State Life Ins.

Jeevan Saathi Plan

Joint-Life Assurance for Married Couples

Plan Overview

The Jeevan Saathi Plan is a conventional, with-profits joint-life assurance policy that covers two lives—typically husband and wife—under a single contract. The plan provides comprehensive financial protection for both partners while participating in State Life’s declared bonuses throughout the policy term. It ensures long-term security for families by offering coverage continuity, premium waiver benefits, and a structured payout mechanism.

Why Choose the Jeevan Saathi Plan

The Jeevan Saathi Plan is designed to meet a family’s long-term protection needs through an accessible and cost-effective solution:

Joint Protection Under One Policy: Provides life coverage for both partners under a single plan, offering a more efficient and economical alternative to two separate policies.
Premium Waiver for Surviving Partner: Ensures continuation of coverage without financial burden if one partner passes away during the policy term.
Ideal for Non-Working Spouses: Enables life insurance protection even for individuals who may not qualify for standalone coverage, such as homemakers.
Participates in Surplus: As a with-profits plan, the policy may accumulate bonuses over time, enhancing final benefits.

Key Features and Benefits

1. Coverage and Eligibility

Eligible Entry Age: 20 to 50 years (equivalent age basis)
Maximum Age at Maturity: Up to 70 years
Plan Type: Conventional, with-profits joint-life assurance

2. Benefit Structure

Death of First Insured Partner:

The sum insured is paid to the surviving partner.
All future premiums are waived, and the policy continues without payment.
The policy remains eligible for participation in State Life’s surplus.

Death of Second Insured Partner / Maturity:

If the second insured partner dies during the policy term, the sum insured plus all accrued bonuses are paid, and the policy terminates.
If both partners survive to maturity, the sum insured along with vested bonuses is paid as a single lump-sum benefit.

3. Bonus Participation

The plan participates in the profits declared by State Life.
Eligible policies receive reversionary bonuses and, where applicable, terminal bonuses.
All bonuses are backed by the financial strength of State Life and the Government of Pakistan’s sovereign guarantee.

4. Policy Flexibility

Premium Waiver: A unique feature where the policy continues without premium payments on the death of the first insured partner.
Surrender Value: The policy acquires a surrender value after completing the minimum required period with all due premiums paid.
Policy Loan: Loans may be availed against the net surrender value, subject to State Life’s applicable rules.
Grace Period: A grace period of 31 days is available for premium payments.
Free-Look Period: Policyholders may cancel the policy within 14 days of issuance if they choose not to continue.

5. Optional Riders / Supplementary Benefits

Policyholders may enhance coverage through optional supplementary riders offered by State Life, subject to eligibility and underwriting rules.

Who Should Consider This Plan

Married couples seeking joint life insurance protection.
Families wanting financial continuity through premium waiver benefits.
Households where one partner may not qualify for individual life insurance.
Professional partners looking for long-term protection with participation in State Life’s surplus.

Frequently Asked Questions

Death claim is usually payable to the nominee/ assignee or the legal successor, as lhe case may be. However, if the deceased policyholder has not nominated/ assigned the policy or not made a will, the claim is payable lo the holder of a succession certificate or such evidence of title from a Court of Law.

When the policy money becomes due for payment on the death of the policyholder, it can be paid only to that person who is legally entilled to give a valid and effective discharge to the Corporation. lf the policy bears nomination, the claim is settled in favour of lhe nominee. Similarly, if the policy is assigned, the assignee receives the claim amounl. lt should be noted that an assignment of a policy automatically cancels the existing nomination. Hence, when such a policy is reassigned in favour of the policyholder, it is necessary to make fresh nomination.

When a policyholder wants to change his address in State Lifeia%s records, notice of such charrge should be given lo the zonal office servicing his policy. Policy records can be transferred from the zonal office thal services the policy to any other zonal office nearest to the policyholde/s place of residence. The correct address facilitates better services and quicker settlemenl of claims.

When the premium is not paid within the days of grace provided after the due date, the policy lapses. The grace period in case of yearly, half-yearly and quarterly modes of paymenl is one month and in case of the monthly mode of payment, it is 15 days.

A lapsed policy may be revived during the lifetime of the life insured, bui within a period of 5 years from the due date of the first unpaid premium and b€fore the date of maturity. Pevival of a lapsed policy is considered either on nonmedical or medical basis depending upon the age ofthe life insured at the time of revival and the ium to be revived.

No alteration is permissible in the policy document - the evidence of contract, unless both the parties to the contracl agree. After the policy is issued, a policyholder in a number of cases finds the terms not suitable to him or her and desires to change them to suit his or her convenience. State Life also realizes thal insurance being a long-term contract, certain changes under given circumslances might necessitate an alteration of the contract. Keeping in view I l the basic principles of insurance and administrative convenience, State Life permits some allerations. As a rule, State Life will not permit alterations wilhin the 1st year from the commencement of the policy

The loss or destruction of a policy document does noi in any way absolve the Corporation of the liability of payment of policy monies when the claim arises. lf the policy is lost or destroyed, claim or sum insured will be paid to the claimant or policyholder after he or she furnishes an indemnity bond jointly with two sureties. Similarly, a policy can be surendered even if the original policy documenl is lost. However, for the purpose of loan or survival benefil one has to obtain a duplicate policy. The policy being a legal document, the issue of duplicate policy involves the normal procedures like issuing a newspaper advertisement.

A lapsed Life Insurance policy can be revived lvithin 5 years ftom the date of the llrst unpaid prem.um.

It is not possible to raise money against your life insurance policy. However, there is a provision available by way of assignment or mortgaging the policy provided lhe policy has been in force for a minimum stipulated period.

ln case the policy is lost, policyholder should get a duplicate policy issued. State Life issues it after completion of certain formalilies and a nominal fee

A lapsed policy can be rcvived within five years from lhe dale of the first unpaid premium.

The calculation of life insurance premiums is primarily based on four laclots iLy. age of the person to be insured insured, type of policy, sum insured and term of the policy.

Life insurance is mainly considered as a saving instrument rather than an inveslment avenue as it promotes compulsory savings besides protecting the family of the policyholder in the event of unforeseen happening. lt is the only saving inslrument, which covers the life risk. A loan can also be availed against the State Life insurance policies

Planning for the financial consequences of a premature death is an essential part of every financial plan. Generally, the consequences are simply too large to ignore and cannot be totally covered with your own resources. Life insurance is nothing but a contracl with an insurance company under which the insured (purchaser) pays a premium in exchange for coverage of specitied losses.

Life ;nsurance protects your family against the risk of the premalure death of you (or your spouse). Life insurance planning should consider your family's s.lrort-term needs (for example, medical expenses) and long-term needs (for example, replacing your income).

ln the course of our life we are accosted by risk-that of failing health, financial losses, accidents and so on. lnsurance is a means by which life's uncedainties are addressed in financial terms. lt offers a monetary comp€nsation against those losses. lnsurance is considered more as a hedging mechanism rather than a true investmanl avenue. Life insurance, in particular is essentially acknowledged as a mechanism which eliminates risk substituting certainty for uncertainty primarily by lransferring risk from the insured to the insurer

At present loans are granted up to 80% of the Surrender Value for policies, where the premium due is fully paid-up. The rate of profit or return charged is '10% per annum compounded semiannually.

Policyholders are eligible to take loan on their policies subject to certain rules and regulations

The policyholder has to apply for loan in a prescribed form and submit the policy document with the form duly completed.

Cunently State Life is charging 10% interest on policy loans. lnterest is payable half-yeady.

A policyholder can repay the loan amount eilher in part or in full anytime during the term of the policy

lf loan is not repaid during the term of the policy or eariy claim, the amount of loan plus profit or relurn, if any, will be deducted from the claim money and the balance amount will be paid to the person making the claim.

The very fundamental principle of spreading of the risk is aclually practiced by the insurance companies by reinsuflng the risks that they have insured.

Underwriting of a risk involves consideration of material facts on the basis of which a decision will oe taken whether to accepl the risk and if so at what rate of premium.

lf the policy has acquired a surrender value and a premium has remained unpaid beyond the grace period, the policyholder will entitled to benefits under one of the following two options given hereinafrer, depending on the option exercised (if any) in his Proposal for this policy: Option A Option B : Automatic Premium Loan Automatic Paid-up Provided the surrender value of the policy exceeds the total of due premiums(s) remaining unpaid and any other amount owed to State Life. The option can be exercised at the time of taking the policy or at any ime thereafrer while the policy is in force. The option can be changed subsequently by written intimation to and endo;sement in the policy by Stale Life, so long as no premiums remain unpaid beyond the grace period. lf no option has b€en exercised by the policyholder, b€nefits under ie%automatic paid-upie% option will apply.

A Automatic paid-up Option

This policy will be converted into a paid-up policy. The paid-up Sum lnsured will be specially calculaled to allow for the clearance of all outstanding dues of Slate Life againsl the policy. No further premium(s) will be payable but the sum insured will be reduced. Any bonuses attached to the policy will be taken into consideration while determining the paid-up sum insured. A policy once paid-up will not be entitled to any further bonuses. lf the specially calculated paid-up sum insured works out to be less than Rs.100/ the policy will not be converted into paid-up but will be treated as having been forfeited losing all its benefits. A policy thus made paid-up may be revived for full sum insured as per provision of condition No-4 above

B Automatic Premium Loan Option

So long as the nel surrender value of the policy equals or exceeds any due premium remaininJ unpaid beyond its grace period, State Life will continue to keep this policy in full force, and treat the said premium as paid by creating an automatic premium loan against the nel surrender value of the policy. When the net surrender value of the policy becomes less than a due premium remaining unpaid beyond its grace period, the policy will be kept in full force for a i I further broken period. This broken period will bear the same proportion to the full period of the unpaid premium as the net surrender value bears to the unpaid premium. The policy, will automaticaliy be forfeited and loie all beneflts at the expiry of the said broken period. Protil or retum (however called or described) will be charged on automatic premium loan at rates determined by State Life from time to time, so long as any automatic premium loan along with profit or relum (However called or described) is outstanding against this policy, any: payment received by State Life will first be applied to reduce this debt.

Jeevan Saathi Plan (Table-19)