State Life Insurance Corporation of Pakistan in the year 2012 has paid total amount of Rs 24.36 billion against all claims, thus providing financial protection and savings to thousands of valued policyholders and their families nation-wide. This was stated by Shahid Aziz Siddiqi, Chairman State Life while talking to the media persons on the occasion of State Life Convention 2013 held at Bhurban Murree.
Executive Directors Mukhtar Hussain Soomro, Ms Talat Waseem, Izqar Khan & M. Rashidand senior corporate executives were also present on the occasion. He said that SL in the year 2012 had secured record total premium and investment income of Rs 89.71 billion up from Rs 75.77; showing an unprecedented increase of 18 per cent, while the total premium has increased from Rs 45.03 in 2011 to Rs 53.913 in 2012; showing an increase of 20 per cent".
Shahid Aziz Siddiqui said that SL is a public sector organisation which is not a burden on the national exchequer. In fact SL is playing a pivotal role in providing financial protection to millions of families through life insurance. The Marketing force of SL has also extended financial protection to 750,867 new families nation-wide during the year 2012.
The No of Individual Life Policyholders has increased from 3.8 million in 2011 to 4.4 million in 2012. Chairman State Life also informed that Corporation's Life Fund which is the key indicator of its financial stability has now reached to Rs 315 billion. Further, he said that SL is the only Life Insurance Company that is distributing 97.5 per cent of its Actuarial surplus to policyholders as compare to the private life insurance companies, in the year 2012.
State life has expected to distribute Rs 29.80 billion as bonus on with profit policies to its policyholders in 2013; based on the actuarial evaluation of 2012 and it would be after the official approval by the SL's BOD's. Replying to a question Shahid Aziz Siddiqui informed that SL recently has entered an agreement with Nadra to offer life insurance to CNIC Smart Cardholders. Under a two-year contract, Nadra will pay the premiums on behalf of the cardholders and nominees/ next of kin of card holders will have the benefit to avail the cover of Rs 100,000 for an accidental death.
Siddiqi said that a strategy is being chalked out to redress the policyholder's grievances and for this purpose; SL has set up the centralised Data Center at its principle Office in Karachi. However, he added that there is a sharp decline in the complaints from the policyholders and their families.
He further stated that SL in support of Government social programme (BISP) has provided Rs 1,00,000 as group insurance to hundred thousands of families; in this regard, a pilot project had already initiated in Faisalabad providing 'Health Insurance' to approx. 44,000 families. Under this scheme, people will individually avail up to Rs 25,000 of health cover annually.
The SL is working progressively entered in Bancassurance. Chairman Shahid Aziz Siddiqui briefed that SL has approx. 155,000 agents sprawled out from Karachi to Gilgit and Gwadar and dozens of cities and towns along the way. He informed that SL is a very sound and stable financial institution which is also evident by the fact that it has assigned "AAA" rating by Pakistan Credit Rating Agency consecutively for the last three years.-PR
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