Individual Life Plans
Minimum Age: 10 years
Maximum Age: 65 years
Age (Maximum) on Maturity: Age 75 years.
It’s the safest and surest method of guaranteed cash provision either at a specified time or at death (Allah forbid). Under these policies, the sum insured plus bonuses are payable at the end of the specified number of years or at the death of the life insured if earlier. Premiums are payable for the specified number of years or till death if earlier. The benefits under the plan can be further increased by attaching supplementary covers.
This policy will acquire a surrender value after it has been in force for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by State Life at the request of the policyholder.
The plan serves the requirements of a family in various shapes by way of financial help at retirement, education of children, or provision of capital for business.
Whole Life Assurance
It is a unique combination of protection and savings at a very economical premium. Death at any time before age 85 years terminates the payment of premiums and the sum insured and attached bonuses become payable. In the event the insured survives to the policy anniversary at age 85 years, the policy matures and the sum insured plus bonuses become payable. 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.
This plan is best suited for youngsters who have at the initial stages of their careers and cannot afford to pay high premiums. Individuals who anticipate the requirement of a lump sum in the far future can also opt for this plan.
Shad Abad Assurance
Minimum Age: 20 years
Maximum Age: 60 years
Age (Maximum) on Maturity: 70 years
On completion of the term of the policy, the sum insured plus bonuses attached to the policy are payable. However, on death during the policy term, the death benefit consists of double the sum insured with accrued bonuses. In case of death due to an accident, the death benefit consists of four times the sum insured plus bonuses. The coverage can be further widened by attaching supplementary covers with the policy.
This plan meets the requirements of those who appreciate the purpose of the basic saving of endowment assurance but also like some additional cover to protect loved ones in case they die, Allah forbids, before maturity.