Individual Life Plans

ENDOWMENT ASSURANCE

The Protection You Need

Minimum Age: 10 years
Maximum Age: 65 years
Age (Maximum) on Maturity: Age 75 years.

Allowable Riders: Click here for supplementary covers which can be attached with this plan.

It's a safest and surest method of guaranteed cash provision either at a specified time or at death (Allah forbid). Under these policies, the sum insured plus bonuses are payable at the end of the specified number of years or at death of the life insured if earlier. Premiums are payable for the specified number of years or till death, if earlier. The benefits under the plan can be further increased by attaching supplementary covers.

This policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by State Life on request of the policyholder.

CHILD EDUCATION & MARRIAGE PLAN

Your Wellbeing Comes First

Minimum Age: 20 years
Maximum Age: 60 years
Age (Maximum) on Maturity: 70 years

Allowable Riders:

Click here for supplementary covers which can be attached with this plan.

Child Education & Marriage Assurance is a plan for the protection of child's future. It provides a lump sum benefit for the child at the completion of the policy term. On completion of term of the policy, full sum insured together with the accrued bonuses become payable to the policyholder. Please click here for the details of bonuses currently available for this plan

If the policyholder dies (Allah forbid) before completion of the term, a family income benefit of Rs 240 per 1000 sum insured per annum is paid to the child until the completion of policy term. Further, future premiums under the policy are waived and policy remains in force with full sum insured and continues to participate in State Life's surplus and receive bonuses. Upon the completion of policy term, the child gets two options of either getting the proceeds in a lump sum or in five equal installments.

- Continue the policy in the same manner as earlier by switching the plan for the benefit of another child.

- Get a refund of all the previous premiums paid till the death of the child or the cash value of the policy, whichever is higher and terminate the contract.

- Continue the policy without naming another child in which case the benefit of Refund of Premium [as provided above under condition (b)] will not be available.

Child Education & Marriage Plan is suited for the parents who are conscious about the future of their children. The term of the plan is such that the lump sum benefit becomes payable when the child attains a predetermined age of 18, 21 or 25 years. These ages may be selected considering the occasion at which children generally need financial assistance for higher education, marriage, or setting up business. Depending upon your individual needs, the plan is available in two separate versions of with and without built-in family income benefit. In addition to parent, this plan can also be affected by grandparents, uncles, aunts or any other person who is paying for the maintenance of the child.

This policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by State Life on request of the policyholder.

Click here for calculation of premium on your life under this plan.

SADABAHAR PLAN

Taking Care of Your Needs

Sadabahar is an anticipated endowment type with-profit plan that provides lump sum benefit at certain stages during the premium-paying term or on earlier death. In addition, this plan has a built-in Accidental Death Benefit (ADB) rider so that the policyholder gets an additional sum assured in case of death due to an accident.

This plan is a safe instrument for cash provision at the time of need. With this plan, the policyholder can secure greater protection and continued prosperity for the family at an affordable cost.

Admissible Ages and Terms This plan is available to all members of the general public, aged from 20 to 60 years nearest birthday. Both males and females may purchase this plan. Terms offered under this plan are 12,15,18, 21, 24, 27 and 30 years.

Survival Benefits

On completion of one-third of the policy term, 20% of basic sum assured can be taken by the policyholder. Another 20% of the sum assured can be taken on completion of two-third of the policy term and the remaining 60% of basic sum assured plus accrued bonuses (if any) shall be payable at the end of the policy term in the event of survival of the assured.
If the option to withdraw an installment of 20% sum assured is not exercised on the due date or within 6 months after the due date, a special bonus will automatically be added to the policy at the end of 6 months. In this event:

On death of the assured while the policy is in force, the special bonus will be payable in addition to (1) Basic Sum Assured (2) Other Reversionary Bonuses accrued on the policy and (3) the amount of any installment left with State Life.
On the maturity date, the special bonus will be payable together with all the installments of the sum assured remaining with State Life, in addition to regular reversionary bonuses accrued on the policy.
So long as the policy remains in force, the policyholder may surrender the unclaimed installment of sum assured together with the related special bonus. The aggregate cash surrender value of the two shall not be less than the amount of the said unclaimed installment.
4.The reversionary bonuses as per usual practice will continue to be allotted each year on the basic sum assured (if in force) as and when Actuarial Surplus is declared. However, the unclaimed installments of the sum assured and related special bonus will not participate in State Life's Actuarial Surplus.

Death Benefits

The full basic sum insured plus accrued bonuses are payable on death of insured any time while the policy is in force. In addition, if death occurs as a result of an accident, additional amount equal to one basic sum assured, subject to maximum limit, will be paid. The usual maximum on the ADB of Rs. 4 million will apply and premium will be calculated accordingly

Bonuses

This policy will participate in State Life's surplus. Rates of bonus applicable will be 25% higher than those on anticipated endowment plan.

SHAD ABAD ASSURANCE

Ready for Anything

Minimum Age: 20 years
Maximum Age: 60 years
Age (Maximum) on Maturity: 70 years

Allowable Riders: Click here for supplementary covers which can be attached with this plan.

On completion of term of policy, sum insured plus bonuses attached to the policy are payable. However, on death during the policy term, the death benefit consists of double of sum insured with accrued bonuses. Incase of death due to accident, the death benefit consists of four times the sum insured plus bonuses. The coverage can be further widened by attaching supplementary covers with the policy. Click here for details of the supplementary covers.

This plan meets the requirements of those who appreciate the basic savings purpose of endowment assurance but also like some additional cover to protect loved ones in case they die, Allah forbid, before maturity. Click here for calculation of premium on your life under this plan.

WHOLE LIFE ASSURANCE

Your Source for Protection

It is a unique combination of protection and savings at a very economical premium. Death at any time before age 85 years terminates payment of premiums and the sum insured and attached bonuses become payable. In the event the insured survives to the policy anniversary at age 85 years, the policy matures and the sum insured plus bonuses become payable. Under this plan the rates of bonuses are usually much higher than the other plans and they help in increasing not only protection but also the investment element of the policy substantially. Click here for supplementary covers which can be attached with this plan.

This plan is best suited for youngsters who have at initial stages of their careers and cannot afford to pay high premiums. Individuals who anticipate requirement of a lump sum in far future can also opt this plan. Click here for calculation of premium on your life under this plan.

SUPPLEMENTARY COVERS

Get the Coverage You Deserve

State Life offers a number of supplementary covers to enhance coverage under different plans. These supplementary covers can be attached with the main policy and are not available exclusively. Please click below for the details of these supplementary covers:

Accident Death & Indemnity Benefit (AIB)

This supplementary cover provides for payment of additional amount equal to the sum insured under the policy in the event of death by accidental means, or in the event of loss of two or more limbs or loss of sight in both eyes. One-half of the sum insured will be paid for loss of one limb; one-third of sum insured in the event of loss of one eye and one-fourth of sum insured will be paid for loss of thumb and index finger. Moreover, weekly indemnities are also available for total and partial disability of the life insured as a result of the accident. If the life insured becomes permanent and total disable, an annuity of 10% of sum insured will be payable for a maximum period of ten years.

AIB is suitable for office commuters and individuals who travel and use different modes of transport. The rates of premium for this supplementary benefit range from Rs 4 to Rs10 per thousand sum insured depending upon the occupational rating of proposer for standard lives whose age should be between 18 to 55 years.
AIB can be attached with following plans:

Accidental Death Benefit (ADB)

This supplementary cover will provide for payment of an additional amount equal to sum insured in the event of death by an accident as defined in the contract. On payment of a modest premium, a handsome accidental coverage is obtained through this supplementary cover. ADB is highly recommended for individuals who travel daily through road transport.

The cover is available to lives between 5 and 55 years of ages. Maximum term of this supplementary benefit is not allowed to exceed the premium paying term of the basic policy, or 60 years of age of the life proposed whichever is earlier.

ADB can be attached with following plans:

Family Income Benefit (FIB)

This supplementary cover provides that incase of death of the life insured during term of this cover, an annuity of 10% to 50% per annum of the basic sum insured will be payable till the completion of term of this cover. For instance, if a life insured has taken 25% FIB supplementary cover for 20 years on his policy having sum insured of Rs 1,000,000. If the life insured expires during term of FIB, say at the end of fourth year, an annual sum of Rs 250,000 will be payable for rest of 16 years.

While the basic plan provides a lump sum, FIB provides a regular stream of income to the dependents and helps in meeting the day to day expenses. This supplementary cover is available to lives between 18 and 55 years of ages. It can be attached with following plans:

Waiver of Premium (WP)

This supplementary cover provides for waiver of due premiums in the event of the life insured's Total and Permanent Disability caused by accident as defined in the contract. With the help of WP, the life insured gets relieved of vagaries of paying premiums incase of his or her being incapacitated as a result of accident. The rate of premium for standard risk will be Rs 0.50 to 1.00 per thousand of sum insured depending upon the age of life insured.

WP is available to lives between 18 and 55 years of ages. It can be attached with following plans:

Special Waiver of Premium (SWP)

This supplementary cover will provide for waiver of premiums under the policy incase of the life insured's Total and Permanent Disability due to accident or disease which renders him unable to engage in any occupation.

With the help of SWP, the life insured gets relieved of vagaries of paying premiums incase of his or her being incapacitated as a result of accident or disease. SWP is available to lives between 20 and 55 years of ages. SWP can be attached with following plans:

Term Insurance (TI)

In the event of death of the life insured during term of TI supplementary cover, the sum insured will be payable in addition to the benefits payable under the basic policy. Suppose, Mr A, covered under a policy of Rs 1,000,000, also attaches TI supplementary cover with his policy. Incase of his death during term of TI, a sum equal to Rs 1,000,000 will be payable under this supplementary cover. This will be in addition to the benefits payable under main policy.

This supplementary cover is an excellent opportunity for individuals who want to enhance coverage of their policy substantially on payment of a meager amount of premium. TI is available to lives between 18 and 55 years of age. TIR can be attached with following plans:

Guaranteed Insurability (GI)

Under this supplementary cover, State Life gives the policyholder a right to purchase additional life insurance upto specified maximum amounts on specified further dates at standard rates, without evidence of insurability being required at such later dates.

The specific further dates on which additional insurance can be taken are the policy anniversaries of the basic policy nearest the 25th, 28th, 31st, 34th, 37th and 40th birthdays of the life insured. Thus the option dates for various issue ages

Issue AgesNo of Option DatesOption Date Ages

10 - 24
25 - 27
28-30
31-33
34-36
376
5
4
3
2
125, 28, 31, 34, 37, 40
28, 31, 34, 37, 40
31, 34, 37, 40
34, 37, 40
37, 40
40

This supplementary cover is available only to standard lives between 10 and 37 years of ages and who are not engaged in hazardous occupations. Only one GI will be issued on the life of any one person. GI is available only at the time of issue of the basic policy and can not be attached to the policy after its issuance.

Individuals who foresee increase in their insurance needs in the near future can get benefit from this supplementary cover. It saves them from providing any further evidence of insurability incase they desire to enhance coverage under the policy. GI can be attached with following plans:

Refund of Premium Rider (RPR)

RPR provides for refund of premiums paid under the policy in the event of death of the life insured during term of the policy. It is an ideal form of enhancing the life cover under the policy with a modest increase in premium.
This supplementary cover is available to lives between 20 and 60 years of ages. The available term ranges from 10 to 25 years. RPR can be attached with following plans:

Hospital and Surgical Benefits (H&S)

This supplementary cover provides benefits in case of hospitalization of the life insured, in State Life's approved hospitals, as a result of sickness or accident. On payment of double amount of premium specified for H&S, the benefits and their limits will also be doubled.