BACKGROUND
State Life Insurance Corporation of 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. November 1, 1972 the Management of the
Life Insurance Business was consolidated and entrusted
to the State Life Insurance Corporation of Pakistan.
State Life Insurance Corporation of Pakistan is headed
by a Chairman and assisted by the Executive Directors
appointed by Federal Government. Up to July 2000 the
Corporation was run by Board of Directors constituted
under Life Insurance (Nationalization) Order 1972. In
July 2000, under Insurance Ordinance 2000, the Federal
Government reconstituted the Board of Directors of
State Life which runs the affair of this Corporation.
OBJECTIVES
To run life insurance business on sound line.
To provide more efficient service to the
policyholders.
To make life insurance a more effective means of
mobilizing national savings.
To use the policyholders fund in the wider
interest of the community
STATE LIFE’S PRODUCTS
State Life basically deals in following line of
Business:
Annuities
Conventional Life insurance (Home Business)
Group Life Insurance
Pension Services
Universal Life Business (Home Business)
TERMS & CONDITIONS
Guarantee
Payment of Premium
Paid-up Policies
Loans
Evidence of age
Supplementary Benefits
Premium Notices
Liquidated Damages etc.
Bonus Rates:
State Life offers attractive bonuses that are declared on the
basis of Actuarial Valuations. Presently the following types
of bonuses are available:
Reversionary bonus
Special Reversionary bonus.
Terminal bonus
Golden Jubilee bonus
One Time bonus
Mission
To remain the leading insurer in the country by
extending the benefits if insurance to all section of
society andmeeting our commitments to our
policyholders and the nation.
Quality Policy
To ensure satisfaction of our valued policyholders in
processing new business,providing after sales service
andoptimizing return on Life Fund through a quality
culture and to maintain ourselves leading life insurer
in Pakistan.
Major achievement:
State Life is profitable organization and it paidRs.1.729 billion as
dividend to the Governmentof Pakistan since its inception in 1972.
State Life has played very vital role in the economy by providing
employment to the peopleof the country as permanent employees
and aspart of its marketing force and by investing thehuge funds
in different sectors of the economy
The Premium income increased from Rs.0.317billion in 1972 to 13.820 billion in
2005. Similarly
investment income including rental incomeincreased from Rs.0.81 billion in 1972 to
13.106billion in 2005.
Total statutory fund of State Life stands atRs.122.775 billion in 2005 as against
Rs.1.494billion in 1972.
As at December, 2005 the total number of policies in force under individual life were
2.044million and number of lives covered under grouplife insurance were 3.731
million.
Policies:
Endowment assurance
Child protection assurance
Whole life assurance
Child education & marriage assurance
Committee ploicy
Jeevan saathi assurance
Thank you
