Natural And Accidentally Death Claim | Process | State Life Insurance Corporation of Pakistan | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Life Insurance.
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Natural And Accidentally Death Claim | Process | State Life Insurance Corporation of Pakistan | Jabar Post Indonesia
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot, and civil commotion.
Modern life insurance bears some similarity to the asset management industry and life insurers have diversified their products into retirement products such as annuities.
Life-based contracts tend to fall into two major categories:
Protection policies: designed to provide a benefit, typically a lump sum payment, in the event of a specified occurrence. A common form—more common in years past—of a protection policy design is term insurance.
Investment policies: the main objective of these policies is to facilitate the growth of capital by regular or single premiums. Common forms (in the U.S.) are whole life, universal life, and variable life policies.
Natural And Accidentally Detail Claim | Process | State Life Insurance Corporation of Pakistan
Insurance Adviser: Syed Ayaz Raza
Contact No. 0313-2618209
State Life Insurance Saving Policy (Rs. 50,000/-) Yearly Premium and Earn 5,000,000/-
State Life Insurance Saving Policy (Rs. 30,000/-) Yearly Premium and Earn 2,500,000/-
State Life Insurance Saving Policy (Rs. 15,000/-) Yearly Premium and Earn 3,000,000/-
State Life Insurance Saving Policy (Rs. 12,000/-) Yearly Premium and Earn 1,000,000/-
State Life Insurance Corporation of Pakistan was incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972. Due to its well established Agency Network of more than 90,000 sales personnel.
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The Life Insurance Business in Pakistan was nationalized during March 1972. Initially Life Insurance business of 32 Insurance Companies was merged and placed under three Beema Units named “A”, “B” and “C” Beema Units. However, later these Beema Units were merged and effective November 1, 1972 the Management of the Life Insurance Business was consolidated and entrusted to the State Life Insurance Corporation of Pakistan.
State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board of Directors of State Life which runs the affair of this Corporation.
The basic structure of the Corporation consists of Seven Regional Offices, Thirty Three Zonal Offices, a few Sub-Zonal Offices, 190 Sector Offices, and a network of 1102 Area Offices across the country for Individual Life Insurance; Four Zonal Offices and 6 Sector Offices with 20 Sector Heads for Group & Pension are involved in the Marketing of Life Insurance Plans policies and products offered by State Life and a Principal Office. The Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life Insurance Policies and the Policyholder’s Services. Regional Offices, each headed by a Regional Chief, supervise business activities of the Zones functioning under them. The Principal Office, based at Karachi, is responsible for corporate activities such as investment, real estate, actuarial, overseas operations, etc.
The major function of the State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business; however, it is also involved in the other related business activities such as investment of policyholders fund in Government securities, Stock market, Real Estate etc. The major achievements of State Life are as under:
• On the commencement of the operations, the Corporation took a very important step by effecting reduction up to 33% in the premiums on the past and potential Life Policies for the benefit of the Policyholders.
• State Life is profitable organization and it paid Rs.7.795 billion as dividend to the Government of Pakistan since its inception in 1972.
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