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Life insurance policy[/caption][caption id="attachment_449" align="alignright"

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LIFE INSURANCE POLICY OF

STATE LIFE
life insurance policy of state life hereby issues the policy on the basis of the proposal
and declaration received from the purpose. the name of the proposer and the date
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life_insurance_policy[/caption]
of proposal and deceleration are shown schedule of the policy. the owner of the policy
is the purposes including his/her successors and assignees.

the policy witness that if the policyholder will pay to state life all the premiums, as
stated in the schedule,state life shall in return, pay the sum insured to the person
mentioned in the schedule after state life is satisfied that the event described in the
schedule has happened and that the person claiming payment has a right to receive it.
for this purpose, state life may ask for submission of any requirements deemed
necessary by it.the policy and all payment under this policy are subject to the printed
privileges and condition and to any endorsements made on this policy on the behalf of
state life which together with the schedule, proposal, and declaration form part of this
policy.

LIFE INSURANCE POLICY OF STATE

LIFE
this policy is referable to Pakistan life fund
PRIVILEGES AND CONDITIONS
1-GUARANTEE.
the sum insured including bonuses if any declared under this policy are guaranteed as
to payment in cash by the FEDERAL GOVERNMENT. under artical 35 of the life
insurance(nationalization) order 1972.
2-PAYMENT OF PREMIUM
premium are payable yearly in advance directly to statelife, advance payment of half-
yearly,quarterly and monthly premiums will be accepted as installments of the yearly
premiums. if the life insured dies, the the unpaid instalments for that policy year if any
will be deducted form whatever amount is otherwise payable by state life.
3-GRACEE PERIOD;
the policy holders can pay to state life any premium within a grace period of 31 days
after it falls due. if the life insured dies during the grace period,before the due
premium is received bystatelife,then the due premium will be treated as received, but
it will be deucted form what ever amount is otherwise payable by state life.if the grace
period expires before due premium is received by state life, the policy will laps unless
it is kept in force under the option B clause of the policy. the laps date wil be taken as
the duedate of the premium in default. no claim whats oever shall lie againt state life
under a lapsed policy.
4-REVIVAL OF LAPSES POLICIES;
all lapsed policies may be considered for revival by state-life, upon receipt of
evidence, free of cost and satisfactory to state life that the life insured is eligible for
life insurance. depending on the duration of laps, state life may either require a
declaration of good health by the life insured, his/her personal statement or his /her
full medical examination report. in any case, state life may require other reports if
deemed necessary.in addition, all arrears of premium together with profit or return to
date at a rate determined by state life form time to time must be received by state life
before the revival of a lapsed policy can be considerd. state life reserves the right to
declined or defer revival of lapsed policy or to offer revival on modified terms, a
policy lapse for more than 5 years will not be considered for revival.
5-PAID UP POLICIES;
state life will convert this policy into a paid-up policy, ate the written request of the
policyholder provide the policy has been in force at least to consecutive policy years
and no premiums are in default. no further premiums will be payable but the sum
insured will be reduced. the reduced paid-up sum insured will be quoted by state life
on the request of the policyholder.
any bonuses attached to the policy will be taken into consideration while determining
the paid-up sum insured.a policy once paid up will not be entitled to any further
bonuses. if there are any outstanding dues of state life against the policy, the paid-up
sum insured will be specially calculated to allow for the clearance of all such
outstanding dues.
6-SURRENDER VALUE;
The 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 on request of the policyholder. the surrender value is guaranteed to
be not less than 30% aggregate premiums. aggregate premiums mean all premiums
paid under the policy excluding the following.
A-premiums for the first policy year.
B-extra premiums, and
C- premiums for any supplementary contracts.
this policy may be surrendered at the written request of the policyholder. state life will
then pay him /her the net surrender value of the policy if any. net surrender value
wherever it appears in this policy means the surrender value of the policy less
outstanding dues of state life for loans given automatic premium loans together with
accrued profit or return.
LIFE INSURANCE POLICY OF STATE
LIFE
7-LOANS
state life may grant a loan to the policyholder on his/her written request, against the
net surrender value of the policy. the amount of loan shall not exceed 80% of the said
net surrender value. the rate of profit or return and the other terms and conditions will
be determined by state life at the time of granting the loan.loans of less then RS will
not be given.
the amount of loan together with accrued profit or return will be the first charge on the
policy, prior to all other claims.s
8-AUTOMATIC NON FORFEITURE OPTIONS;
if the policy has acquired a surrender value and a premium has remained unpaid
beyond the grace period, the policyholder will be entitled to benefits under one of the
following to options given hereinafter, depend ing on the option exercised in his
proposal for this policy,
option -A;Automatic paid up
option-B; Automatic Premium loan
provided the surrender value of the policy exceeds the total of due premium(s)
remaining unpaid and any other amount owed to state life.the option can be exercised
at the time of taking the policy or at any time thereafter while the policy is in force.
the option can be changed subsequently by written intimation to an endorsement in
the policy by state life, so long as now, premiums remain unpaid beyond the grace
period. if no option has been exercised by the policyholder, benefits under automatic
paid up option will apply.

 Automatic paid-up Option

This policy will be converted into a paid-up policy. The paid-up sum insured will be
specially calculated to allow for the clearance of all outstanding dues of State Life
against the policy.
No further premium (s) will be payable but the sum insured will be reduced. Any
bonuses attached to the policy will be taken into consideration while determining the
paid-up sum insured. A policy once paid-up will not be entitled to any further
bonuses. If the specially calculated paid-up sum insured works out to be less than
Rs.100 the policy will not be converted into the paid-up but will be treated as having
been forfeited losing all benefits. A policy, thus made paid- up may be revived for full
sum insured as per provision of condition No.4 above.
B-Automatic Premium Loan Option;
So long as the net surrender value of the policy equals or exceeds any due premium
remaining unpaid beyond its grace period, State Life will continue to keep this policy
in full force and treat the said by creating an automatic premium loan against the net
surrender value of the policy.
When the net surrender value of the policy becomes less than a due premium
remaining unpaid beyond its grace period, the policy will be kept in full force for a
further broken period. This broken period will bear the same proportion to the full
period of the unpaid premium as the net surrender value bears to the unpaid premium.
The policy will automatically be forfeited and lose all benefits at the expiry of the said
broken period.
Profit or return will be charged an automatic premium loan rates determined by the
State Life from time to time. So long as an automatic premium loan along with profit
or return is outstanding against this policy, the payment received by state life will be
the first to be applied to reduce this debt.
9- EVIDENCE OF AGE;
No benefits will be paid by state life under this policy unless the age of the life
insured has been proved to its satisfaction.
If the age of the life insured is proved to be different from that stated in the proposal
of this policy, State Life will adjust the premiums or benefits under the policy as it
deems fit.
This policy will, however, become void from its commencement date is proved to be
higher than the maximum entry age that was permissible by State Life under the table
and terms of insurance mentioned in the proposal of this policy.

LIFE INSURANCE POLICY OF STATE

LIFE
10- SUICIDE;
If the life insured commits suicide within thirteen months from the date this policy
was signed or within thirteen months from the date this policy was last revived then
State Life will only refund premiums actually received under this policy,
11- CURRENCY AND PLACE OF PAYMENT;
All amounts payable b State Life shall be paid in Pakistan Currency at the Principal
Office or office of the issue mentioned the policy.
12-NOTICE OF ASSIGNMENT AND NOMINATION;
Notice of Assignment and Nomination, duly attested must be submitted for
registration at the office of the issue mentioned in this policy.
In registering an assignment or a nomination, State Life does not accept any
responsibility for its validity, legal effect or meaning.
13-SUPPLEMENTARY BENEFITS;
Supplementary benefits (if any) and the corresponding premiums payments will be
governed by the terms of the supplementary contracts attached to this policy.
Premiums for these benefits will, however, be payable on the same dates as premiums
under this policy.

14- PREMIUM NOTICES;

State life may issue premium notices although there is no obligation on its part to do
so. It is the duty of the policyholder to pay the premium on its due date or within the
grace period whether premium notice is received or not.
15- INCONTESTIBILITY;
Policies are incontestable with regard to statements made in the proposal after two
years from the date of issue\revival\reinstatement of policy except for fraudulent and
willful misstatement of material facts or on account of breach of any of the conditions
of the policy.
16- TRAVEL, RESIDENCE, AND OCCUPATION;
The policy is free from all restrictions as to travel, residence and occupation.
17- FREE LOOK PERIOD;
This policy shall be liable to be canceled at the options of the policyholder within 14
days of its commencement date and if the policyholder cancels the policy within that
time all amounts paid by way of premium shall be refunded without any deduction for
management expenses, other than expenses, other then expenses incurred in
connection with the medical examination of any person insured under the policy.No
person shall offer any inducement to a person for the purpose of procuring that
person to cancel his policy in accordance with this rule.
18-LIQUIDATED DAMAGES;
Where payment under this policy becomes due and the person entitled thereto has
complied with all requirements, including the filing of the complete papers, for
claiming the payment,the State Life shall,if it fails to make the payment within the
period of 90 days from the date on which the payment becomes due of the date on
which the claimant complies with the requirements, whichever is later, pay as
liquidated damages on the amounts so payable unless State Life proves that such a
failure was due to circumstances beyond its control.
For the purpose of the clause, failure or delay by any person in making
payment(including without any limitation payment under a contract of reinsurance] to
State Life shall not constitute circumstances beyond the control of State Life.
The liquidated damages payable under this clause shall be payable of the period
during which the failure continues and shall be calculated at monthly rests at the rate
five percent higher than the prevailing base rate as defined in section 2(viii) of the
Insurance Ordinance,200.
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