The life insurance business in Pakistan was nationalized under a Presidential Order on 19th March...
-
Upload
magnus-moody -
Category
Documents
-
view
217 -
download
0
Transcript of The life insurance business in Pakistan was nationalized under a Presidential Order on 19th March...
Foundation Course
Foundation Course
Day 1
A BRIEF HISTORY OF
STATE LIFE INSURANCE
CORPORATION OF
PAKISTAN
NATIONALIZATION OF LIFE
INSURANCEThe life insurance business in Pakistan was
nationalized under a Presidential Order on 19th
March 1972. It was executed in two stages. In the
first stage which covered the period 19th March to
31 October 1972, the management of 32 life
insurance companies were taken over by the
government. Trustees and sub-trustees were
appointed by the Government to takeover different
companies and to co-ordinate and guide their
activities.
NATIONALIZATION OF LIFE
INSURANCE
The Government constituted Life Insurance
Management Board (LIMB). The Board’s term
included the task of recommending a permanent
set up of life insurance within the framework of
nationalization. The Board recommended
establishing a single corporation with three
units.
The second phase of nationalization started by establishment of Single Corporation called State Life Insurance Corporation of Pakistan with 3 Units called A, B, and C operating throughout Pakistan and competing with one another.On 1st October 1975, the 3 Units merged and different Zones were created. Initially there were five Zones with their Zonal offices at Karachi, Hyderabad, Lahore, Rawalpindi and Peshawar. The figure has increased to 26 Zones under four different Regions, South, Central, North and Multan headed by very competent Executives.
NATIONALIZATION OF LIFE INSURANCE
By the Grace of Allah the Almighty, State Life has
made steady progress in all fields of its
operations. The future is even brighter as the
Corporation is making very positive strategies for
not only maintaining its market leadership but
displaying beyond any doubt that it deserves the
matchless corporate image created during the
last decades.
NATIONALIZATION OF LIFE INSURANCE
OBJECTIVES To run life insurance business on sound lines.
To provide more efficient service to the policyholders.
To maximize the return to the policyholder by economizing expenses and increasing the yield on investment.
To make life insurance a more effective means of mobilizing national savings.
To widen the area of operation of life insurance and make it available to as large a section of the population as possible, extending it from the comparatively more affluent sections of society to the common man in towns and villages.
To use the policyholder’s fund in the wider interest of the community
MISSION STATEMENT “To remain the leading insurer in the country by
extending the benefits of life insurance to all sections of society and meeting our commitments to our policyholders and the nation.”
To ensure satisfaction of our valued policyholders in processing new business, providing after sales service and optimizing return on life fund through a quality culture and to maintain our position as the leading life insurer in Pakistan.
QUALITY POLICY
ORGANIZATIONALSTRUCTURE
ORGANIZATIONAL CHARTPRINCIPAL OFFICE
CHAIRMAN
Executive Director
Divisional Head Actuarial
Divisional Head Personal & General
Services
Divisional Head Legal affairs
Divisional Head Marketing
Divisional Head Corporate Affairs
Divisional Head Research and
Analysis
Executive Director
Divisional Head Finance & Accounts
Divisional Head Real EstateOperation
Divisional Head P.H.S Inspection
& Evaluation
Executive Director
Divisional Head Group & Pension
Divisional Head Real Estate Inspection
& Evaluation
Divisional Head P.H.S Operation
Executive Director
Divisional Head Information Technology
Divisional Head Internal Audit and
Compliance
Divisional Head Investment
Bancassurance Cell
CORPORATE MARKETING STRUCTURE
4 Regions Individual Life
26 Zones Individual
Life
4 Zones Group Life
Gulf Zone Individual
Life
INDIVIDUAL LIFE
&
GROUP LIFE
Karachi Southern
Zone
Karachi Eastern Zone
Karachi Central Zone
Hyderabad Zone
SOUTHERN REIGON
Mirpurkhas
Zone
Sukkur Zone
Quetta Zone
Larkana Zone
CORPORATE MARKETING STRUCTURE
Lahore Zone
Central
Lahore Zone
Western
Faisalabad Zone
Sargodha Zone
CENTRAL REGION
Gujranwala Zone
Sialkot Zone
CORPORATE MARKETING STRUCTURE
CORPORATE MARKETING STRUCTURE
Rawalpindi Zone
Mirpur (A.K) Zone
Islamabad Zone
Peshawar Zone
NORTHERN REGION
Abbottabad Zone
Swat Zone
Gujrat
CORPORATE MARKETING STRUCTURE
Multan Zone
Sahiwal Zone
Rahimyar Khan Zone
D.G.Khan Zone
MULTAN REGION
Bhawalpur Zone
CORPORATE MARKETING STRUCTURE
Karachi Zone
Lahore Zone
Rawalpindi Zone
Peshawar Zone
GROUP LIFE ZONES
GULF ZONE
Abu Dhabi
Dubai
Jeddah
Riyadh
Kingdom Of Saudi Arabia
CORPORATE MARKETING STRUCTURE
KuwaitUnited Arab Emirates
MARKETING FORCE STRENGTH AS ON 30.11.2010
Sector Offices 189 Area Offices
710 Sales Managers
4,277 Sales Officers
11,322 Sales Reps
93,551
STATE LIFEOWNED
COMMERCIAL BUILDINGS
STATE LIFE BUILDING NO. #1A, 1B & IC I.I. Chundrigar Road
STATE LIFE BUILDING NO. 1& Annex
I.I. Chundrigar Road
KARACHI
STATE LIFE BUILDING NO. 2, 2A & 2B
Wallace Road
STATE LIFE BUILDING NO. 3
Dr. Ziauddin Ahmed Road
KARACHI
KARACHI
STATE LIFE BUILDING NO. 4
Shahreh Liaquat
STATE LIFE BUILDING NO. 5B
Zaibunnissa Street, Saddar
KARACHI
STATE LIFE BUILDINGNO. 5 & 5A
Abdullah Haroon Road
STATE LIFE BUILDINGNO. 9 , Principal Office,
Dr. Ziauddin Road
KARACHI
STATE LIFE BUILDINGNO. 11
Abdullah Haroon Road
STATE LIFE BUILDINGNO. 12
Abdullah Haroon Road
HYDERABAD
GUL CENTER164 Hyderabad Cantt
STATE LIFE BUILDING NO. 50 Thandi Sarak
Hyderabad
MIRPURKHAS
STATE LIFE BUILDING Mirpurkhas
LARKANA AND SUKKUR
STATE LIFE BUILDING Quaid-e-Awam Road
Larkana
STATE LIFE BUILDING Minara Road
Sukkur
MULTAN AND RAWALPINDI
STATE LIFE BUILDINGChowk Nawan Shahar
Multan
STATE LIFE BUILDING NO. 1 ,The Mall
Rawalpindi
ISLAMABAD
STATE LIFE BUILDING No. 9, 33-E , Buland Markaz
Islamabad
STATE LIFE BUILDING Plot NO. 7 - (Phase-1) Blue Area - Islamabad
FAISALABAD
STATE LIFE BUILDINGNo. 2 Liaquat Road
Faisalabad
PESHAWAR & D.I. KHAN
STATE LIFE BUILDINGNO. 1 The Mall Peshawar
STATE LIFE BUILDING63-p Circular RoadDera Ismail Khan
PROJECTS IN PLANNING OR
UNDER CONSTRUCTION
ISLAMABAD 01 GUJRANWALA 01 SIALKOT* 01 SARGODHA* 01 RAHIMYAR KHAN* 01 SAHIWAL* 01
TOTAL 06
*PROJECTS IN PLANNING
STATE LIFE TOWER ISLAMABAD
BUILDING COMPRISES OF
3 BASEMENTS+ GROUND FLOOR + 18 UPPER FLOORS
STATE LIFE BUILDING GUJRANWALA
BUILDING COMPRISES OF BASEMENTS + GROUND FLOOR + 5 UPPER FLOORS
STATE LIFE BUILDING SARGODHA
BUILDING COMPRISES OF
BASEMENTS+ GROUND FLOOR+ 4 UPPER FLOORS
STATE LIFE BUILDING SIALKOT
BUILDING COMPRISES OF
BASEMENTS + GROUNDFLOOR + 4 UPPER FLOORS
COMMERCIAL BUILDINGS S.# City No. of
buildingsInherited Purchased
Constructed 1. Karachi 22 17 05*2. Hyderabad 03 01 023. Sukkur 01 00 014. Larkana 01 00 01 5. Mirpurkhas 01 00 016. Multan 01 00 017. Faisalabad 02 01 018. Lahore 09 07 029. Gujrat 01 00 0110. RawalPindi 04 03 0111. Islamabad 05 00 0512. D.I.Khan 01 00 0113. Peshawar 01 00 01
TOTAL 52 29 23
* One building owned by State Life Subsidiary
1. Karachi 09 07
02
2. Lahore 03 03
00
3. Quetta 0 00
01
4. Resorts and Hut 03 03 00
RESIDENTIAL BUILDINGS
S.# City No. of buildings
Inherited Purchased
Total 16 13 03
1. Karachi 05 01 04*2. Lahore 03 02 013. Islamabad 02 01 014. Mirpur ( A.K.) 02 00 025. Sahiwal 01 00 016. R.Y Khan 01 00 017. Sialkot 01 00 018. Nawab Shah 01 00 019. Gujranwala 01 00 0110. Sargodha 01 00 01
DETAIL OF PLOTSS.# City No. of
buildingsInherited Purchased
Constructed
TOTAL 18 04 14
* One plot owned by State Life Subsidiary
1. Karachi 22 1,442,4632. Hyderabad 03 136,1923. Sukkur 01 20,5604. Larkana 01 30,0005. Mirpurkhas 01 35,8156. Multan 01 29,0067. Faisalabad 02 95,8928. Lahore 09 333,8219. Gujrat 01 70,50010. RawalPindi 04 56,43311. Islamabad 05 213,23412. D.I.Khan 01 37,00013. Peshawar 01 145,423
RENTING – COMMERIAL BUILDINGS
S.# City No. of buildings
Rentable area ( Sft)
TOTAL 52 2,646,339 SFT
ACHIEVEMENTS
1973 1980 1990 1995 2000 2005 2006 2007 2008 20090
1000
2000
3000
4000
5000
6000
7000
8000
48.2 110846.2
2026.3
1040.7
2805.73327.2
3853.5
5158.6
7196.3
YEAR
Scal
eFIRST YEAR PREMIUM
IN MILLIONS (PKR)
SOURCE: 37th Annual Report 2009
1973 1980 1990 1995 2000 2005 2006 2007 2008 20090
2000400060008000
100001200014000160001800020000
218.9 364.52266.5
3935.1 4537.8
8454.29999999998
9784.79999999998
12053.613993.5
17656.9
YEAR
Scal
e RENEWAL PREMIUM IN MILLIONS (PKR)
SOURCE: 37th Annual Report 2009
1973 1980 1990 1995 2000 2005 2006 2007 2008 20090
500
1000
1500
2000
2500
3000
3500
4000
49.6 163.5
642.4
1177.5 1102
2547.92865.8 2795.7
3532.2 3490.8
YEAR
Scal
e GROUP LIFE PREMIUM
IN MILLIONS (PKR)
SOURCE: 37th Annual Report 2009
1973 1980 1990 1995 2000 2005 2006 2007 2008 20090
5000
10000
15000
20000
25000
30000
316.7 638
3755.1
7138.9 6680.5
13820.115991.6
18716.7
22695.3
28366.9
YEAR
Scal
e TOTAL PREMIUM
IN MILLIONS (PKR)
SOURCE: 37th Annual Report 2009
1973 1980 1990 1995 2000 2005 2006 2007 2008 20090
20000
40000
60000
80000
100000
120000
140000
160000
180000
200000
1493.7 3111.316320.8
39338.7
68127
122775.2137959.8
156737.3
177459.1
199445.3
YEAR
Scal
e LIFE FUND
IN MILLIONS (PKR)
SOURCE: 37th Annual Report 2009
1973 1980 1990 1995 2000 2005 2006 2007 2008 20090
2
4
6
8
10
12
14
16
6.6
10
13.6
14.9
12.812 12.1
12.6 12.2 12.1
YEAR
Scal
eYIELD ON LIFE FUND (%)
SOURCE: 37th Annual Report 2009
1973 1980 1990 1995 2000 2005 2006 2007 2008 20090
500000
1000000
1500000
2000000
2500000
3000000
357413 413231
1297879
20349691878139
20440152183783
2348791
2568698
2895354
Year
Scal
eNO. OF INDIVIDUAL LIFE
POLICIES INFORCE
SOURCE: 37th Annual Report 2009
BONUSES(1977 TO 2009)
For
1-5
Year
s
From
6 +
Yea
rs
For
1-5
Year
s
From
6 +
Yea
rs
For
1-5
Year
s
From
6 +
Yea
rs
For
1-5
Year
s
From
6 +
Yea
rs
For
1-5
Year
s
From
6 +
Yea
rs
For
1-5
Year
s
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98 99-2000
0
10
20
30
40
50
60
70
80
90
100
33 35 3845 46
50 50
67
52
74
52
79
52
84
54
91
56
98
WHOLE LIFE – 1977 to 2000
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
2001-2003 2004-2005 2006 2007-2009
0
20
40
60
80
100
120
140
160
56
102
56
102
56
102
150
60
110
150
WHOLE LIFE – 2001 to 2008
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98
0
10
20
30
40
50
60
70
80
90
26 2833
38 3942 42
59
44
66
44
71
44
76
46
83
Year
Rs .i
n M
illio
nEndowment- 20 Years & above
1977 TO 1998
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
99-2000 2001-2003 2004-2005 2006 2007-2009
0
20
40
60
80
100
120
140
48
90
48
94
48
94
48
94
130
50
94
130
Year
Rs
.in
Mill
ion
1999 TO 2009
ENDOWMENT- 20 YEARS & ABOVE
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98
0
10
20
30
40
50
60
18 1922
26 27 29 29
46
16
38
16
43
16
48
18
55
Year
Rs
.in
Mill
ion
ENDOWMENT- 15 TO 19 YEARS1977 TO 1998
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
99-2000 2001-2003 2004-2005 2006 2007-2009
0
10
20
30
40
50
60
70
80
90
20
62
20
66
20
66
20
66
81
35
81 81
Year
Rs .i
n M
illio
nENDOWMENT- 15 TO 19 YEARS
1999 TO 2009
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98
0
10
20
30
40
50
60
12 12 12 12 13 14 14
31
16
38
16
43
16
48
18
55
Year
Rs .i
n M
illio
nENDOWMENT- 14 YEARS & LESS
1977 TO 1998
Annual Reports
ENDOWMENT- 14 YEARS & LESS
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
99-2000 2001-2003 2004-2005 2006 2007-2009
0
10
20
30
40
50
60
70
20
62
20
66
20
66
20
66
20
66
Year
Rs .i
n M
illio
n
1999 TO 2009
Annual Reports
77-78 79-80 81-82 83-84 85-86 87-880
2
4
6
8
10
12
14
2
3
7
12
14 14
Year
Rs .i
n M
illio
nPERSISTENCY BONUS FROM THE 6TH
POLICY YEAR ONWARD1977 TO 1988
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98
0
5
10
15
20
25
30
20 20 20 20 20 20 20 20 20 20 20 20
30 30
Year
Rs .i
n M
illio
nTERMINAL BONUS FOR EACH YEAR IN EXCESS
OF 10 YRS. (MAX RS.800)
1977 TO 1998
Annual Reports
TERMINAL BONUS FOR EACH YEAR IN EXCESS OF
10 YRS. (MAX RS.800)Fo
r 1-5
Yea
rs
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
99-2000 2001-2003 2004-2005 2006 2007-2009
05
101520253035404550
30 30 30 30
50 50 50 50 50 50 50 50
Year
Rs .i
n M
illio
n
1999 TO 2009
Annual Reports
ANTICIPATED ENDOWMENT, 20 YEARS & ABOVE
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98
0
10
20
30
40
50
60
26 26 26 26 26 28 29 29 3136
31
46
31
51
33
58
Year
Rs .i
n M
illio
n
1977 TO 1998
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
99-2000 2001-2003 2004-2005 2006 2007-2009
0
10
20
30
40
50
60
70
80
90
100
35
65
35
69
35
69
35
69
100
35
69
100
Year
Rs .i
n M
illio
nANTICIPATED ENDOWMENT, 20 YEARS & ABOVE
1999 TO 2009
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98
0
5
10
15
20
25
30
35
40
45
50
18 18 18 18 18 18 19 1921
26
21
36
21
41
23
48
Year
Rs. i
n M
illio
nANTICIPATED ENDOWMENT, 15 TO 19 YEARS
1977 TO 1998
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
99-2000 2001-2003 2004-2005 2006 2007-2009
0
10
20
30
40
50
60
25
55
25
59
25
59
25
59 59
25
59 59
Year
Rs. i
n M
illio
nANTICIPATED ENDOWMENT, 15 TO 19 YEARS
1999 TO 2009
Annual Reports
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
77-78 79-80 81-82 83-84 85-86 87-88 89-90 91-92 93-94 95-96 97-98
0
5
10
15
20
25
30
35
40
45
12 12 12 12 12 12 13 1315
20
15
30
15
35
17
42
Year
Rs. I
n M
illio
nANTICIPATED ENDOWMENT, 14 YEARS & LESS
1977 TO 1998
Annual Reports
ANTICIPATED ENDOWMENT, 14 YEARS & LESS
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 +
Yea
rs
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
For 1
-5 Y
ears
From
6 -1
6 Ye
ars
From
17
Year
s to
Onw
ards
99-2000 2001-2003 2004-2005 2006 2007-2009
0
10
20
30
40
50
60
19
49
19
53
19
53
19
53
19
53
Year
Rs. I
n M
illio
n
1999 TO 2009
Annual Reports
For 1-5 Years From 6 + Years
For 1-5 Years From 6 + Years
For 1-5 Years From 6 -16 Years
From 17 Years to
Onwards
For 1-5 Years From 6 -16 Years
From 17 Years to
Onwards2001-2003 2004-2005 2006 2007-2009
0
20
40
60
80
100
120
140
160
56
102
56
102
56
102
150
60
110
150
WHOLE LIFE – 2001 to 2008
Annual Reports
ONE TIME BONUSONE TIME BONUS @Rs.40/- PER THOUSAND SUM ASSURED PAYABLE ON DEATH OR MATURITY TO ALL WITH PROFIT POLICIES INFORCE AS AT 31.12.94 AND OTHERWISE QUALIFIES
GOLDEN JUBILEE BONUSGOLDEN JUBILEE BONUS @RS.50/- PER THOUSAND SUM ASSURED PAYABLE ON DEATH OR MATURITY TO ALL WITH PROFIT POLICIES INFORCE AS 31.12.96 AND OTHERWISE QAUALIFIES
MILLENNIUM BONUSMILLENNIUM BONUS @RS.51/- PER THOUSAND SUM ASSURED PAYABLE ON DEATH OR MATURITY TO ALL WITH PROFIT POLICIES INFORCE AS AT 31.12.2000 AND OTHERWISE QUALIFIES
30TH ANNIVERSARY BONUSFOR WHOLE LIFE AND ENDOWMENT POLICIES, @RS.48/- PER THOUSAND SUM ASSURED FOR EACH YEAR'S PREMIUM PAID TILL DECEMBER 31, 2002 IN EXCESS OF 10 YEARS.SUBJECT TO A MAXIMUM OF RS.480/- PER THOUSAND SUM ASURED FOR ANTICIPATED ENDOWMENT POLICIES, THE RATE OF THIS BONUS WILL BE RS.24/- PER THOUSAND. SUM ASSURED FOR EACH YEAR'S PREMIUM PAID TILL DECEMBER 2002 IN EXCESS OF 10 YEARS SUBJECT TO A MAXIMUM OF RS.240/- PER THOUSAND SUM ASSURED.
TERMINAL/LOYALTY TERMINAL BONUS FOR PAID-UP POLICIES(1). PAID-UP POLICIES (WHOLE LIFE AND ENDOWMENT) TERMINATING BY WAY OF DEATH OR MATIRITY IN 2010, WILL GET TERMINAL BONUS SUBJECT TO TERMS MENTIONDED BELOW:
(a). THE POLICY HAS BEEN ON THE BOOKS FOR MORE THAN 10 YEARS (b). THE RATE WILL BE RS.50/- PER THOUSAND PAID-UP SUM ASSURED FOR EACH YEAR IN EXCESS OF 10 YEARS SUBJECT TO A MAXIMUM OF RS.1,000/- PER THOUSAND PAID-UP SUM ASSURED.
OTHER BONUSES