The Life Insurance Business in Pakistan was nationalized during March 1972. Initially Life Insurance business of 32 Insurance Companies was merged and placed under three Beema Units named “A”, “B” and “C” Beema Units. However, later these Beema Units were merged and effective November 1, 1972 the Management of the Life Insurance Business was consolidated and entrusted to the State Life Insurance Corporation of Pakistan.

State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board of Directors of State Life which runs the affair of this Corporation.

The basic structure of the Corporation consists of Seven Regional Offices, Thirty Three Zonal Offices, a few Sub-Zonal Offices, 200 Sector Offices, and a network of 1227 Area Offices across the country for Individual Life Insurance, Four Zonal Offices and 6 Sector Offices with 20 Sector Heads for Group & Pension are involved in the Marketing of Life Insurance Plans policies and products offered by State Life and a Principal Office. The Zonal Offices deal exclusively with Sales and Marketing, Underwriting of Life Insurance Policies and the Policyholder's Services. Regional Offices, each headed by a Regional Chief, supervise business activities of the Zones functioning under them. The Principal Office, based at Karachi, is responsible for corporate activities such as investment, real estate, actuarial, overseas operations, etc.

Major Achievements

The major function of the State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business, Health and Accidental Insurace and Family Takaful Bussines. However, Corporation is also involved in the other related business activities such as investment of policyholders fund in Government securities, Stock market and Real Estate etc. The major achievements of State Life are as under:

• State Life is profitable organization and it paid Rs.16.23 billion as dividend to the Government of Pakistan since its inception in 1972.
• State Life has played very vital role in the economy by providing employment to the people of the country as permanent employees and as part of its marketing force and by investing the huge funds in different sectors of the economy. The Investment Portfolio of State Life as at 31.12.2021 stands at Rs.1,268.04 billion.
• Investment portfolio also includes investment in Real Estate which stands at a book value of Rs.3.619 billion as at 31.12.2021 whereas it fair value is around Rs.64.95 billion in the same period.
• The Paid up Capital increased from Rs.10 million in 1972 to Rs.4.9 billion in 2021.
• The Premium income increased from Rs.0.317 billion in 1972 to 161.788 billion in 2021. Similarly, Investment income including rental income increased from Rs.0.81 billion in 1972 to 109.469 billion in 2021.
• Total statutory fund of State Life stands at Rs.1,268.311 billion in 2021 as against Rs.1.494 billion in 1972.
• State Life is smoothly striving towards its objective of making life insurance available to large section of the society by extending it to common man. As at December, 2021 the total number of policies enforce under individual life were 5.85 million, number of lives covered under group life insurance were 4.78 million  and number of lives covered under health insurance were 105.71 million.

"state life insurance, statelife insurance for new policy islamabad office"
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contact us for more detail:- state life insurance contact number islamabad 03312121917

Whole Life Insurance

It is a unique combination of protection and savings at a very economical premium. Death at any time before age 85 years terminates payment of premiums and the sum insured and attached bonuses become payable. In the event the insured survives to the policy anniversary at age 85 years, the policy matures and the sum insured plus bonuses become payable. Under this plan the rates of bonuses are usually much higher than the other plans and they help in increasing not only protection but also the investment element of the policy substantially. Click here for supplementary covers which can be attached with this plan.

Endowment Insurance

It's a safest and surest method of guaranteed cash provision either at a specified time or at death (Allah forbid). Under these policies, the sum insured plus bonuses are payable at the end of the specified number of years or at death of the life insured if earlier. Premiums are payable for the specified number of years or till death, if earlier. The benefits under the plan can be further increased by attaching supplementary covers.

Jeevan Saathi Assurance

This is a joint life plan and covers lives of two partners say husband and wife simultaneously. Premiums are payable till the end of the specified term or till death of either of the insured persons, if earlier. The plan contains extensive benefits; an overview of which appears as under:

On the death of the first life, the sum insured will be paid to the survivor. Further premiums under the policy will be waived, but the insurance protection of the second life will continue. Also, the policy will continue to participate in profits of the Corporation. On death of the second life, again the sum insured will be paid together with the attaching bonuses. In this event the policy will terminate.

Child Protection Insurance

This is a joint life assurance and covers the lives of child and either of the parents. If the policyholder and the child both survive full term of the policy, sum insured and accrued bonuses become payable. If the policyholder dies before completion of term of the policy the payment of premiums ceases and the child is paid an income of Rs 100/- per thousand sum insured per annum till the completion of the policy term. On completion of policy term, sum insured inclusive of bonuses accrued till the death of the policyholder is paid to the child.

If the child dies (Allah forbid) before maturity of the policy and during lifetime of the policyholder, the death claim payable to the policyholder depends on the age at death of the child.