State Life Insurance Policy Shad Abad Plan T 36
The State Life Insurance Policy Shad Abad Plan T 36 offered by State Life Insurance Corporation of Pakistan is a comprehensive life insurance policy designed to provide financial security and savings for individuals and their families. This plan is ideal for those who seek the dual benefits of long-term savings and life protection. Below, we will explore the key features, benefits, eligibility criteria, and additional options available under this policy.
Key Features of Shad Abad Plan T-36
- Savings with Protection
The Shad Abad Plan combines the basic purpose of endowment assurance with additional life coverage. It ensures that policyholders can save systematically while also providing financial protection to their loved ones in case of unforeseen circumstances.
- Death Benefit
- In case of death during the policy term, the death benefit includes double the sum insured along with accrued bonuses.
- If death occurs due to an accident, the death benefit increases significantly to four times the sum insured plus bonuses.
- Maturity Benefit
Upon completion of the policy term, the insured individual receives:- The full sum insured, along with any accumulated bonuses attached to the policy.
- Supplementary Covers (Optional Riders)
To enhance coverage, supplementary riders can be attached to this plan. These riders provide additional benefits such as accidental death coverage or critical illness protection.
- Bonuses
Bonuses are declared annually by State Life based on its surplus profits and are added to policies that qualify for them.
- Loan Facility Against Policy
Policyholders can avail loans against their policies after fulfilling certain conditions:- Loans are granted up to 80% of the surrender value.
- Interest on loans is charged at 10% per annum compounded semi-annually.
- Policy Revival Option
A lapsed policy can be revived within five years from the date of first unpaid premium, provided it is before maturity and during the lifetime of the insured.
Why Choose Shad Abad Plan?
The Shad Abad Plan stands out because it not only promotes disciplined savings but also provides robust financial protection for families in case of premature death or accidents involving the insured individual. It ensures peace of mind by safeguarding against uncertainties while offering attractive returns through bonuses over time.