State Life Ins.

Platinum Plus Plan

A short-term premium commitment with 10-year coverage and enhanced benefits

Plan Overview

The Platinum Plus Plan is a conventional, with-profits endowment policy that offers 10 years of life insurance coverage , with premiums payable only for the first 3 years . After the premium-payment period ends, the policy remains active — participating in SLIC’s surplus and bonus distributions — through the full 10-year coverage term. Bonus rates under this plan are 50% higher compared to a standard 10-year endowment plan.

This plan is designed for individuals who prefer minimal premium commitment while securing medium-term coverage and savings potential.

Why Choose the Platinum Plus Plan

Short Premium Commitment: Pay premiums only for three consecutive years while enjoying full 10-year coverage — ideal for those who want limited-term financial commitment.
Life Protection and Security: Provides life insurance coverage for the entire 10-year term, offering financial protection to beneficiaries in case of death during the tenure.
Enhanced Bonus Potential: Offers bonuses on maturity or death that are 50% higher than a standard 10-year endowment plan — increasing the value of the policy at benefit time.
Savings and Future Planning: Serves as a savings-plus-protection scheme that helps build a financial cushion over the 10-year period — useful for medium-term goals, education funding, or contingency planning.
Flexibility & Liquidity Options: Offers surrender/early withdrawal options after the policy acquires value, and a loan facility if funds are needed during the policy term.

Key Features and Benefits

1. Plan Structure and Eligibility

Plan Type: Conventional with-profits endowment (surplus participating).
Coverage Term: 10 years.
Premium Payment Term: 3 years only (annual mode).
Entry Age (Min/Max): From age 1 up to 65 years at entry./li>

2. Benefit Structure

Maturity Benefit:

If the insured survives to the end of the 10-year term, the policyholder receives the Basic Sum Assured plus bonuses . Importantly, bonuses under this plan are 50% higher than those under a standard 10-year endowment scheme.

Death Benefit:

In case of death during the term, the beneficiary receives the Basic Sum Assured plus accrued bonuses as on the date of death.

3. Bonus / Surplus Participation

The plan is a with-profits product, meaning it participates in SLIC’s actuarial surplus.
Bonus rates for Platinum Plus are enhanced: 50% higher than a standard 10-year endowment plan.
Bonuses and declared surplus are backed by the Government of Pakistan’s guarantee through SLIC’s financial backing.

4. Policy Flexibility & Other Benefits

Surrender / Early Withdrawal: Policy acquires surrender value after at least two consecutive years of being in force (with no premium default).
Loan Facility: After payment of the third premium, the policyholder may avail a loan up to 80% of the net surrender value , offering liquidity if needed.
Grace Period for Premium Payment: A grace period of 31 days after premium due dates.
Free-Look Period: Policyholders have the right to cancel the policy within 14 days of its commencement if they choose not to continue.
Optional Riders / Add-Ons: The plan allows supplementary coverage options, such as Accidental Death Benefit (ADB) and Term Insurance Rider (TIR) — subject to underwriting and plan terms.

Who Should Consider This Plan

Prefer a short-term premium commitment but want medium-term coverage ;
Seek a balance between savings and protection over a 10-year horizon;
Want a bonus-enhanced endowment for future financial goals (education, contingencies, lump-sum requirements);
Value flexibility and liquidity — with loan or surrender options if needed;
Prefer a plan with government-backed guarantees and the reliability of State Life’s fund management.

Frequently Asked Questions

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

State Life distributes its profits among it policyholders every year in the form of bonuses. Bonuses are credited to the account of the policyholders and paid at the time of maturity or at the time of death (if earlier). Bonus is declared as a certain amount per thousand of sum assured

Life insurance is normally offered after a medical examination of the life to be insured. However, to facilitate greater spread of insurance and also as a measure of relaxation, State Life has been extending insurance cover without any medical examination, subject to certain conditions. This facility is called non-medical scheme.

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

The amount payable by State Life on termination of the policy contract at the desire of the policyholder before the expiry of the policy term is known as the surrender value of the policy

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 the policy has been in force for a minimum stipulated period.

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

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

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

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

If the policy has acquired a surrender value and a premium has remained unpaid beyond the grace period, the policyholder will be entitled to benefits under one of the following two options given
hereinafter, depending on the option exercised (if any) in his Proposal for this policy:

A – Automatic paid-up option This policy will be converted into a paid-up policy. The paid-up sum insured will be specially calculated to allow for the clearance of all outstanding dues of State Life against the policy.

B – Automatic premium loan option So long as the net surrender value of the policy equals or exceeds any due premium remaining 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 net surrender value of the policy.

Platinum Plus