KARACHI — Pakistan’s State Life Insurance Corporation has launched an innovative Golden Endowment Plan to meet the modern needs of policyholders, Shoaib Javed Hussain, chairman of SLIC, said at a press conference at a hotel on Friday.
“This is a comprehensive limited premium payment term plan that offers enhanced financial benefits. One of the main reasons why one should purchase this plan is that it does not require a commitment to pay premiums for the entire term of the policy. Short-term savings can be used to provide funding for the first seven years while enjoying all the benefits for the 20 years of the policy. It includes death as well as survivor benefits, higher returns and tax advantages,” he said, adding that he would be the first buyer of this futuristic plan launched as part of the Golden Jubilee celebrations. gold from the nation’s most successful state-owned companies.
As part of the Golden Jubilee celebrations, SLIC organized conferences from its different regions.
Shoaib Javed Hussain said people between the ages of 20 and 55 can purchase this plan which provides extensive protection and long-term benefits. He said the only AAA+ PACRA rated insurer has achieved unprecedented success over the past year despite the challenges of the pandemic and rising inflation. He said SLIC paid the highest ever claims of Rs 98.3 billion and bonuses of Rs 85.65 billion to its policyholders last year.
“SLIC has provided life coverage to over 140 million people, achieved 65% market share of conventional life insurance and 57% share after takaful inclusion. It also contributes more than 50% to the total premium of the life insurance industry in Pakistan,” he said, adding that shareholder surplus reached Rs 6.62 billion after an annual growth of 58%.
“SLIC achieved a new business premium of Rs 71.78 billion, an increase of 100% over last year. Total premium sales reached 161.79 billion rupees after 36% growth, cash dividend 1.7 billion rupees after 13% growth. SLIC’s total assets reached 1.37 billion rupees after an annual growth of 14%. It achieved 130% growth in the health business, over 230% growth in the group and pension business,” he said, adding that SLIC is using technology to help its valued policyholders.
“SLIC has launched a digital portal to facilitate policyholders. It will soon launch electronic payment for hassle-free premium payment. In the future, policyholders will be able to obtain all services through the digital network,” he said, adding that the goal of SLIC was to derive maximum benefit from the huge potential of the insurance industry. insurance in pakistan.
Asked about the impact of rising inflation on insurance business, he said SLIC was launching plans that could meet the future needs of potential policyholders.
On another question, he said that SLIC, as a service provider, would continue to provide health coverage through its licensed hospitals under the universal health coverage scheme.