State Life Insurance Company of Pakistan, is Pakistan’s largest life insurance firm. It is a government-owned company that reports to the Ministry of Trade and Investment. State Life was founded in 1972 and has since provided life insurance to people and businesses across the country.
Table of Contents−
- 1. Details – State Life Insurance Company, Pakistan
- 2. State Life Insurance Company, Pakistan – Intro Video
- 3. Type of Insurances – State Life Insurance Company, Pakistan
- 4. Required Documents – State Life Insurance Company, Pakistan
- 5. Branches – State Life Insurance Company, Pakistan
- 6. Board of Directors – State Life Insurance Corporation, Pakistan
- 7. Associated Clients – State Life Insurance Company, Pakistan
- 8. Online Helpline – State Life Insurance Company, Pakistan
- 9. Verification – State Life Insurance Company, Pakistan
- 10. Disclaimer – State Life Insurance Company, Pakistan
State Life Insurance Company provides a comprehensive range of insurance products and services, such as individual life insurance policies, group life insurance schemes, pension plans, and health insurance. In the case of unforeseen occurrences, the firm intends to offer financial stability and protection to its policyholders and their families.
State Life, being a state-owned enterprise, has a considerable presence throughout Pakistan. It has a nationwide network of regional offices, zonal offices, and branches to help with customer service and policy-related operations. The organization employs a significant number of insurance agents that assist consumers in comprehending various plans and selecting the best solutions based on their needs.
State Life is well-known for its dedication to client satisfaction and dependability. It follows strong ethical and professional standards to ensure openness and fair interactions with its policyholders. The firm has garnered several honors and recognition for its services to Pakistan’s insurance market.
1. Details – State Life Insurance Company, Pakistan
In 1972, Pakistan’s life insurance industry was nationalized, with 32 businesses merged into three Bema Units. Management was centralized under the State Life Insurance Corporation of Pakistan on November 1, 1972. The Federal Government appoints a Chairman and Executive Directors to lead the Corporation.
The Corporation has seven regional offices, thirty-three zonal offices, a few sub-zonal offices, 200 sector offices, and 1227 area offices for individual life insurance. Four zonal offices and six sector offices, including 20 for group and pension, handle life insurance policies and products. The Principal Office oversees corporate activities, including investment, real estate, and overseas operations.
1.1 Mission Statement – State Life Insurance Company, Pakistan
To remain the leading insurer in the country by extending the benefits of insurance to all sections of society and meeting our commitments to our policy holders and the nation.
Mission Statement – State Life Insurance Company, Pakistan
1.2 Objectives – State Life Insurance Company, Pakistan
- To run life insurance business on sound line.
- To provide more efficient service to the policyholders.
- To maximize the return to the policyholders by economizing on expenses and increasing the yield on investment.
- To make life insurance a more effective means of mobilizing national savings.
- To widen the area of operation of life insurance and making it available to as large a section of the population as possible, extending it from the comparatively more affluent sections of society to the common man in towns and villages.
- To use the policyholders fund in the wider interest of the community.
2. State Life Insurance Company, Pakistan – Intro Video
3. Type of Insurances – State Life Insurance Company, Pakistan
3.1 Individual Life Plans – State Life Insurance Company, Pakistan
| Golden Endowment | The Golden Endowment Plan is a 20-year insurance policy with no payments for first seven years, ensuring coverage and incentives. |
| Whole Life Assurance | This high-premium plan offers reasonable protection and savings, covering up to 85 years, with bonuses increasing protection and investment. Ideal for young professionals and future lump payments. |
| Endowment Assurance | Life insurance provides guaranteed financial provision for individuals aged 10-65, with maximum maturity age 75. |
| Anticipated Endowment Assurance | Three Payment Plan offers survivor benefits, reversionary bonuses, and additional coverage for long-term and short-term financial needs. |
| Shad Abad Assurance | The policy offers basic savings and additional security for loved ones before maturity, with a maximum age of 70. It covers up to 60 years and offers bonuses upon policy completion. |
| Jeevan Saathi Assurance | Jeevan Sathi Plan is a combined life insurance policy covering husband and wife’s lives, offering survivor sum insured and Corporation earnings participation. Additional supplemental covers available. |
| Child Education & Marriage Plan | Child Education & Marriage Assurance is a policy for protecting a child’s future, offering a lump sum benefit, full sum insured, and bonuses. If policyholder dies before term, family income benefit of Rs 240 per 1000 insured per annum is paid. |
| Child Protection Assurance | Joint life assurance policy covers child and parent’s lives, with sum insured and bonuses payable if survives, and provides annual income based on child’s age. |
| Sunheri Policy | Sunehri Policy offers innovative life insurance with flexibility, security, and economic protection against inflation, increasing insured and premiums annually, participating in surplus, and offering bonus rates. |
| Shehnai Policy | The Shehnai Policy is a life insurance plan for parents to save for children’s education, marriage, and other expenses. It provides a lump sum payment at 25 and increases premiums by 6% annually. The policy matures at 25 and covers the sum until the insured person dies. |
| Optional Maturity Endowment | Endowment assurance for adults aged 20-45 offers maturity choices, with options for lower sums, installments, or original term. State Life occasionally offers bonuses. |
| Nigehban Plan | This plan offers 5-10 year term insurance without survival, maturity, surrender, or loan advantages, but can be expanded with additional covers. |
| Muhafaz Plus Assurance | Muhafiz Plus pays out significant sum insured at maturity or death, with policyholder receiving sum insured plus bonuses, and dependants receiving basic sum insured plus bonuses. Accidents result in double sum insured payout. |
| Committee Policy | Unique short-term savings and protection plan with quarterly premium payments, no State Life Actuarial Surplus participation. |
Supplementary Covers
State Life provides a variety of supplemental covers to complement coverage under various policies. These extra coverages can be added to the primary insurance and are not exclusive.
- Accidental Death & Indemnity Benefit (AIB)
- Accidental Death Benefit (ADB)
- Family Income Benefit (FIB)
- Waiver of Premium (WP)
- Special Waiver of Premium (SWP)
- Term Insurance (TI)
- Guaranteed Insurability (GI)
- Refund of Premium Rider (RPR)
- Hospital And Surgical Benefit (H and S)
3.2 Insurance Plans for Gulf – State Life Insurance Company, Pakistan
| Whole Life Assurance | This plan provides affordable protection and savings at a high premium, with higher bonuses for young professionals and future lump sums. |
| Endowment Assurance | Affordable, high-premium plan offers professional bonuses and lump sums. |
| Anticipated Endowment Assurance | Three Payment Plan is a modified endowment assurance offering survivor benefits, reversionary bonus, and remaining insured benefits upon policy conclusion. |
| Shad Abad Assurance | Endowment assurance plan offers basic savings and supplementary coverage for heirs aged 20-60, with additional coverage options, including death payment and accident benefit. |
| Jeevan Saathi Assurance | Jeevan Sathi Plan is a life insurance policy covering husband and wife’s lives, with survivor sum insured, participation in corporation earnings, and joint sum insured payments. |
| Child Education & Marriage Plan | Child Education & Marriage Assurance is a policy offering a lump sum reward for a child’s future, with a family income benefit of Rs 240 per 1000 insured annum. It can be extended for additional children and can be influenced by grandparents, uncles, aunts, or other parties. |
| Child Protection Assurance | Dual life insurance policy safeguards child and parent’s lives, with insured amount and incentives due if both survive, and annual benefit for kid. |
| Wealth Builder plan | State Life offers Pakistani expats in the Middle East a Wealth Builder Plan, offering 20-year insurance coverage, 7-year premium payment period, Accident Death Benefit, and term insurance options. |
Supplementary Covers
State Life provides a variety of supplemental covers to complement coverage under various policies. These extra coverages can be added to the primary insurance and are not exclusive.
- Accidental Death & Indemnity Benefit (AIB)
- Accidental Death Benefit (ADB)
- Family Income Benefit (FIB)
- Waiver of Premium (WP)
- Special Waiver of Premium (SWP)
- Term Insurance (TI)
- Guaranteed Insurability (GI)
- Refund of Premium Rider (RPR)
- Hospital And Surgical Benefit (H and S)
3.3 Group Life & Pension Plans – State Life Insurance Company, Pakistan
| Term Insurance Scheme | Group Term Insurance Plans offer affordable 24-hour global life insurance, promoting financial stability and productivity, with tax-deductible premiums and perks for surviving families. |
| Provident Fund Insurance Scheme | The Group Provident Fund Insurance Scheme offers life insurance coverage for employer members based on age and provident fund balance, catering to young employees with small balances. Employers can benefit from sliding-scale advantages and lower employee insurance costs without explicit premium contributions. |
| House Building & Perquisites Insurance Scheme | Group home construction and perquisites insurance safeguards businesses and financial institutions from indebted workers’ deaths, ensuring creditors can recover without hardship and monitoring late repayments. |
| Pay Continuation Scheme | State Life provides outstanding employee benefits, providing employee protection and productivity in trade and industry. |
| Group Endowment Insurance Scheme | In Pakistan, the Group Endowment Scheme promotes saving practices by providing employee savings protection, insurance, and a lump sum cash payment at retirement. |
| Group Pension Scheme | State Life’s Pension Scheme offers tax-free, life-long incomes, tax breaks, and work loyalty for progressive companies. |
| Private Education | Pakistan’s State Life offers non-profit education plan for school children in case of guardian’s death. |
3.4 Health Insurance – State Life Insurance Company, Pakistan
| Haari Plan | State Life provides rural residents with life insurance benefits that are tailored to their specific economic demands and lifestyles. The policy offers fixed-term coverage, a guaranteed payment and a bonus, as well as financial stability for hospitalisation and treatment. |
| Sahara Family Health Insurance Plan | State Life launches the ‘Sahara Family Health Insurance’ Plan, which offers full in-patient coverage to Pakistani families aged 18 to 64, with yearly premium reviews. |
| Sehat Salamat Health Insurance Plan (Group Health Insurance) | The Sehat Salamat plan provides tailored health insurance benefits for businesses, covering inpatient charges and offering peace of mind. |
| Sehat Zindagi Health Insurance Plan | State Life presents the Sehat Zindagi Health Insurance Plan, which covers hospitalization, day care, and pre- and post-hospitalization charges for Pakistani males and females aged 18 to 64. |
| Sinf-e-Aahan Cancer Protection (SACP) Plan for Women | The SINF-E-AAHAN Cancer insurance Plan (SACP) provides inexpensive cancer insurance for Pakistani women aged 18-64, covering 100% of the sum assured on cancer diagnosis during the policy year, tackling escalating treatment costs and women’s health neglect. |
4. Required Documents – State Life Insurance Company, Pakistan
4.1 Required Documents – For Survival Benefit Claim / Maturity Claims
- Original policy document
- Copy of National Identity Card
- Survival Benefit discharge voucher duly verified by your bank
- If your signature has changed over the years, you have to spend three specimen signatures of old and new styles
4.2 Required Documents – For Private Education
- The school provides fathers’/guardians’ details to State Life within three months, makes a claim on the necessary form, and pays the money after verification.
4.3 Required Documents – For Death Claims
- Original policy document
- Attested Photostat of Death Certificate issued by the concerned Union Council/ Cantonment Board.
- Attested Photostat copy of Computerized National Identity Card of the life insured, the claimant, and identifier (who fills Claim Form – C)
- Post Mortem report and FIR/police investigation report in case of Accidental death benefit.
4.4 Required Documents – For Age Proof
- School/college certificate showing date of birth
- National Identity card
- Valid passport
- Discharge certificate (in respect of ex-defense forces Personnel)
- Certificate of age by the policyholder organization
- Birth certificate issued by local body/cantonment board
4.5 Required Documents – For Disability Claims
- Employee’s statement.
- Employer’s statement.
- Attending Surgeon’s statements.
- X-rays and medical investigation report etc., if any.
(All the photo copies must be attested by the concerned Gazetted Officer).
5. Branches – State Life Insurance Company, Pakistan
The basic structure of the State Life Insurance Corporation consists of;
- Seven Regional Offices
- Thirty-Three Zonal Offices
- Few Sub-Zonal Offices
- 200 Sector Offices,
- Network of 1227 Area Offices across the country for Individual Life Insurance
- Four Zonal Offices
- 6 Sector Offices with 20 Sector Heads for Group & Pension
- Head Office
- Central Region
- North Region
- Southern Region
- Abbottabad Zone
- Network of Group & Pension business
6. Board of Directors – State Life Insurance Corporation, Pakistan
| Mr. Shoaib Javed Hussain | Chairman |
| Mr. Anwar Mansoor Khan | Independent Director |
| Mr. Humayun Bashir | Independent Director |
| Mr. Moin M. Fudda | Independent Director |
| Mrs. Pouruchisty Sidhwa | Independent Director |
| Mr. Muhammad Bashir Khetran | Non Executive Director |
| Rep. Ministry of Commerce | Non-Executive Director |
| Rep. Ministry of Finance | Non-Executive Director |
| Mr. Mushtaq Ahmed | Company Secretary |
7. Associated Clients – State Life Insurance Company, Pakistan
- United Bank Limited
- First Women Bank Ltd.
- Silk Bank Ltd.
- Bank Alfalah Ltd
- Samba Bank Ltd..
- Bank Of Punjab
- Bykea
- TCS
- Jazz Cash
- Government Of Pakistan ( Sehat Sahulat Programm)
- Government Of KPK ( Sehat Card Plus)
8. Online Helpline – State Life Insurance Company, Pakistan
- UAN Number: 0800-09099
For Phone Numbers, Email ID, Fax Numbers and Address of different zones, visit the following link;
More Interesting Articles
8.1 Complaints
https://www.statelife.com.pk/ComplaintsU.pdf
8.2 Claims
https://www.statelife.com.pk/index.php/component/content/article?id=418:state-life-customer-care
9. Verification – State Life Insurance Company, Pakistan
https://jamapunji.pk/verify/licensed-entity-detail/state-life-insurance-corporation-pakistan
10. Disclaimer – State Life Insurance Company, Pakistan
- If the State Life Insurance Corporation OF Pakistan have not resolved your concern satisfactorily, you may file a complaint with the Securities and Exchange Commission of Pakistan (SECP).
- Please keep in mind that SECP will only consider complaints that were initially asked to be resolved directly by the firm and were not resolved.
- Furthermore, complaints that are not related to the SECP’s regulatory domain/competence will not be considered.Bottom of Form
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