State Life Insurance Policy: Child Education & Marriage Plan (Table 76)

The Child Education & Marriage Plan (Table 76) offered by State Life Insurance Corporation of Pakistan is a comprehensive financial solution designed to secure the future of your child. This plan ensures that parents can meet the financial needs of their children at critical milestones such as education or marriage. Below is a detailed overview of the policy, its features, and benefits.

Overview of Child Education & Marriage Plan (Table 76)

This plan is a modified version of the Child Education and Marriage Plan with built-in Family Income Benefit (FIB). It is specifically designed to provide financial security for your child’s future while offering flexibility in terms of maturity age and premium payment options. The policy guarantees lump-sum benefits upon maturity or in case of unforeseen circumstances like the death of the policyholder.

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Key Features

1. Endowment with Surplus Participation

• The plan operates as an endowment policy with surplus participation.
• A significant 97.5% of surplus profits are distributed among policyholders annually in the form of bonuses.
• These bonuses are guaranteed by the Government of Pakistan.

2. Flexible Maturity Terms

• The policy term ranges from 10 to 24 years, ensuring that benefits are payable when the child reaches key ages such as 18, 21, or 25 years.
• The maximum maturity age for this plan is 70 years.

3. Death Benefit

In case of the payer’s death:

• Future premiums are waived.
• The policy continues to participate in State Life’s surplus until maturity.
• Upon expiry, the child receives:
  • Accrued bonuses over the entire term.
  • Sum assured as a lump sum benefit or in five equal annual installments.

In case of the child’s death:

• The policyholder has three options:
  • Continue the policy for another child.
  • Terminate the contract and receive either a refund of premiums paid till death or cash value.
  • Continue without naming another child (in this case, no refund will be available).

4. Investment Strategy

State Life tactically invests funds into secure avenues such as:

• Government Securities
• Blue Chip Equities
• Banks

This ensures optimal returns on investments while maintaining financial stability.

5. Surrender/Early Withdrawal

Policyholders have an option to surrender their policies after paying premiums for at least two years.

6. Loan Facility

After paying three premiums, you can avail a loan up to 80% of the net surrender value if immediate funds are required.

7. Free-Look Period

You can cancel your policy within 14 days from its commencement date if you’re not satisfied with its terms.