State Life Insurance Policy: Family Pension Plan (T-12)
The Family Pension Plan (Table-12) offered by State Life Insurance Corporation of Pakistan is a unique life insurance product designed to provide financial security and peace of mind for families. This plan is structured as a modified Three Payment Anticipated Endowment Plan, offering multiple benefits such as survival benefits, death benefits, bonuses, and optional supplementary contracts. Below is a detailed overview of the policy features, benefits, and eligibility criteria.
Key Features of the Family Pension Plan (T-12)
Plan Type
The Family Pension Plan is an Anticipated Endowment Plan with surplus participation. It allows policyholders to benefit from 97.5% of the surplus distributed annually by State Life.
Eligibility Criteria
- Minimum Age at Entry: 20 years
- Maximum Age at Entry: 52 years
- Policy Term Options: 18 years or 21 years
Bonus Participation
State Life declares annual bonuses based on actuarial valuations. A significant portion—97.5%—of the surplus is distributed among policyholders holding with-profit policies. These bonuses are guaranteed by the Government of Pakistan and are paid either on maturity or in case of death.
Investment Strategy
Funds under this plan are tactically invested in:
- Government Securities
- Real Estate Rentals
- Blue Chip Equities
- Banks
This diversified investment approach ensures optimal returns for policyholders.