State Life Endowment Plan
Samba Bank Limited's Endowment Plan is a high value savings and investment product. Funds accumulated during the savings term can be utilized for children’s higher education, marriage, house purchase, generating retirement income or for any other purpose. The plan is flexible enough to respond to the needs of most individuals. It aims to deliver a substantial sum of money at the end of the savings period. The additional benefit comes in the form of a life insurance cover.
What is an Endowment Plan?
Endowment Plan is a unique saving and protection scheme through which the policyholder can get a particular amount of money at a specific time speculated on the basis of his/her future requirements. Endowment Plan is most suitable for people who are farsighted and want to fulfill their future needs.
For whom is the Plan Suitable?
This plan is suitable for entrepreneurs, businessmen, lawyers, doctors, engineers, service oriented people and teachers. It is also a viable plan for newly married couples as well as middle class individuals with limited income.
What need does it fulfill?
For personal and family future needs, funds can be availed for the following:
- Post Retirement Income
- Establishment or Expansion of Business
- Children’s Education and Marriage
- Purchase of Land or Construction of House
- Loan Repayments, etc.
What are the benefits of the Endowment Plan?
- The plan provides a lump sum amount at maturity or at the death of the assured
- Endowment Plan is issued on with-profit basis. The sum assured and terms of policy are determined in accordance with the future needs and paying capacity of the policyholder.
Sum assured plus bonuses are payable by State Life on completion of term of policy. This amount fulfills the dreams of financial security of the policyholders and their near and dear ones.
In case of death of the life insured (God forbid) during the tenure of policy, State Life pays the sum assured plus accrued bonuses up till that point in time. This lump sum payment provides financial security to the family and dependents, when they need it most.
What Riders can be added?
The attachment of the following supplementary contracts to the plan can substantially increase the benefits of the policy:
- Family Income Benefit: Family Income Benefit can be attached to this plan on payment of a nominal additional premium. If this contract is issued, then on his/her death (God forbid) during the term of FIB, in addition to the basic sum assured, a regular annual Family Income Benefit installment of at least 10% and at most 50% of the basic sum assured, depending on payment of additional premium, becomes payable till the expiry of FIB to the nominee of the policyholder.
- Accidental Death Benefit: If this supplementary contract is issued, then on his/her accidental death (God forbid) during the term of policy, an amount equal to basic sum assured becomes payable.
- Accidental Death & Indemnity Benefit: If this supplementary contract is issued, then on accidental loss, the following benefits become payable:
|Loss of two or more limbs by amputation at or above wrist or ankle
|Total and irrecoverable loss of all sight in both eyes
|Total and irrecoverable loss of all sight in one eye and loss of one limb by amputation at or above wrist or ankle
|Loss of one limb by amputation at or above the wrist or ankle joints
||One-half of the sum assured
|Total and irrecoverable loss of sight in one eye
||One-half of the sum assured
|Loss of thumb and index finger of either hand by amputation at or above metacarpophalangeal joints
||One-half of the sum assured
|For other injuries, on total disability
||Weekly indemnity @ Rs. 5/- per thousand of the sum assured
|On partial disability
||One-fourth of the weekly indemnity @ Rs. 1.25/- per thousand of the sum assured
|On permanent and total disability
||Annual payment of 10% of sum assured for a maximum period of
10 years and waiver of future premiums
- Term Insurance: With a nominal addition in premium, the term insurance contract can be added to this plan. If this supplementary contract is issued, then on his/her death (God forbid) during the term of contract, an amount equal to basic sum assured becomes payable.
- Waiver of Premium: This supplementary contract provides the coverage of waiver of all future premiums in case the policyholder becomes totally and permanently disabled as a result of an accident (provided that the policyholder is unable to attend his/her business due to permanent and total disability and income is affected).
Will there be any bonuses on the Policy?
State Life Insurance Corporation of Pakistan announces a bonus every year according to its actuarial valuation. 97.5% of surplus is distributed as bonuses to all with-profit policies. The statistics to date reflect the constant increase in bonus rates. Resultantly, the value of with-profit plan increases year by year.
What about the Loan Facility?
Under this plan, after the completion of two complete policy years, if the policyholder immediately needs money, he/she can avail a maximum loan of 80% of the net surrender value of the policy.
Note: For further details and interpretation of privileges and conditions of the policy, please contact our staff or the nearest State Life office.
- This product is underwritten by State Life Insurance Corporation of Pakistan. It is not guaranteed or insured by Samba Bank Limited or its affiliates and is not a Samba Bank Limited product.
- The past performance of State Life Insurance Corporation of Pakistan is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and neither State Life Insurance Corporation of Pakistan nor Samba Bank Limited will incur any liability for the same.
- A personalized illustration of benefits will be provided to you by our staff. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions.
- A description of how the contract works is given in the policy privileges and conditions. This product brochure only gives a general outline of the product features and benefits and the figures used above are indicative and for illustration purposes only.