State Life Insurance Corporation of Pakistan has paid Rs 1.90 billion on account of claims thus providing financial protection and savings to more than 15,000 valued policyholders and their families nation-wide during the first quarter of 2009. This was stated by Shahid Aziz Siddiqui Chairman State Life while talking to the media persons on the occasion of State Life Convention 2009 held at Bhurban Murree.
According to a press release issued here on Wednesday, Shahid said that State Life is playing its vital role in the economic development of the country while adhering to government policy of providing financial relief through savings to the masses. Shahid said that State Life has paid Rs 250 million as Death Claims and Rs 1.65 billion as Maturity claims.
Syed Arshad Ali, Muhammad Yahya, Allah Rakha Aasi, and Shoaib Mir Memon Executive Directors State Life and senior corporate executives were present on the occasion. Shahid, informed that the Life Fund of State Life stood at Rs 180 billion in 2008. Chairman State Life while responding to the queries of media persons informed that State Life secured Rs 4.70 billion as investment income by showing an increase of 10.85 percent during the first quarter of 2009.
He said that due to the prudent business strategy, State Life had secured Rs 5 billion as First Year Premium (New Business) by recording an historic increase of 35 per cent in 2008. Chairman said that State Life has secured Rs 1.24 billion as first year premium (new business) during the 1st quarter 2009 by providing financial protection to more than 97000 new policyholders and their families. Shahid Aziz Siddiqi informed that on the Group life side State Life has secured Rs 670 million by securing 61 groups during in first quarter of 2009.
Shahid said that State Life's Real Estate Division has secured Rs 102 million as net income from its real estate operations during Ql 2009. He informed that State Life has provided state-of-the-art rental office space to the national and international organisations by constructing buildings in different cities and large towns nation-wide.
Earlier, Syed Arshad Ali, Executive Director (Marketing) State Life while briefing the media persons said that a strategy is being chalked out for the redressal of policyholders grievances. However, he added that there is a sharp decline in the complaints from the policyholders and their families.
Responding to media query the Executive Director Marketing said that payment of claims is delayed due to the non-submission of necessary policy documents by the policyholders and their beneficiaries while lodging claims. Earlier, Shahid congratulated the marketing force and top business leaders on securing their business targets in 2008 and stress that better services be provided to the valued policyholders.-PR