State Life Insurance coverage Company of Pakistan has launched revolutionary Golden Endowment Plan for catering modern-day wants of coverage holders, stated Shoaib Javed Hussain, SLIC chairman whereas addressing a press convention at a neighborhood resort on Friday.
“It is a comprehensive limited premium payment term plan that offers enhanced financial benefits. One of the major reasons why one should buy this plan is that it does not require a commitment of paying premiums for the entire term of the policy. Short-term savings can be used to provide the funding for the first seven years while availing full benefits for the 20 years of the policy. It includes death along with survival benefits, higher returns and tax benefits”, he stated, including that he can be the primary purchaser of this futuristic plan launched as a part of the golden jubilee celebrations of essentially the most profitable state owned enterprises within the nation.
As a part of the golden jubilee celebrations, SLIC organized conferences of its totally different areas.
Shoaib Javed Hussain stated that individuals of 20-55 years of age might purchase this plan giving in depth safety and long-term advantages. He stated that the one insurer with AAA+ PACRA ranking has achieved unprecedented success over the past yr regardless of challenges of pandemic and rising inflation. He stated that the SLIC paid highest ever claims of Rs98.three billion and Rs85.65 billion bonus to its policyholders final yr.
“SLIC provided life coverage to 140 million plus people, achieved 65 per cent market share of conventional life and 57 per cent of the share after inclusion of takaful. It is also contributing more than 50 per cent premium to Pakistan’s total life insurance industry premium”, he stated, including that the shareholder surplus reached Rs6.62 billion after 58 per cent annual progress.
“SLIC achieved Rs71.78 billion new business premium, 100 per cent increase compared to last year. Total premium sales reached Rs161.79 billion after 36 per cent growth, cash dividend Rs1.7 billion after 13 per cent growth. Total assets of SLIC reached Rs1.37 billion after 14 per cent annual growth. It achieved 130 per cent growth in health business, more than 230 per cent growth in group and pension business”, he stated, including that the SLIC was utilizing expertise to facilitate its valued coverage holders.
“SLIC has launched digital portal for facilitating the policyholders. It will soon launch e-payment for hassle free payment of premium. In future, policyholders will be able to get all services through digital network”, he stated, including that the main focus of SLIC was getting most advantages from enormous potential of insurance coverage sector in Pakistan.
To a query about influence of rising inflation on insurance coverage enterprise, he stated that SLIC was launching plans that might cater the longer term necessities of potential policyholders.
To a different query, he stated that SLIC as an service supplier would proceed to supply well being protection via its empaneled hospitals beneath common well being protection scheme.
