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Bancassurance Endowment Plan Sada Bahar Plan 3 Payment Plan

3 Payment Plan

  Urdu Details, Urdu Details Continued

3 Payment Plan is a high value savings and investment product. Funds accumulated during the savings term can be utilized for children’s higher education, marriage, house purchase, generating retirement income or for any other purpose. The plan is flexible enough to respond to most individuals’ needs. It aims to deliver a substantial sum of money at the end of the savings period. The additional benefit comes in the form of life insurance cover.

What is 3 Payment Plan?

3 Payment Plan is a unique Endowment Assurance as it provides an option to avail the benefit of 25% withdrawal of the Sum Assured on the completion of one-third and two-third term of the policy. This plan also provides an option for pre-determined, periodic withdrawals during the Currency of Policy. In case of death (God forbid) during the term of policy, provides a lump sum payment to the beneficiaries.


What will be the schedule for a 21 years Term Policy?

  • After first 7 years, 25% of Sum Assured
  • After 14 years, 25% of Sum Assured
  • After 21 years, 50% of Sum Assured plus accrued bonuses
For whom is the Plan suitable?

Businessmen, shopkeepers, factory owners, commission agents, investors and specially people who need money at different phases in future.

What needs does it fulfill?

To provide financial assistance for:

  • Establishment or expansion of business
  • Children’s marriages
  • Loan repayment
  • Hajj or Umrah
  • Construction of house
Survival Benefits On completion of one-third Term of Policy, 25% of the Sum Assured becomes payable. Likewise, on completion of two-third Term of Policy, another 25% of the Sum Assured is payable.
If this option is not exercised even after the expiry of six months of the due date, State Life allocates a special bonus on the due installment.
Maturity Benefits On completion of term, the 50% balance of the Sum Assured plus Accrued Bonuses are payable. In case the installment(s)have not been availed, they also become payable plus special bonuses allocated thereof.
Death Benefits In case of Policy Holder’s death (God forbid) during the currency of Policy, State Life pays full Sum Assured plus accrued bonuses, up till then, irrespective of the periodical payments made. Besides, if the installments due have not been availed, then the due installments plus special bonuses are also paid.
So long the Policy remains in force, the Policy Holder may surrender the unclaimed installments plus Special Bonus. The aggregate Cash Surrender Value of the two shall not be less than the amount of the said unclaimed installment(s).
What Riders can be added? The attachment of following Supplementary Contracts to the Plan can substantially increase the benefits of the Policy.
  • Family Income Benefit (FIB)

Family Income Benefit contract can be added to this Plan on payment of nominal additional premium. If this contract is issued on Insured Life, then on his/her death during the Term of FIB contract, in addition to Basic Sum Assured, a regular annual Family Income Benefit installment at least 10% and at most 50% of the Basic Sum Assured becomes payable till the expiry of FIB contract to the heirs of the Policy Holder.

  • Accidental Death Benefit (ADB)

If this Supplementary Contract is issued then on accidental death during the term of the Policy, the amount equal to Basic Sum Assured, becomes payable.

  • Accidental Death & Indemnity Benefit (AIB)
Accidental Death Sum Assured
Loss of two or more limbs by amputation at or above wrist or ankle Sum Assured
Total and irrecoverable loss of all sight in both eyes Sum Assured
Total and irrecoverable loss of all sight in one eye and loss of one limb by amputation at or above wrist or ankle Sum Assured
Loss of one limb by amputation at or above the wrist or ankle joints One-half of the Sum Assured
Total and irrecoverable loss of sight in one eye One-half of the Sum Assured
Loss of thumb & index finger of either hand by amputation at or above One-fourth of the Sum Assured
For other injuries, on total disability Weekly @ Rs. 5/- per thousand of the Sum Assured
On partial disability One-fourth of the weekly indemnity @ Rs. 1.25/- per thousand of the Sum Assured
On permanent and total disability Annual payment of 10% of the Sum Assured for a maximum period of 10 years and waiver of future premium
  • Term Insurance
With a nominal addition in premium, Term Insurance Contract can be added                 to this Plan. If this Supplementary Contract is issued, then on his/her death (God forbid) during the Term of Contract, an amount equal to Basic Sum Assured, becomes payable.
  • Waiver of Premium (WP)
This Supplementary Contract provides the Coverage of Waiver of all future premiums in case the Policy Holder becomes totally and permanent disabled as a result of an  accident (provided that Policy Holder is unable to attend his/her business due to permanent and total disability and income is affected).
Will there be any Bonuses on this Policy? State Life announces Bonus for every year. 97.5% of surplus is distributed as bonuses to all With-Profit policies. The statistics till date reflect the constant increase in Bonus rate. Resultantly, the value of With-Profit Plan increases year by year.
What about Loan Facility? Under this Plan, after completion of two Policy Years, if the Policy Holder immediately needs money, he/she can avail a maximum loan of 80% of Net Surrender value of the Policy.
  • This product is underwritten by State Life Insurance Corporation of Pakistan. It is not guaranteed or insured by NBP or its affiliates and it is not a NBP product. NBP is only working in the capacity of a distributor.
  • The past performance of State Life Insurance Corporation of Pakistan is not necessarily a guide to future performance. Any forecast made is not necessarily indicative of future or likely performance of the funds and neither State Life Insurance Corporation of Pakistan nor NBP will incur any liability for the same.
  • A personalized illustration of benefits will be provided to you by our staff. Please refer to the notes in the illustration for detailed understanding of the various terms and conditions.
  • Service charges and taxes will be applicable as per the Bank’s “Schedule of Charges” and taxation laws as stipulated by the relevant authorities.
  • A description of how the contract works is given in the policy privileges and conditions.

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