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PRESENTED TO :

MAM ANAM

Presented by:
Umme Nayab Gilani Mi16BBA046
Bushra Zahra Mi16BBA031
Brief History of State Life

The Life Insurance Business in Pakistan was


nationalized during March 1972. Initially Life Insurance
business of 32 Insurance Companies was merged and placed
under three Beema Units named “A”, “B” and “C” Beema Units.
. However, later these Beema Units were merged and effective
November 1, 1972 the Management of the Life Insurance
Business was consolidated and entrusted to the State Life
Insurance Corporation of Pakistan.
OBJECTIVES

 To run life insurance business on sound line.


 To provide more efficient service to the policyholders.
 To maximize the return to the policyholders by economizing on expenses
and increasing the yield on investment.
 To make life insurance a more effective means of mobilizing national
savings.
 To widen the area of operation of life insurance and making it available to
as large a section of the population as possible, extending it from the
comparatively more affluent sections of society to the common man in
towns and villages.
 To use the policy holders fund in the wider interest of the community.
Mission
To remain the leading insurer in the country by extending the
benefits of insurance to all sections of society and meeting
our commitments to our policy holders and the nation.
Major products

Individual Life Plans


Endowment Assurance
Child Education & Marriage Assurance
Committee Policy
Jeevan Sathi Assurance Plan
Anticipated Endowment Assurance (Three Payment Plan)
Whole Life Assurance
Shad Abad Assurance
Nigehban Plan
Muhafaz Plus Assurance
Supplementary Covers
Group life & Pension Plans
 Term Insurance Scheme
 Provident Fund Insurance Scheme
 House Building and Prequisites Insurance Scheme
 Pay Continuation Scheme
 Group Endowment insurance Scheme
 Group Pension Scheme
 Private Education
Supplementary
Covers
 Accidental Death & Indemnity Benefit (AIB)
 Accidental Death Benefit (ADB)
 Family Income Benefit (FIB)
 Waiver of Premium (WP)
 Special Waiver of Premium (SWP)
 Term Insurance (TI)
 Guaranteed Insurability (GI)
 Refund of Premium Rider (RPR)
 Hospital And Surgical Benefit (H and S )
Endowment Assurance
It’s a 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 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.
Child protection and
Marriage Plane
Protection

In the event of the first year death of the payer (GOD FORBID) State life
will pay Rs. 240,000/- per year for20 years to meet the current expenses.
Total =4,800,000/-

After completion of 20 years State Life will also give Rs. 5,000,000/- for
Higher Education/Marriage.In case of accidental death of the payer
(GOD FORBID) State life will also pay Rs. 1,000,000/- to child initially
along with the benefits quoted above.
Jeevan Sathi
This is a joint life plan and covers lives of two
partners say husband and wife simultaneously.
Premiums are payable till the end of the specified
term or till death of either of the insured persons.
Child protection policy
 This is a joint life assurance and covers the lives of child and either of
the parents.
 If the policyholder and the child both survive full term of the policy,
sum insured and accrued bonuses become payable.
 If the policyholder dies before completion of term of the policy the
payment of premiums ceases and the child is paid an income of Rs
100/- per thousand sum insured per annum till the completion of the
policy term
Shad Abad Assurance
Eligible ages :-
Minimum Age: 20 years
Maximum Age: 60 years
Age (Maximum) on Maturity: 70 years

On completion of term of policy, sum insured


plus bonuses attached to the policy are
payable.
Anticipated Endowment
Assurance
 his is a modified form of endowment assurance and is also
called 'Three Payment Plan'. Besides fulfilling the long-term
financial needs, it also helps in meeting the short-term financial
exigencies.
 As the name suggests, the plan offers three payments
throughout term of the policy.
The plan offers survival benefits equal to 25% of sum insured
on completion of 1/3rd and 2/3rd term of the policy.
 If the policyholder does not withdraw the survival benefits, a
very attractive special reversionary bonus is available.
Nigehban Plan:

 is plan provides term insurance cover for a period


ranging from 5 to 10 years.
 As the name suggests, this plan is meant to provide
protection during the term of the policy only i.e. sum
insured is payable on death if it occurs during the term
of insurance while the policy is in force.
 The plan does not carry any survival benefits, maturity
benefits, surrender values, loan values etc. The
policies will be without profits
Muhafaz Plus Assurance

 Muhafiz Plus provides a substantial sum of money on


maturity or earlier death (Allah forbid) of the life
insured.
 On maturity, the policyholder will receive sum insured
plus bonuses attached with the policy.
 However if the life insured dies before completion of
term of the policy, basic sum insured plus attached
bonuses will be paid to the dependants immediately.
Committee Policy

Terms Available: 3 and 5 years only.


This plan is a unique short term savings and
protection scheme through which the policyholder
can get a lump sum amount of money at a specified
time or on death
Salary saving plane

The State Life Insurance Corporation is now humbly


introducing the “Salary Saving Plan ” for the
employees of any organization with its easy monthly
affordability options and enhanced features for the
employees and their families.

The death cover in an average case is about Rs.10,00,000/-


for an individual employee.
The pension for nominee is also included in this plan.
Provident fund
The main cause of Provident Fund is to
provide the financial help to the employees
after their retirement from the minimum
deduction of his salary every month.
Accidental death benefits equal to the Sum Assured (Max 40,00,000).
Family income 15% of the Sum Assured annually up to the Maturity of the policy.
Accident Death &
Indemnity Benefit (AIB)
 AIB is suitable for office commuters and
individuals who travel and use different modes
of transport.
 The rates of premium for this supplementary
benefit range from Rs 4 to Rs10 per thousand
sum insured depending upon the occupational
rating of proposer for standard lives whose age
should be between 18 to 55 years.
Accidental Death
Benefit (ADB)
 The cover is available to lives between 5 and 55
years of ages.
 Maximum term of this supplementary benefit is
not allowed to exceed the premium paying term of
the basic policy, or 60 years of age of the life
proposed whichever is earlier.
Family Income
Benefit (FIB)
This supplementary cover is available to lives
between 18 and 55 years of ages.
This supplementary cover provides that incase of
death of the life insured during term of this cover,
an annuity of 10% to 50% per annum of the
basic sum insured will be payable till the
completion of term of this cover.
Waiver of Premium (WP)
This supplementary cover provides for waiver of
due premiums in the event of the life insured's Total
and Permanent Disability caused by accident as
defined in the contract.
. The rate of premium for standard risk will be Rs
0.50 to 1.00 per thousand of sum insured
depending upon the age of life insured.
WP is available to lives between 18 and 55 years
of ages.
Special Waiver of Premium
(SWP)
This supplementary cover will provide for waiver of premiums
under the policy incase of the life insured's Total and
Permanent Disability due to accident or disease which renders
him unable to engage in any occupation.
. SWP is available to lives between 20 and 55 years of
ages.
Term Insurance (TI)

In the event of death of the life insured during term of TI


supplementary cover, the sum insured will be payable in addition
to the benefits payable under the basic policy. Suppose, Mr A,
covered under a policy of Rs 1,000,000, also attaches TI
supplementary cover with his policy. Incase of his death during
term of TI, a sum equal to Rs 1,000,000 will be payable under
this supplementary cover. This will be in addition to the benefits
payable under main policy.
Refund of Premium Rider (RPR)
RPR provides for refund of premiums paid under the policy in the
event of death of the life insured during term of the policy.
This supplementary cover is available to lives
between 20 and 60 years of ages. The available
term ranges from 10 to 25 years.
Hospital and Surgical Benefits
(H&S)
 This supplementary cover provides benefits in case of
hospitalization of the life insured, in State Life's approved
hospitals, as a result of sickness or accident.
 H&S is available to lives between 18 and 50 years of ages.
The available term ranges from 10 to 25 years.
Term Insurance Scheme
Product subscription / features
Group Term Insurance Plan provides life insurance coverage to the
member of a group, such as the employees of an employer. The
amount of coverage of each member is determined with reference to
either his designation or salary or employment category or some other
similar variable.
House Building & Perquisites Insurance
Scheme
Under this plan each member of the group is insured for the total amount of loan
outstanding against him inclusive of accumulated interest.
 The amount of Insurance is the actual amount of loan outstanding on the date
of death whereas the premium is charged on the average loan outstanding over
the whole policy year.
Private Education
EDUCATION PLAN
Moving towards more educated Pakistan
Introduction:
 It is the dream of every father and mother to
educate their children.
 This plan intends to ensure continuation of
education of school children in case their fathers
or guardians die.
 The plan would cover the annual fee of the
schools and cost of books and uniforms.
Schools to be Covered
 Registered Private Schools with at least 300
students would be eligible to be covered under
this scheme.
 The fathers (with age below 60) of the students
studying in class level Nursery to 10 would be
covered under the scheme.
 The cost of the scheme for first year would be
6.00% of total annual fee of the school.
 The cost would be paid by the school annually in
advance.
Procedure for Maturity Claims
 It is a matter of great pleasure that your policy has
matured. It is a time to fulfill the goals that you had
set years back.
 Original policy document
 Copy of National Identity Card
 Maturity discharge voucher duly verified by your bank
 If your signature has changed over the years, please
send us your three specimen signatures of old and
new styles
Procedure for Death Claim
 State Life insurance policies provide wide range of
benefits in case of death of the persons covered against
them.
 If your loved one covered under any of State Life has
expired, you should lodge a death claim with us.
 All you have to do is to send a written intimation.
Procedure for Other Claim
Survival Benefit Claim
If your Anticipated Endowment Assurance policy has
completed 1/3rd or 2/3rd term of the policy, you can
withdraw a sum equal to 25% of the sum insured of your
policy.
 For withdrawal of Survival Benefit, please send a written
request alongwith following documents to your servicing
State Life zonal office:
 Original policy document
 Copy of National Identity Card
 Survival Benefit discharge voucher duly verified by your
bankIf your signature has changed over the years, please
send us your three specimen signatures of old and new
styles
Injury Claim
 If your State Life insurance policy contains an Accidental
Death & Indemnity Benefit (AIB) supplementary cover,
and you have sustained an injury as specified in the
contract.
 You can apply to us for an injury claim within 20 days of
sustaining the accident.
 For lodging your injury claim, please send a written
intimation of the accident mentioning.
Procedure for loan against
Insurance Policy
Procedure for loan against Insurance Policy
 Your State Life insurance policy provides a
valuable facility of loan to meet your immediate
financial exigencies.
 You can avail a loan upto 80% of net surrender
value of your policy.
 On policy loans, we charge markup @ of 12.5%
per annum compounded semiannually.
Procedure for Volunteer Policy
Surrender

 You had decided to buy insurance policy for the


protection of yourself and your loved ones.
 After surrender, the policy loses all the benefits and
facilities and your risk coverage ceases.
 Hence for the benefit of yours and your loved ones, we
suggest you to change your mind of surrendering this
policy.
 If you have some acute financial exigencies, you can
meet them by availing loan against your policy.
PROCEDURE FOR REGISTERING A
COMPLAINT
Policyholder or claimant may register his / her complaint with respect to his
policy or claim in following manner for redressal of his / her grievances
a) By submitting a written & signed complaint
b) By written application to our Principal's Office Complaint Cell.
c) Through email.
ii)
By submitting a written & signed complaint along with
photocopy of National Identity Card to Zonal In-
charges of PHS department or Zonal Heads.
Addresses of all zones are available on the website .

iii)
By calling at the given numbers of concerned zonal
office available here on the website and to the rare
side of policy document cover.
Procedure to lodge Death Claim
(Group & Pension)
Procedure to lodge Death Claim

1. Death intimation, on death of any government employee, the


department / employer sends the written death intimation to the
Incharge Claims concerned G&P zone along with the death
certificate.
2. On receiving the death intimation, the department / employer
would sent the claim forms 'C' & ' D' by the claim department of
the Group & Pension Zone.
3. The Department / employer is required to fill in the claim forms 'C' &
'D', properly sign and stamp them and send them back to the
concerned G&P zone, along with the following requirements.
i. Death certificate, Cantonment bodies, Union Councils, Services
hospital, Government hospitals, Semi Government hospitals.
ii. NIC (attested photocopies).
iii. Pension book .
iv. Attestation: All the photocopies must be attested by the concerned
Gazetted officer.
4. The provision of all above requirements would ensure the quick
settlement of the claims.
5. Deficiency of any one of the above would result in the delay in the
claim settlement.
Commercial Groups
Procedure / requirement for the settlement of Death/Disability
Claims
1. Death intimation: The policyholder/employer is required to send
the written death intimation, to the Incharge Claims of concerned
Group & Pension zone.
2. On receipt of intimation, after necessary checking, the necessary
claim forms would be sent to the policyholder/employer by the
Claims department of the Group & Pension zone.
3. The policy holder/employer is required to fill in the claim forms,
properly sign and stamp them and send them back to the G&P zone
along with the following requirements.
Underwriting procedure
1. Purpose of selection
2. Factors of insurability
I. Age
II. Build
III. Physical conditions
IV. Personal History
V. Family History
VI. Occupation
VII.Habits
VIII.Residence
IX. Hobbies
X. Sex (female insurance underwriting is distinct)
XI. Moral Hazards.
SOURCES OF INFORMATION
1. Proposal form
2. Agent’s Report
3. Medical Examinor’s Report
4. Attending Physician’s Report
5. Special Medical Report
6. Inspection Report
METHODS OF CLASSICICATION
OF RISK

1. judgement Method

2. Numerical Rating Method


Methods of Rating Substandard
Lives
1. Increase in premium
2. Decrease in Death Benefits
3. Change in Class and the period of insurance
4. Minor Boys and Girls
Non-Medical scheme:
It was introduced in UK in 1920.
Medical history questions are asked by the agent rather than
a Doctor.
There are a few reasons of issuing this type of policy.
1. Saving of medical fee and other procuring expenses.
2. Benefits for Employees of an institution.
Designed and adopted safeguards:
• Applicant will have to furnish Physical Measures like
height and weight.
• Detailed report of field work
• There can be restrictions on female life.