same as other endowment policies
All supplementary contracts can be attached.
Non declinature(N.D) scheme is available with this plan.
SALIENT FEATURES
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FOR WHOM IS THIS PLAN SUITABLE
THIS PLAN IS SUITABLE FOR
Lawyers Doctors Engineers Businessmen Service-oriented People Teachers Newly Married Couples Especially middle-class
people having limited income.
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LOAN FACILITY
Under this Plan, after completion of two complete policy years, if the policyholder immediately needs money, he/she can avail a maximum loan of 80% of the Net Surrender value of the policy.
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ENDOWMENT PLAN
MINIMUM AGE AT ENTRY 10 YEARS MAXIMUM AGE AT ENTRY 65 YEARS
MINIMUM AGE AT MATURITY
20 YEARSMAXIMUM AGE AT MATURITY
75 YEARS
MINIMUM TERM OF POLICY 10 YEARS MAXIMUM TERM OF POLICY 55 YEARS
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MATURITY BENEFITS
IF THE POLICY HOLDER SURVIVE ‘S TILL MATURITY OF THE POLICYSum assured plus bonuses are payable by State Life on completion of Term of the Policy. This amount fulfills the dreams of financial security of the policyholder and his near and dear ones.
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REVERSIONARY BONUS
Term Of
Policy
First Five Years
From 6th To
16th Year
From 17th Year Onward
20 Year & Over Rs.50 Rs.94 Rs.130
15th to 19th Year Rs.25 Rs.59 Rs.59
14th Year& Less Rs.19 Rs.53 -----
State Life announces Bonuses every year according to its Actuarial Valuation. 97.5% Surplus is distributed as bonuses to all with profit policies. The statistics to date reflects the constant increase in Bonus rates. Resultantly, the value of With Profit Plan increases year by year.
Bonus rates of endowment policies are as under:
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TERMINAL BONUS
Terminal bonus is available for all with profit Pak Rupee policies in force for the full sum assured. It is payable only on maturity or early death of the life insured and does not carry any surrender value.
A pre-condition for entitlement of this bonus is that more than ten years’ premium must have been paid against the policy.
Presently, the rate of the bonus is Rs.50 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of Rs.1000 per thousand sum assured.
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SUM ASSURED RS.1,00,000
Bonus rate for 1st five years (50x5x100)
Rs.25,000
Bonus rate from 6th to 16th years (94x11x100)
Rs.103,400
Bonus rate from 17th years till maturity(130x4x100)
Rs.52,000
Terminal Bonus from 11th year:(50x10x100)
Rs.50,000
Total Bonus Rs.2,30,000
Basic sum assured Rs.1,00,000
Total amount payable at maturity Rs.3,30,400
EXPECTED MATURITY ON THE BASIS OF CURRENT BONUS RATES
ILLUSTRATION
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DEATH BENEFITS
IN CASE OF DEATH (GOD FORBID) OF THE POLICYHOLDERIn case of death (God forbid) of the policyholder during the Currency of the policy, State Life pays the SUM ASSURED PLUS ACCRUED BONUSES uptil then. This lump sum payment provides financial security to the family and dependants, when they need it the most.
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THANKS!FIELD MAN POWER DEVELOPMENT DEPARTMENT
DEVELOPED BY:MOSHIN ABBAS & KASHIF HASHMI
F.M.D P.O , KARACH