State Life Insurance Corporation of Pakistan (SLIC) has allocated Rs 10.27 billion as 'bonus' for its policy holders. This was stated by Shahid Aziz Siddiqui, Chairman State Life while addressing the delegates of State Life Convention 2008 held here on Thursday.
He said that every year State Life distributes 97.5 percent of its actuarial surplus (bonus) amongst its millions of valued policyholders. He pointed out that insurance company has paid Rs 6 billion on account of death and maturity claims that has benefited 58,500 policyholders and their families both in individual and group life during the period January-September 2008.
He said that State Life intends to construct "parking plazas" in various metropolises nation-wide to help solve the parking problems faced by the general public. The first feasibility of a plaza was being considered for the mega city of Karachi, he added. He said the corporation was promoting its life assurance policies and plan to generate 'savings' and provide financial protection to millions of its valued policyholders and their families nation-wide.
SLIC chairman said that the upgradation of State Life buildings is being carried out to provide better services to its national and multinational tenants. Earlier Nargis Ghaloo, Executive Director (Marketing) while presenting the performance of Marketing Division, informed that State Life has secured Rs 2.96 billion as first year premium by providing financial protection to 238,500 new policyholders and their families uptill the 3rd quarter 2008.
On the group life side, SLIC has secured Rs 2.10 billion by marketing 144 new groups in the same period, she added. She stated that State Life's renewal premium stood at Rs 7.48 billion while the second and third year persistency stood at 69.16 percent and 98.43 percent respectively during the period January-September 2008.-PR