Endowment Plan

What is Endowment Plan?

Endowment plan is a unique saving and protection scheme through which the policyholder can get a particular amount of money at a specific time speculated on the basis of his/her future requirements. Endowment plan is most suitable for people who are farsighted and want to fulfil their future needs.

For whom is the plan suitable?

This plan is suitable for entrepreneurs, e.g Lawyers, Doctors, Engineers, Businessmen and Service-Oriented people, teachers, newly Married Couples, specially for middle-class people having

limited income.

What need does it fulfill?

For personal and family future needs, funds can be availed for following:

• Income generation after retirement
• Establishment and expansion of business.
• Children’s education and marriage
• Purchase of land or construction of house
• Loan repayments, etc. 

What are the Benefits of Endowment Plan?

The plan provides a handsome, lump sum amount at maturity or (God Forbid) at the death of the assured Endowment plan is issued on with profit Basis. The sum assured and terms of policy

are determined in accordance with the future needs and paying capacity of policyholder.

Maturity Benefits 

Sum assured plus bonuses are payable by State Life on completion of Term of Policy. This amount fulfills the dreams of financial security of the policyholder and his near and dear ones.

Death Benefits

In case of death (God forbid) of the policyholder during the Currency of Policy, State Life pays the sum assured plus Accrued Bonuses up till then. This lump sum payment provides financial security to the family and dependents, when they need it most. 

What Riders can be added?

The attachment of following Supplementary Contracts to the plan
can substantially increase the Benefits of Policy

Family Income Benefit (FIB)

Family Income Benefit can be added to this plan on payment of nominal additional premium. If this is issued, then on his/her death (God forbid) during the Term of FIB, in addition to Basic Sum Assured, a regular annual Family Income Benefit installment at least 10% and at most 20% of the Basic Sum

Assured depending on payment of additional premium becomes payable till the expiry of FIB to the heirs of the policyholder.

Accidental Death Benefit (ADB)

 If this Supplementary Contract is issued, then on his/her accidental death (God forbid) during the Tern of the policy, an amount equal to Basic Sum Assured becomes payable.

Accidental Death & Indemnity Benefit (AIB)

 If this supplementary Contract is issued, then an accidental loss, following benefits become payable:

• 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 metacarpophalangean Joints……………………………………………………One-half of sum assured
• Total and irrecoverable loss of all sight in one eye ………………. One third of sum assured

Loss of thumb and index finger of either hand by amputation at or above wrist or ankle…………………………………. One-fourth of sum assured

• For other injuries, on total disability weekly indemnity @ 5/-Per thousands of sum assured
• On partial disability, weekly indemnity @ 1.50/- Per thousands of sum assured
• On permanent and total disability, annual payment of 10% of sum assured for a maximum period of 10 years and waiver of future premiums.

Term Insurance (TI)

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 the 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 policyholder becomes totally and permanently disabled as a result of an accident (provided that

policyholder 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 according to its actuarial valuation. 97.5% of surplus is distributed as bonuses to all with profit policies. The statistics to date reflect the constant

increase in bonus rate. Resultantly, the value of with profit plan increases year by year. The bonus rate of Whole Life policy is higher as compared to other Life Insurance plans.

What about Loan Facility?

Under this plan, after completion of two complete policy Years, if the Policyholder immediately needs money, he/she can avail a maximum loan of 80% of the Net Surrender Value of the policy.