KARACHI: The State Life Insurance Corporation (SLIC) Pakistan has launched an innovative Golden Endowment Plan for catering modern day needs of policy holders, an official said on Friday.

SLIC Chairman Shoaib Javed Hussain said that 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,” he added.

The plan also includes death along with survival benefits, higher returns and tax benefits, he said, adding that he would be the first buyer of the plan launched as part of the golden jubilee celebrations of the company.

As part of the golden jubilee celebrations, SLIC arranged conferences of its different regions

Hussain said that persons of 20 years to 55 years of age could buy this plan giving extensive protection and long-term benefits.

The only insurer with AAA+ PACRA rating has achieved unprecedented success during the last year despite challenges of pandemic and rising inflation, he said, adding that the SLIC paid the highest ever claims of Rs98.3 billion and Rs85.65 billion bonus to its policyholders last year.

“SLIC provided life coverage to more than 140 million people, achieved 65 per cent market share of conventional life and 57 per cent of the share after inclusion of takaful.”

The company is also contributing more than 50 per cent premium to Pakistan’s total life insurance industry premium, he said, adding that the shareholder surplus reached Rs6.62 billion after a 58 per cent annual growth.

“SLIC achieved Rs71.78 billion new business premium, a 100 per cent increase compared to last year. The total premium sales reached Rs161.79 billion showing a growth of 36 per cent and Rs1.7 billion in cash dividend after 13 per cent growth. The 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 added.

“SLIC has launched a 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 said, adding that the focus of SLIC was getting maximum benefits from the huge potential of the insurance sector in Pakistan.

He said that the SLIC was launching plans that could cater the future requirements of potential policyholders.