House Building & perquisites Insurance Scheme

Under this plan each member of the group is insured for the total amount of loan outstanding against him inclusive of accumulated interest. The amount of Insurance is the actual amount of loan outstanding on the date of death whereas the premium is charged on the average loan outstanding over the whole policy year.

What need does it fulfill?

It provides financial security to employers and financial institutions against the risk of untimely death of any of their indebted employee or client. Very often the family of the deceased person is not is a position to repay the loans taken out by him, especially if the deceased person was the sole breadwinning member of the family. In such a case the insurance coverage provides an assurance to the creditor that he would be able to recover his capital without causing hardship to the distressed family.

The creditor is also protected from the headache of constantly monitoring cases of delayed repayments of loan in hardship cases caused by unforeseen death of a bread winning family member. The premium due under this policy may be recovered by the creditor from the borrowers along with the loan repayment installments.

Benefits Of Group House Building & perquisites Insurance

In case of death of an insured member of the scheme the total amount of the loan outstanding against him including accumulated interest is payable to the policyholder. In case State Life earns a profit on any policy during a 3-year period, the policyholder is also entitled to some share in the profits depending upon the size of the group.

What riders can be addes?

PTD (Accident) and NDB rider may be attached with this plan. These riders provide insurance cover against permanent disability due to accidental and natural causes rendering the insured member unable to earn a livelihood for himself and his family.

In such a case the attaching riders can facilitate the creditor in recovering the outstanding amount of loan.

Suitable For.

This plan is suitable for employers who have a scheme for providing loans to their employees for house building, purchases of conveyance or any other goods of household use. It is also suitable for banks who are in the business of granting loans to their clients for purchase of house or conveyance or for some business venture. Similarly leasing companies and other financial institutions with similar facility may find this plan quite attractive.

Procedure for Other Claims

Survival Benefit Claim

If your Anticipated Endowment Assurance policy has completed 1/3rd or 2/3rd term of the policy, you can withdraw a sum equal to 25% of the sum insured of your policy.

For withdrawal of Survival Benefit, please send a written request alongwith following documents to your servicing State Life zonal office:

1. Original policy document
2. Copy of National Identity Card
3. Survival Benefit discharge voucher duly verified by your bank
4. If your signature has changed over the years, please send us your three specimen signatures of old and new styles

Immediately on receipt of above documents, we will process the case for payment of amount due, if any, against survival benefit claim under above policy. 

Procedure for Death Claim

State Life insurance policies provide wide range of benefits in case of death of the persons covered against them. If your loved one covered under any of State Life has expired, you should lodge a death claim with us. All you have to do is to send a written intimation to the zonal office of State Life servicing the policy against which you are lodging a death claim.

We will, after evaluating the case, contact you for other required documents for processing of death claim

Procedure for Maturity Claims

It is a matter of great pleasure that your policy has matured. It is a time to fulfill the goals that you had set years back. For collecting maturity benefits, please send a written request alongwith following documents to your servicing State Life zonal office:

1. Original policy document
2. Copy of National Identity Card
3. Maturity discharge voucher duly verified by your bank
4. If your signature has changed over the years, please send us your three specimen signatures of old and new styles

Immediately on receipt of above documents, we will process the case further for payment of amount due, if any, against maturity claim under above policy.  

Whole Life Assurance

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.

This plan is best suited for youngsters who have at initial stages of their careers and cannot afford to pay high premiums. Individuals who anticipate requirement of a lump sum in far future can also opt this plan. Click here for calculation of premium on your life under this plan.