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SHAD ABAD ASSURANCE	Jeevan Sathi Assurance
CHILD EDUCATION & MARRIAGE	Child Protection Assurance
Sunehri Policy	Shehnai Policy
Nigehban Plan	Muhafaz Plus Assurance

jobs in Islamabad

ZONES IN NORTH REGION

Peshawar Zone

Ch. M. Ejaz
Zonal Head
Phone: 091-9212312
State Life Bldg, 34
The Mall, Peshawar.
email:zhpshzn@statelife.com.pk

Rawalpindi Zone

Mr. Azhar Hussain
Zonal Head
Phone: 051-9271352 ,
051-9271351
State Life Bldg # 1,
The Mall, Rawalpindi.
email:zhrwpzn@statelife.com.pk

Abbottabad Zone

Mr. Abdul Sattar Jawaid
Zonal Head
Phone: 0992-380924
Farooqabad Plaza
Mansehra Road
Abbottabad.
email:zhabtzn@statelife.com.pk

Gujrat Zone

Ch. Abdul Nasir
Zonal Head
Phone: 0433-9260242
State Life Bldg, 5th Floor.
G.T. Road , Gujrat,
email:zhgjrtzn@statelife.com.pk

Islamabad Zone

Mr. Khalid Mansoor
Zonal Head
Phone: 051-9204749 , 051-9205329
State Life Bldg # 9
Bulund Markaz Plaza
33-E, Blue Area
Islamabad.
email:zhisbdzn@statelife.com.pk

Mirpur (AK) Zone

Mr. M. Yosuf Farooqi
Zonal Head
Phone: 058610-33247
Chohan Plaza 36,
Sector C-1
Mirpur (AK).
email:zhmprakzn@statelife.com.pk

Swat Zone

Mr. Namaish Khan
Zonal Head
Phone: 0936-9240060
Dean Plaza, Opp. Central Hospital
P.O. Box # 4
Saidu Sharif, Swat.
email:zhswtzn@statelife.com.pk

Mr. Madad Ali Anjum
Regional Chief,
Phone:  042-9205121-2, 9205130
Fax 042-9205127
State Life Building Ground Floor,
15-A, Davis Road
Lahore.
email: rccentral@statelife.com.pk

ZONES IN CENTRAL REGION

Lahore Central Zone

Mr. Najam ul Hasan
Zonal Head
Phone:  042-9210269-70
State Life Square,
4-Lytton Road,
Lahore.
email:zhlcenzn@statelife.com.pk

Faisalabad Zone

Mr. M. Ramzan Shahid
Zonal Head
Phone:  041-9200390, 9200636
State Life Bldg # 2
Liaquat Road Faisalabad.
email:zhfsdzn@statelife.com.pk

Lahore Western Zone

Mr. Muhammad Dawood Nasir
Zonal Head
Phone:   042-9211711, 9211642
State Life Square,
4-Lytton Road,
Lahore.
email:zhlweszn@statelife.com.pk

Sargodha Zone

Mr. Tahir Mehmood Cheema Zonal Head
Phone: 0451-9230311,9230319
40 Civil Lines Green Plaza , College Road Sargodha.
email:zhsgdzzn@statelife.com.pk

Gujranwala Zone

Ch. Sarfaraz Ahmed
Zonal Head
Phone:  0431-9200285, 9200282
Din Plaza, G.T Road
Gujranwala.
email:zhgujwazn@statelife.com.pk

Sialkot Zone

Mr Zulfiqar A. Gilani
Zonal Head
Phone:   0432-9250111
Paris Road,
Sialkot.
email:zhslktzn@statelife.com.pk

Mr. Tahir Ahmed Khan
Regional Chief
Phone # 061-9200670,9200770
State Life Building 4th Floor,
Chowk Nawan Saher,Abdali Road
Multan.
email: rcmul@statelife.com.pk

ZONES IN MULTAN REGION

Multan Zone

Mr. Choudhry Akhtar Hussain
Zonal Head
Phone # 061-9200676
State Life Building Chowk Nawan Shaher Multan.
email:zhmulzn@statelife.com.pk

Mr. M. Mukhtar H. Awan
Zonal Head
Phone # 0641-9260528
Rehman Plaza,
Jampur Road
Dera Ghazi Khan.
email:zhdgkzn@statelife.com.pk

RahimYar Khan Zone

Mr. M. Anwar Shahid
Zonal Head.
Phone # 0731-9230027
2nd Floor,Iqbal Complex Model Town, Rahim Yar Khan.
email:zhrykzn@statelife.com.pk

Bahawalpur Zone

Z. M. Kamaran Shamsi
Zonal Head
Phone # 062-9255171-2
Cell. # 0300-8680267
Circular Road 2nd Floor,
Al-Karim Plaza Bahawalpur
email:zhbwlzn@statelife.com.pk

Sahiwal Zone

Chaudhry Muhammad Ashraf
Zonal Head
Phone # 0441-66606
Sattar Complex,
Stadium Road Sahiwal.
email:zhswlzn@statelife.com.pk

Mr. S.H.Raza
Regional Chief
Phone: 021-9217035, 9217036
State Life Building # 2,
7th Floor, Wallace Road, Karachi.
email: rcsouth@statelife.com.pk

ZONES IN SOUTHERN REGION

Karachi (Southern) Zone

Mr. M. Iqbal Gill.
Zonal Head
Phone: 021-9217024,9217026
S.L.B.#2, 11th Floor
Wallace Road Karachi.
email:zhkszn@statelife.com.pk

Hyderabad Zone

Mr. Dur Muhammad Baladi
Zonal Head
Phone: 0221-200622,9200352
State Life Building
Thandi Sarak, Hyderabad.
email: zhhydzn@statelife.com.pk

Mirpurkhas Zone

Mr. Zahoor A. Bhatti
Zonal Head
Phone: 0231-9290205
M.A. Jinnah Road
Near D.C. Office MirpurKhas.
email: zhmprkszn@statelife.com.pk

Karachi (Central) Zone

Mr. Khalid Shaikh
Zonal Head
Phone: 021-99260011, 99260013
2 & 3rd Floor, Al Farhan Tower,
Plot # D/15, Block H. North Nazimabad, Karachi.
email: zhkcenzn@statelife.com.pk

Quetta Zone Mr. Kenaya Lal Shaheen
Zonal Head
Phone: 081-9201520
P.I.A Bldg, 2nd Floor,
Hali Road Quetta.
email: zhqtazn@statelife.com.pk

Larkana Zone

Mr. Abdul Mannan Sheikh
Zonal Head
Phone: 0741-9410812
State Life Building
Qaid-e-Awan Road, Larkana.
email: zhlarkzn@statelife.com.pk

Karachi (Eastern) Zone

Mr. M. Saeed Khan
Zonal Head
Phone: 021-4539180, 4538095
Jason Trade Centre 7th Floor, 39-A-1 PECHS, Sharah –e-Faisal, Karachi.
email: zhkezn@statelife.com.pk

Sukkur Zone

Mr. Abdul Samad Shaikh
Zonal Head
Phone: 071-9310501
State Life Building,
Minara Road,Sukkur.
email: zhskrzn@statelife.com.pk

Chairman Secretariat

Newsletter Title
Click here to download [.pdf  — 75.1 Mb]

State Life offers attractive bonuses that are declared on the basis of Actuarial Valuations. Presently the following types of bonuses are available for different plans subject to the terms and conditions applicable to each. Please click on the links below and find out which bonuses are attachable to your policy.

Reversionary Bonus

The present rates of Reversionary Bonus per thousand of sum assured, for all with profit Pak Rupee policies that were in force for the full sum assured as at 31st December 2011, announced as a result of the Actuarial Valuation as at 31st December 2011 are as under:

• *Bonuses mentioned for Endowments are applicable to all endowment policies like Endowment Assurance, Progressive Premium Policy, Joint Life Endowment Assurance, Single Premium Endowment Assurance, Big Deal (on 25% of sum assured only), Shad Abad Plan, Jeevan Sathi Plan, Child Protection & Marriage Plan, Child Protection policy, Optional Maturity Endowment, Muhafiz Plus, and Rural Life Insurance Plan.

• ** Bonuses mentioned for Anticipated Endowments are applicable to plans like Three Payment Plan, Family Pension Plan.

This bonus has a surrender value, subject to the fulfillment of certain conditions.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Super (Table 72), Sunehri (Table 73) & Shehnai (Table 77) Policies

Bonuses under these policies are credited after the policy has acquired an Actuarial Opening Cash Value. The bonus is credited on the Adjusted Opening Cash Value and not on minimum guaranteed surrender value. Bonuses will be credited at the end of the policy year. These bonuses are payable when the Cash Value under the policy is payable.

The rate of bonus is Rs. 105 per thousand per annum of the Adjusted Opening Cash Value. This bonus rate will be allowed till the next Actuarial Valuation.

Please contact your servicing State Life Zonal Office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Committee Policy (Table 79)

Investment Return under this policy is credited to the policy after the policy has acquired an Adjusted Opening Cash Value.  The return is credited on the Adjusted Opening Cash Value and not on minimum guaranteed surrender value.  This return will be credited at the end of each quarter.  These returns are payable when the Cash Value under the policy is payable.

The credit rate for each quarter falling due in 2012 shall be calculated at 10.3% per annum of the Adjusted Opening Cash Value. This rate will be allowed till the next Actuarial Valuation.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Personal Pension Scheme (Table 71)

Bonuses under Personal Pension Plan where “Pension is being paid” will be allowed on Pension Payments. Pension Payments will be increased by bonus from the policy anniversary falling in the year 2012. This increase will also be available on pension payments commencing in 2012.

The rate of bonus is Rs. 80 per thousand per annum of the pension payments.

Please contact your servicing State Life Zonal Office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Family Income Benefits in course of payment (where the life assured has died)

Family Income Benefit to heirs or nominees of deceased life assureds will be increased by 7.5% where life assured has died on or before 2011, payable from policy anniversaries in the year 2013 under with profit policies.

Please contact your servicing State Life Zonal Office for other terms and conditions related to this benefit.

Special Reversionary Bonus

This bonus is exclusively for Anticipated Endowment Assurance and Sada-Bahar with profit Pak Rupee policies. If the policyholder lets a Survival Benefit remain with State Life, a Special Reversionary Bonus will be added six months after the due date of the Survival Benefit. For Anticipated Endowment policies that were in force for the full sum assured that have Survival benefits falling due in 2012 and for Sada-Bahar policies that were in force for the full sum assured that have Survival benefits falling on or before 2012, which the policyholder opts to leave, Special Reversionary bonus will be allowed as follows:

Note: Policies under Family Pension Plan (Table 12) will not be eligible for Special Reversionary Bonus.

This bonus also has a surrender value, subject to the fulfillment of certain conditions.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Terminal Bonus

Terminal bonus is available for all with profit Pak Rupee policies in force for the full sum assured, except Anticipated Endowment policies. It is payable only on maturity or earlier death of the life insured in the year 2012 and does not carry any surrender value. A pre-condition for entitlement of this bonus is that more than ten years’ premiums must have been paid against a policy. Presently, the rate of the bonus is Rs.60 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of Rs.1200 per thousand sum assured.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Special Terminal Bonus

Special Terminal bonus, at present rates, is available for all with profit Pak Rupee policies in force for the full sum assured. It is payable on maturity of the policy in the year 2012 and does not have any surrender value. It is attached on the policies where Family Income Benefit (FIB) supplementary cover has remained in force for more than 10 years either as a supplementary cover or as a built-in benefit. Currently the rate of special terminal bonus is Rs.10 per thousand basic sum assured for each year in excess of ten years’ that the FIB has been in force, subject to a maximum of Rs.200 per thousand of sum assured.

This bonus is also payable under Child Protection Policy and Child Education & Marriage Plan having built-in FIB.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Terminal bonus for (With Profit Tables/Plans) PAID-UP Policies

This bonus was announced for the first time in 2005 Actuarial Valuation. This bonus has been retained in 2011 Valuation. It is payable to Paid-up policies (Whole Life and Endowment) terminating by way of death or maturity in 2012 and does not have any surrender value. It is attached on the policies where policies have been on the books for more than 10 years. The rate is Rs.60 per thousand Paid-up Sum Assured for each year in excess of 10years subject to a maximum of Rs. 1200 per thousand Paid-up Sum Assured.

This bonus is also payable to Anticipated Endowment paid-up policies terminating by way of death only in 2012.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Loyalty Terminal Bonus

This bonus was announced for the first time in 2007 Actuarial Valuation. This bonus has been retained in 2011 Valuation. It is payable to all with profit Pak Rupee policies that have been with State Life since 1992 or earlier. The rate of Loyalty Terminal Bonus is Rs.200 per thousand sum assured and will be paid on claims by death or maturity in 2012 to with profit Pak Rupee policies with risk year 1992 or earlier. It does not contain any surrender value.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Loyalty Terminal bonus for (with Profit Tables / Plans) PAID-UP Policies.

Loyalty Terminal Bonus on Whole Life and Endowment paid up polices will be paid on claims by death or maturity in 2012 to policies with risk year 1992 or earlier. the rate will be Rs. 200 per thousand paid-up sum assured. Jeevan Sathi and Shahdabad polices will be treated as Endowment policies.

The above Loyalty Terminal bonus will also be paid to Anticipated Endowment paid-up polices on claims by death or maturity in 2012 to policies with risk year 1992 or earlier.

Thirtieth Anniversary Bonus

This bonus was announced in Actuarial Valuation as at 31st December 2002 in celebration of the 30th anniversary of State Life Insurance Corporation of Pakistan. It is payable on all with profit Pak Rupee policies that were in force for the full sum assured as at 31st December 2002, where more than 10 years’ premiums have been paid. This is just a one-time bonus.

In respect of Whole Life and Endowment Assurances, the rate of bonus is Rs.48 per thousand sum assured for each years’ premium paid till 31st December 2002 in excess of 10 years subject to a maximum of Rs.480 per thousand sum assured.

In respect of Anticipated Endowment Assurances, the rate of bonus is Rs.24 per thousand sum assured for each years’ premium paid till 31st December 2002 in excess of 10 years subject to a maximum of Rs.240 per thousand sum assured.

This bonus, if allowed on a policy fulfilling the conditions mentioned above, would also carry a surrender value.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Millennium Bonus

Millennium bonus was announced in Actuarial Valuation as at 31st December 2000 for all with profit Pak Rupee policies. It is payable in full on maturity or earlier death of the life insured. To qualify for this bonus, a policy must be in force for the full sum assured as at 31st December 2000 and premiums for the year 2001 must be paid in 2001. The rate of bonus is Rs.51 per thousand sum assured. This is just a one-time bonus.

Millennium bonus also acquires a surrender value on in force policies if five full years’ premiums have been actually paid and the policy has been in force for at least five complete policy years.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Golden Jubilee Bonus

This bonus was announced in the Actuarial Valuation as at 31st December 1996 for all with profit Pak Rupee policies in celebration of the fiftieth anniversary of Independence of Pakistan. It is payable on maturity of the policy or earlier death of the life insured and does not have any surrender value. To qualify for this bonus, a policy must be in force for the full sum assured as at 31st December 1996 and premiums due in the year 1997 must be paid in 1997. The rate of bonus is Rs.50 per thousand sum assured. This is just a one-time bonus.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

One Time Bonus

One time bonus was announced in the Actuarial Valuation as at 31st December 1994 for all with profit Pak Rupee policies. It is payable on maturity of the policy or earlier death of the life insured and does not have any surrender value. To qualify for this bonus, a policy must be in force for the full sum assured as at 31st December 1994 and premiums due in the year 1995 must be paid in 1995. The rate of bonus is Rs.40 per thousand sum assured. This is just a one-time bonus.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Disclaimer regarding future bonuses:
Bonus rates for future years are not guaranteed and may either go up or down depending on future Actuarial Valuations.

 Specified Major Surgical Benefit

Specified Major Surgical Benefit was announced for the first time in 1992 Actuarial Valuation. This benefit has been retained in 2011 Valuation. This benefit is available to all with profit policies, which have been in full force as at 31st December 2011 and have been continuously in force for at least five complete policy years at the date of surgery. The maximum benefit for such policies is Rs. 250,000/-. However, if with-profit policies have been in full force as at 31st December, 2011 and have been continuously in force for at least ten complete policy years at the date of surgery then the maximum benefits for these policies will be Rs.500,000/-.

Under such policies, if the life assured undergoes specified major surgery during the inter-valuation period i.e. from 1st January 2012 to 31st December 2012 on account of a specified dread disease, the Corporation would pay 50% of the basic sum assured [in case of Anticipated Endowment plan, 50% of the remaining sum assured after deducting any due survival benefit(s)], subject to the above given maximum payment. The amount payable will be adjusted against future payments under the policy such as Survival Benefits, Maturity Claims or Death Claims.

Explanation:
This benefit is free of cost and provides valuable relief to the life insured if he/ she undergoes specified major surgery from 1st January 2012 to 31st December 2012. The cost of the benefit will be met out of the actuarial surplus revealed by the 31st December 2011 Actuarial Valuation. The following questions provide details regarding the benefit:

1. Which policies will be eligible for the benefit?

To be eligible for the benefit, all the following conditions must be fulfilled:

a.          It must be With Profits Pakistan Rupee policy. Policies issued under Term Insurance plans, Personal Pension Scheme and Annuity plans are specifically excluded.

b.            As on December 31, 2011, the policy must have been in force for full sum assured. If a premium was due in December 2011, and the grace days had not expired on December 31, 2011, then the policy will be considered in force for full sum assured for this purpose if the premium due was paid within the grace period, or advanced by State Life under the APL option.

If the policy was in force on December 31, 2011 under the APL option, it will be counted as being in full force for this purpose. Likewise, a policy loan will not disqualify the policy, provided that the total outstanding loan and other encumbrances were within the surrender value as at December 31, 2011. But the amount of the benefit will be reduced to adjust for the APL or outstanding Cash Loan together with any other encumbrances. Please see question 5 below.

c.             As at the date of surgery, the policy must have been continuously in force for at least five complete policy years.

d.            The surgery should take place during the period January 1, 2012 to December 31,2012.

Explanation: The continuation of the Scheme to cover surgery after December 31, 2012 will depend on the actuarial valuation due as at December 31, 2012.

e.            The policy should be continuously in full force from December 31, 2011 to the date of surgery, with no intervening lapses, paid ups or auto surrenders.

Explanation: If the policy was in force under the grace period at the date of the surgery, it will be considered in full force for this purpose provided the relevant premium was paid in full during the grace period, or advanced by State Life under the APL option.

A policy in force on December 31, 2011 which later on lapsed or became auto surrendered and was then revived before surgery will not be eligible for benefit in respect of surgery during January 1, 2012 to December 31, 2012. However, if the scheme is continued beyond December 31, 2012, to be decided after the actuarial valuation as at December 31, 2012, then such a policy may be eligible for surgery after December 31, 2012 subject to the terms and conditions decided after the 2012 actuarial valuation.

f.             As at the date of the surgery, the life insured under the policy should be aged at least 20 years and not more than 65 years. For this purpose, actual dates of birth will be reckoned, not ‘nearest birthday’.
2. What surgical procedures are eligible for benefit?

The following surgical procedures are covered, provided they were caused by disease and not traumatic injury:

a.            Coronary artery by-pass surgery:
Undergoing of open heart surgery to correct narrowing or blocking of two or more coronary arteries with by-pass grafts. Laser treatments and/ or relief’s, balloon angioplasty and/ or any other procedures not necessitating thoracectomy will be excluded.

The coronary by-pass surgery must be a direct result of a diagnosis of definite coronary artery disease by accepted angiography.

b.            Surgery for a disease of the aorta:
The actual undergoing of open heart surgery for a disease of the aorta needing excision and surgical replacement of the diseased aorta with a graft. For the purpose of this definition, aorta shall mean the thoracic and abdominal aorta but not its branches.

c.            Replacement of a heart valve:
The replacement of one or more heart valves with artificial valves due to stenosis or incompetence, or a combination of these conditions. Valvotomy is specifically excluded.

d.            Major organ transplant:
The actual undergoing of a transplant of a heart, heart and lung, liver, kidney or bone marrow as a recipient.

e.            Craniotomy:
Any major neuro-surgical procedure on or in the brain, involving craniotomy.

f.            Cancer surgery:
Any major surgical procedure which is the direct result of cancer. For this purpose, cancer means a malignant tumor characterized by uncontrolled growth and spread of malignant cells and the invasion of tissue. Malignancy must have been evidenced by medical investigations. Excluded are: (a) non-invasive cancers in situ; (b) any skin cancers other than malignant melanoma; and (c) male prostate cancer if limited to the prostate.
3. What will the benefit consist of?

The benefit will consist of an accelerated payment of 50% of the basic sum assured under the policy (excluding the sum assured under any supplementary contracts), subject to a maximum of Rs. 250,000 for policies in full force for at least five years and a maximum of Rs. 500,000 for policies in full force for at least ten years as at the date of surgery. The benefit will be subject to the following further conditions:

a.            If the insured is covered under a Whole Life or Endowment type policy, such as Table 01 or 03, the accelerated payment will be adjusted against the sum payable on death or maturity.

b.            If the insured is covered under an Anticipated Endowment type policy, such as Table 05 or Table 74, the accelerated payment will be 50% of the total of all future survival and maturity benefits or the maximum limit, whichever is less. If a survival benefit due date has passed, it will not be included in the calculation of the 50%, even if the survival benefit installment was left with State Life under the Special Reversionary Bonus Scheme.
The future survival and maturity benefits will be reduced by the specified major surgical benefit to adjust the accelerated payment made on the surgery. If the life insured dies before maturity, the balance of the accelerated payment not yet adjusted from survival benefits will be adjusted from the death benefit.

c.            In case of Joint Life policy (Table 06) 50% of the sum assured or the maximum limit, whichever is less, will be payable if either of the insured lives undergoes a specified surgery. It will be recovered on maturity or on earlier death of either of the insured persons.

d.            In case of Child Protection Plan (Table 07) and Child Education and Marriage Plan (Tables 75 & 76), 50% of the sum assured or the maximum limit, whichever is less, will be payable in advance, if the payer undergoes a specified surgery. It will be recovered on maturity. No specified major surgical benefit is payable in respect of surgery on a “child” covered under these tables.

e.            In case of Jeevan Saathi Plan (Table 19), 50% of the sum assured or the maximum limit, whichever is less, will be payable in advance if either of the lives insured undergoes a specified surgery. It will be recovered on maturity or the earlier death of that particular life insured.

f.             In case of a Big Deal policy (Table 14), amount of the basic sum assured will mean Rs. 25,000 per unit. 50% of this basic sum assured or the maximum limit, whichever is less, will be payable in advance, on undergoing a specified surgery. It will be recovered in lump sum on maturity or earlier death.

4. What if the life insured has more than one eligible policy?

The accelerated benefit payable under all policies taken together will depend on the number of the years policies have been continuously in full force. For the policies that have been continuously in full force for at least five years but less than ten years, the maximum benefit paid under all such policies together will be limited to Rs.250,000/- or 50% of the sum assured, whichever is less.

For policies that are continuously in full force for at least ten years, the maximum benefit payable under each policy is limited to Rs.500,000/- or 50% of the sum assured, whichever is less.

The benefit will be paid (at 50% of the basic endowment benefits outstanding subject to the maximum amount) from the policy issued first to the insured. If the amount paid is less than the maximum limit then amount will be paid from the second policy issued and so on subject to the maximum limit. In other words, if life insured is covered under multiple policies and is eligible for surgical benefit, then the benefit will be paid from the policy issued first to the life insured.

5. How will APL or cash loans be treated?

If there is an APL or Cash Loan under the policy, the accelerated payment on surgery will first be used to pay off the “APL and/ or Outstanding cash loan including any other encumbrances”. The remaining part of the accelerated benefit after this adjustment will be paid to the policyholder.
6. How will the surrender value be calculated after specified major surgical benefit is paid?

If specified major surgical benefit is paid, it will affect the basic surrender value of the policy from which it is paid. The subsequent surrender value of the policy will be reduced proportionate to the outstanding endowment benefit advanced. Suppose the benefit consists of an accelerated payment of 50% of the basic sum assured, then the subsequent surrender value will be 50% of the basic surrender value had no specified major surgical benefit been paid.

The surrender value of accrued bonuses will not be affected by the payment of the specified major surgical benefit.

The total surrender value of the policy would be the reduced basic surrender value of the policy plus the surrender value of the accrued bonuses.

7. What will be the position of the policy after the accelerated benefit payment?

a.            The policy will continue to participate in the profit of the Corporation. Further bonuses will not be reduced on account of the benefit.

b.            Premiums under the policy, including extra premiums if any, will continue to be payable by the policyholder, unaltered.

c.            Any supplementary contract attached to the policy, and premium there under, will be unaffected by the payment of the accelerated benefit.

8. Suppose the life insured has more than one surgery of the type listed. What happens then?

The benefit will be payable only once to any one life. If the life insured again undergoes any surgery whatsoever, no benefit will be payable even if the later surgery was of a different type from the first surgery for which benefit was paid.

Likewise, the benefit will be payable only once under any policy. This means that under Joint Life or Jeevan Saathi policies, or other policies under which there is more than one life insured, if any accelerated benefit has been paid in respect of one life, then neither life insured will be eligible for any future surgical benefit.

9. Please describe claim procedures:

Evidence satisfactory to State Life of having had the eligible surgery will have to be provided by the claimant at his own cost. The claimant will have to file the original policy document and submit a personal statement.

Confidential statement will also be required from the physician making the original diagnosis and the concerned surgeon(s), including the surgeon who performs the operation. State Life may require any additional proof it deems necessary, including but not limited to reports, test results and medical examination of the life insured. The decision of State Life shall be final and binding on all concerned.

If the policy is assigned, then the official discharge and written permission of the assignee must be filed before the accelerated benefit can be paid.

If the policy has an irrevocable beneficiary, or the policyholder/ policy owner is not the life insured, then the official discharge and written permission of the beneficiary/ policy owner must be filed before the accelerated benefit can be paid.

Under Joint Life and Jeevan Saathi policies, all the policyholders/ lives insured must sign the official discharge and give written permission for payment of benefit.

10. Can the benefit be paid in anticipation of the surgery?

The benefit cannot be paid before the surgery takes place. It cannot be paid in anticipation of the surgery. Claims can be entertained only after the surgery takes place. The amount of benefit is independent of the cost of surgery. It is not intended to help to pay for the surgery, but rather to provide a lump sum of money to be disposed off as deemed fit by the claimant who gets it. The life insured may use it for post-operative care, or to recoup part of the cost of surgery, or in any other way he wants

Bonus Rates for foreign currency policies

State Life offers the following bonuses for different plans subject to the terms and conditions applicable to each. These bonuses are declared on the basis of Actuarial Valuations.

Reversionary Bonus

The present rates of reversionary bonus per thousand of sum assured, for all with profit UAE Dirham/ US Dollar policies that are in force for the full sum assured as at December 31, 2011, announced as a result of the Actuarial Valuation as at December 31, 2011, are as under:

Policies expressed in UAE Dirham

  Policies expressed in US Dollar

These bonuses have a surrender value, subject to the fulfillment of certain conditions.

Please contact your servicing State Life zonal office for other terms and conditions related to these bonuses and the details of total bonuses attached to your policy.

Family Income Benefits in course of payment (Where the life assured has died).

Family Income Benefit to heirs or nominees of deceased life assureds will be increased by 4.0%, where life assured has died on or before 2011, payable from policy anniversaries in the year 2013 under with profit policies.

Please contact your servicing State Life zonal office for other terms and conditions related to this benefit.

Terminal Bonus

A new Terminal bonus has been introduced on foreign currency policies for the first time this year. This bonus will only be payable on Whole Life and Endowment policies and not on Anticipated Endowment policies. It will be available on claims by maturity or earlier death of the life insured in the year 2012 and does not carry any surrender value. A pre-condition for entitlement of this bonus is that more than ten years’ premiums must have been paid against a policy. For policies expressed in UAE Dirham, the rate will be AED 5 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of AED 100 per thousand sum assured. For policies expressed in US Dollar, the rate will be USD 5 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of USD 100 per thousand sum assured.

Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.

Disclaimer regarding future bonuses:
Bonus rates for future years are not guaranteed and may either go up or down depending on future Actuarial Valuations.