State Life | Summit Bank

State Life

State Life Insurance Corporation of Pakistan was incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972; by virtue of its well established Agency Network of more than 90,000 sales people State Life is the largest Life Insurance Corporation since 1972 in Pakistan.

State Life’s Mission is to remain the leading insurer in the country by extending the benefits of insurance to all sections of society and meeting their commitments to policyholders and the nation. State Life maintains the quality policy to ensure satisfaction of its valued policyholders in processing new business, providing after sales service and optimizing return on Life Fund through a quality culture and continue to be a leading life insurer in Pakistan.

State Life is a profitable organization, and it has paid Rs.2.657 billion in dividends to the government of Pakistan since its inception in 1972. The Paid up Capital increased from Rs.10 million in 1972 to Rs.3,000 million in 2014. Total statutory fund of State Life stands at Rs.450.025 billion in 2014 as against Rs.1.494 billion in 1972.

The major function of the State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business; however, it is also involved in the other related business activities, such as investment of policyholders’ funds in Government securities, Stock market, Real Estate etc.

Asaan Amdan

Eligible Enrollment Age 20 – 57 Years
Policy Term Minimum 10 years and maximum up to 30 years
Minimum Basic Premium PKR 25,000
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal 80% of net surrender value after 2 Years
Policy Surrender After 2 years, In case of earlier surrender, compensation will be charged
Non-Medical Limit Upto PKR 6.5 Million
Death Benefit Sum assured plus accumulated bonuses are payable on the death of insured
Maturity Benefit 50% of the balance sum assured plus bonuses are payable upon successful completion of the term
Optional Riders * Optional Riders available on request

Suhana Mustaqbil

Eligible Enrollment Age 20 – 65 Years
Policy Term Minimum 13 years and maximum up to 35 years
Minimum Basic Premium PKR 25,000
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal 80% of net surrender value after 2 Years
Policy Surrender After 2 years, In case of earlier surrender, compensation will be charged
Non-Medical Limit Upto PKR 6.5 Million
Death Benefit Sum assured plus accumulated bonuses are payable on the death of insured
Maturity Benefit Total sum assured plus bonuses are payable
Optional Riders * Optional Riders available on request

Khushal Zindagi

Eligible Enrollment Age 20 – 60 Years
Policy Term Minimum 10 years and maximum up to 30 years
Minimum Basic Premium PKR 25,000
Premium Payment Mode Direct Debit from Summit Bank account
Partial Withdrawal 80% of net surrender value after 2 Years
Policy Surrender After 2 years, In case of earlier surrender, compensation will be charged
Non-Medical Limit Upto PKR 6.5 Million
Death Benefit Sum assured plus accumulated bonuses are payable on the death of insured
Maturity Benefit sum assured and special bonus are payable
Optional Riders * Optional Riders available on request

Disclaimer:
“The product is underwritten by State Life Insurance etc. It is not guaranteed or insured by Summit Bank.” 
 

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Last Updated 2017-04-17


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