State Life Insurance Policy 20 Years

State Life Insurance Corporation of Pakistan (SLIC) is the largest and one of the oldest Insurance companies in Pakistan. It was established in 1972 and is owned by the Government of Pakistan. State Life offers various Insurance policies to cater to the needs of its customers. One such policy is the State Life Insurance Policy 20 Years.

The State Life Insurance Policy 20 Years is a savings and protection plan that provides financial security to the policyholder and their family for a period of 20 years. The policy offers a guaranteed sum assured and bonuses that are declared by the company every year. In case of the death of the policyholder, the sum assured and bonuses are paid to the nominee.

Features of State Life Insurance Policy 20 Years

The following are the features of the State Life Insurance Policy 20 Years:

1. Policy term: The policy term for this plan is 20 years.
2. Premium payment term: The premium payment term for this plan is also 20 years.
3. Sum assured: The sum assured is the minimum amount that is guaranteed to be paid to the nominee in case of the death of the policyholder. The minimum sum assured for this plan is PKR 100,000.
4. Bonuses: The policyholder is entitled to receive bonuses that are declared by the company every year. These bonuses are added to the sum assured and increase the overall payout of the policy.
5. Premium payment frequency: The policyholder can choose to pay the premium on a monthly, quarterly, half-yearly, or yearly basis.
6. Surrender value: The policy has a surrender value, which is the amount that the policyholder can receive if they surrender the policy before the end of the policy term.
7. Loan facility: The policyholder can avail of a loan against the policy after it has acquired a surrender value.

Benefits of State Life Insurance Policy 20 Years

The following are the benefits of the State Life Insurance Policy 20 Years:

1. Financial security: The policy provides financial security to the policyholder and their family in case of any unforeseen circumstances.
2. Guaranteed sum assured: The policy offers a guaranteed sum assured, which ensures that the nominee receives a minimum amount in case of the death of the policyholder.
3. Bonuses: The policyholder is entitled to receive bonuses that are declared by the company every year. These bonuses increase the overall payout of the policy.
4. Tax benefits: The policyholder can avail of tax benefits under section 62 of the Income Tax Ordinance, 2001.
5. Loan facility: The policyholder can avail of a loan against the policy after it has acquired a surrender value. This can be helpful in case of any financial emergencies.
6. Flexible premium payment frequency: The policyholder can choose to pay the premium on a monthly, quarterly, half-yearly, or yearly basis, depending on their convenience.

How to Apply for State Life Insurance Policy 20 Years

The following are the steps to apply for the State Life Insurance Policy 20 Years:

1. Contact a State Life Insurance agent or visit the nearest State Life Insurance office.
2. Fill out the application form and provide all the required information.
3. Pay the first premium.
4. Submit the required documents, such as a copy of the policyholder’s CNIC, a photograph, and proof of income.
5. The application will be processed, and the policy documents will be sent to the policyholder.

The State Life Insurance Policy 20 Years is a comprehensive insurance plan that offers financial protection and savings benefits for a period of 20 years. It provides a guaranteed sum assured and annual bonuses, along with tax benefits and a loan facility.

The policy can be applied for by contacting a State Life Insurance agent or visiting the nearest office, and submitting the required documents. It is an excellent choice for individuals who want to secure their financial future and provide their loved ones with financial stability and security in case of any unforeseen circumstances.

Sure, here are some frequently asked questions about State Life Insurance Policy 20 Years:

• Q: What is the policy term for the State Life Insurance Policy 20 Years?

A: The policy term for this plan is 20 years.

• Q: What is the minimum sum assured for the State Life Insurance Policy 20 Years?

A: The minimum sum assured for this plan is PKR 100,000.

• Q: What are the benefits of the State Life Insurance Policy 20 Years?

A: The policy offers financial security, a guaranteed sum assured, annual bonuses, tax benefits, and a loan facility.

• Q: How can I apply for the State Life Insurance Policy 20 Years?

A: You can apply for the policy by contacting a State Life Insurance agent or visiting the nearest office, and submitting the required documents.

• Q: What happens if I surrender the policy before the end of the policy term?

A: If you surrender the policy before the end of the policy term, you will receive a surrender value, which is the amount that you can receive as per the policy terms.

• Q: Can I avail of a loan against the policy?

A: Yes, you can avail of a loan against the policy after it has acquired a surrender value.