bancassurance state life national bank product learning
TRANSCRIPT
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Bancassurance Course
National Bank State Life
Bancassurance Products’ Training
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Learning ContractI hereby abide by the following terms:
• I shall keep my cell phone on silent
• I shall not take calls during the session
• I shall ask every single question that comes to mind!
• There are no wrong answers. Participate!
HAPPY LEARNING !!!
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COMMON VALUESVISION OF NBP
“To be recognized as a leader and a brand synonymous with trust, highest standards of service quality, international best practices and social responsibility”
MISSION OF SLICP
“To remain the leading insurer in the country by extending the benefits of insurance to all sections of society and meeting our commitments to our policy holders and the nation”
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Introduction to State Life
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Formed under the Life
Insurance Nationalization Order 1972
(LINO)
Policies have
Sovereign Govt.
Guarantee
97.5% of all Actuarial surplus
distributed to with profit
policyholders
State Life - Overview
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Strengths
Market share still
65% by total premium income By far the
largest distribution
network
Strong stable
financial Base
Life Fund is 415 Billion
AAA rated by PACRA
Has been the nursery
for producing
professionals for the
whole life industry.
Over 7 Million Policy
Holders
Most Popular
Insurance Company in
Pakistan
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InsuranceInsurance – A Mechanism of Risk TransferInsurance will
provide funds in crisis to
protect customer’s
assets, savings,
standard of living and business needs.
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Basic Types of Life Insurance
3 basic forms of
life insurance
are
• Term Assurance
• Endowment Assurance
• Whole Life Assurance
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Bancassurance & Life Insurance
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Bancassurance
Bancassurance is a French
term
Bancassurance is the
provision of insurance and
banking products as
well as services via the banks’
distribution networks to
the same client base.
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Fulfilling Needs of the Customer
• Loans, Cards, Overdrafts, running finance
Borrowing Needs
• Investment, Fixed Deposits, Saving Plan (Life insurance Plan)
Savings & Growth Need
• CASA, CB, ATM, Mobile Banking, Online Banking, Phone BankingTransaction Needs
• All types of InsuranceProtection Needs
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Role of Bancassurance
BANCA Plans Provides Funds for • Children education• Daughter’s wedding• Retirement • House expenses• Succession planning• Purchasing a house• Business and asset
protection• Hospitalization &
Disability• Life time income
Well being of Clients’ family
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Why Do Customers Need Insurance ?
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Bonus Based
Insurance
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Safest and surest method of guaranteed cash provision either at a
specified time or at death.
Contracts have a Basic sum assured to which
bonuses are added. So every year cash value and risk cover value increase
steadily.
Full Sum assured plus all accrued bonuses payable on
death of life assured.
Different type of Bonuses are added to the policy. Sum
assured and declared bonuses are
guaranteed by Government of
Pakistan.
Once a bonus is added it cannot be removed from the policy. This
strengthens more security and peace of mind.
Excellent for financial planning;
• Children education.• Capital accumulation for
business or any purpose.• Retirement Planning.
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• State Life is the only company which offers bonus based conventional life products fully guaranteed by GOP.Thereby allowing “The Bank” to adjust focus
depending on economic conditionsState Life has the following products which will be
sold through “National Bank of Pakistan”Conventional Products
Endowment AssuranceAnticipated Endowment AssuranceSadabahar Plan
Products Offered
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State Life Products
Sadabahar Plan
Endowment Assurance
Anticipated Endowment
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State Life Products
Endowment Plan
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Endowment Assurance
Plan Type Bonus Based
Entry Age 10 to 65
Tenure Minimum 10 years, Maximum By the Age of 75 years
Mode Monthly, Quarterly, Semi Annual & Annual
Riders Family Income Benefit, Accidental Death Benefits, Accidental Death & Indemnity, Term Insurance, Waiver of Premium, Special Waiver of Premium, Term Insurance, Guaranteed
Insurability, Refund of Premium Rider, Hospital & Surgical Benefit
Need Guaranteed Sum Assured & return on Savings through Guaranteed Bonuses
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Brief
It’s a safest and surest method of guaranteed cash provision either at a specified time or at death which provides the peace of
mind with guaranteed return of your all basic premiums paid during the saving term. The plan serves the requirements of a family in various shapes by way of financial help at retirement,
education of children or provision of capital for business.
USPs
Guaranteed sum Assured + All Bonuses is payable at the end of the specified term or at death of the assured.
All Riders are open, Make your own mix as per customer requirements
Lowest Management Charges & Lowest Riders CostYield once credited is guaranteed to be paid to the customer.
No bid offer spread and No Hidden surprises.One of the highest selling plan of Life Insurance Industry
Non Medical Limit Up to PKR 6.5 Million for the age 18 years to 40 years
Endowment Assurance
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State Life Products
Three Payment Plan
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Three Payment PlanPlan Type Bonus Based
Entry Age
20 to 57
Tenure Minimum 18 years, Maximum 30 years
Mode Monthly, Quarterly, Semi Annual & Annual
Riders Family Income Benefit, Accidental Death Benefits, Accidental Death & Indemnity, Term Insurance, Waiver of Premium, Special
Waiver of Premium, Term Insurance, Guaranteed Insurability, Refund of Premium Rider, Hospital & Surgical Benefit
Need A saving plan which provides guaranteed 3 payouts & bonuses on savings. Besides fulfilling the long-term financial needs, it also helps in meeting the medium
term & short-term financial exigencies.
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Brief
This is a modified form of endowment assurance and is also called ‘Three Payment Plan’., the plan offers three payments throughout term of the policy. The plan offers survival benefits equal to 25% of sum insured on completion of 1/3rd and 2/3rd term of the policy
It gives you the opportunity to earn guaranteed bonuses and guaranteed payouts on your savings.
USPs
Guaranteed sum Assured is payable equal to 25% of sum insured on completion of 1/3rd and 2/3rd term of the policy & all the
bonuses and remaining 50% will be paid at the end of the specified term
All Riders are open, Make your own mix as per customer requirements
Lowest Management Charges & Lowest Riders CostYield once credited is guaranteed to be paid to the customer.
No bid offer spread and No Hidden surprises.Provides three guaranteed payouts during the policy term.
Non Medical Limit Up to PKR 6.5 Million for the age 18 years to 40 years
Three Payment Plan
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State Life Products
Sadabahar
Sadabahar Plan
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Sadabahar PlanPlan Type Bonus BasedEntry Age 20 Years to 60 Years
Tenure Minimum 12 years, Maximum 30 yearsMode Monthly, Quarterly, Semi Annual & Annual
RidersFamily Income Benefit, Accidental Death & Indemnity, Term Insurance, Waiver of Premium, Special Waiver of Premium,
Term Insurance, Guaranteed Insurability, Refund of Premium Rider, Hospital & Surgical Benefit
Need This plan is a safe instrument for cash provision at the time of need. With this plan, the
policyholder can secure greater protection and continued prosperity for the family at an
affordable cost.
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Sadabahar Plan
Brief
Sadabahar is an anticipated endowment type with-profit plan that provides lump sum benefit at certain stages
during the premium-paying term or on earlier death. On completion of 1/3rd of the policy term, 20% of basic sum assured can be taken by the policyholder. Another 20% of the sum assured can be taken on completion of 2/3rd of
the policy term and the remaining 60% of basic sum assured plus accrued bonuses (if any) shall be payable at
the end of the policy term
USPs
This policy will participate in State Life’s surplus. Rates of bonus applicable will be 25% higher than those on
anticipated endowment plan. All Riders are open, Make your own mix as per customer
requirementsLowest Management Charges & Lowest Riders CostYield once credited is guaranteed to be paid to the
customer.No bid offer spread and No Hidden surprises.
This plan has a built-in Accidental Death Benefit (ADB) rider
Non Medical Limit Up to PKR 6.5 Million for the age 18 to 34 years
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Accidental Death
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State Life
Riders
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SLIC Plan Riders
• AIB provides for payment of additional amount equal to the sum insured under the policy in the event of death by accidental means, or in the event of loss of two or more limbs or loss of sight in both eyes.
• 50% of the sum insured will be paid for loss of one limb; one-third of sum insured in the event of loss of one eye and one-fourth of sum insured will be paid for loss of thumb and index finger.
• Moreover, weekly indemnities are also available for total and partial disability
• If the life insured becomes permanent and total disable, an annuity of 10% of sum insured will be payable for a maximum period of ten years.
• AIB is available for the ages between 18 to 55 years.
Accident Death & Indemnity Benefit (AIB)
• This supplementary cover will provide for payment of an additional amount equal to sum insured in the event of death by an accident.
• The cover is available to lives between 5 and 55 years of ages.• Maximum term of this supplementary benefit is not allowed to exceed the
premium paying term of the basic policy, or 60 years of age of the life proposed whichever is earlier.
Accidental Death Benefit (ADB)
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• This supplementary cover provides that incase of death of the life insured during term of this cover, an annuity of 10% to 50% per annum of the basic sum insured will be payable till the completion of term of this cover.
• This supplementary cover is available to lives between 18 and 55 years of ages.
Family Income Benefit (FIB)
• In the event of death of the life insured during term of TI, the sum insured will be payable in addition to the benefits payable under the basic policy.
• This supplementary cover is an excellent opportunity for individuals who want to enhance coverage
• TI is available to lives between 18 and 55 years of age
Term Insurance (TI)
SLIC Plan Riders
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• This supplementary cover will provide for waiver of premiums under the policy incase of the life insured’s Total and Permanent Disability due to accident or disease which renders him unable to engage in any occupation.
•SWP is available to lives between 20 and 55 years of age.
Special Waiver of Premium (SWP)
• RPR provides for refund of premiums paid under the policy in the event of death of the life insured during term of the policy.
• This supplementary cover is available to lives between 20 and 60 years of ages.
• The available term ranges from 10 to 25 years.
Refund of Premium Rider (RPR)
SLIC Plan Riders
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Additional Benefits
Family Income Benefit
Waiver of Premium ++
Term Assurance
+Special Waiver of Premium
Refund of Premium Rider
+Accidental Death & Indemnity
Benefit
Accidental Death Benefit
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State Life Bonuses
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State Life Bonuses
Reversionary bonus
Special Reversionary bonus
Terminal bonus
Special Terminal bonus
Terminal bonus for
(With Profit
Tables/Plans) PAID-
UP Policies
State Life offers attractive bonuses that are declared on the basis of Actuarial Valuations
Thirtieth Anniversar
y bonus Millennium bonus
Golden Jubilee bonus
One Time bonus
Loyalty Terminal Bonus
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Regular Bonuses• Terminal bonus is available for all with profit policies in
force for the full sum assured, except Anticipated Endowment policies.
• It is payable only on maturity or earlier death of the life insured and does not carry any surrender value
• A pre-condition for entitlement of this bonus is that more than ten years’ premiums must have been paid against a policy.
• Presently, the rate of the bonus is Rs.60 per thousand sum.
Terminal Bonus
• Special Terminal bonus, at present rates, is available for all with profit policies.
• It is payable on maturity of the policy and does not carry any surrender value
• It is attached on the policies where Family Income Benefit (FIB) supplementary cover has remained in force for more than 10 years.
• Currently the rate of special terminal bonus is Rs.10 per thousand basic sum assured
Special Terminal
Bonus• This Bonus is payable to Paid-up policies (Whole Life and Endowment) terminating by way of death or maturity in 2010.
• It is attached on the policies where policies have been on the books for more than 10 years.
• The rate is Rs.50 per thousand Paid-up Sum Assured for each year
Terminal bonus for (With
Profit Tables/Plans)
PAID-UP Policies
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Other BonusesMillennium
• It is payable in full on maturity or earlier death of the life insured.• The rate of bonus is Rs.51 per thousand sum assured. This is just a one-time bonus.
Golden Jubilee• It is payable on maturity of the policy or earlier death of the life insured and does not
have any surrender value. • The rate of bonus is Rs.50 per thousand sum assured. This is just a one-time bonus.One Time• It is payable on maturity of the policy or earlier death of the life insured and does not
have any surrender value. • The rate of bonus is Rs.40 per thousand sum assured. This is just a one-time bonus.Loyalty Terminal• This bonus was announced for the first time in 2007 Actuarial Valuation. • This bonus has been retained in 2010 Valuation. It is payable to all with profit Pak Rupee
policies that have been with State Life since 1991 or earlier. • The rate of Loyalty Terminal Bonus is Rs.200 per thousand sum assured and will be paid
on claims by death or maturity in 2011 to with profit Pak Rupee policies with risk year 1991 or earlier.
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SLIC Bonuses
History & Trends
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Reversionary Bonus
Reversionary Bonuses per thousand of sum assured to with profit Pak Rupee policies
Description of Plans
For first fivepolicy year/ Rs. Per
thousand
From 6thpolicy year to
16th policy year / Rs. Per thousand
From 17thpolicy year
onwards / Rs. Per thousand
FOR ENDOWNMENT PLANS
Term of policy
20 years and over 50 94 130
15 to 19 years inclusive
35 81 81
14 years and less 20 66 -
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Reversionary Bonus Reversionary Bonuses per thousand of sum assured to with
profit Pak Rupee
Description of Plans
For first fivepolicy year/ Rs. Per thousand
From 6thpolicy year to16th policy
year / Rs. Per thousand
From 17thpolicy yearonwards /
Rs. Per thousand
FOR SADABAHAR PLANSTerm of policy (in
years)
20 years and over 44 86 12515 to 19 years
inclusive31 74 74
14 years and less 24 66 -
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0
20
40
60
80
100
120
140
48 48 48 48 48 50
90 90 9094 94 94
130 130 130Endowment Plan – 20 Years & Above1999 - 2011
Per T
hous
and
Sum
Ass
ured
(PKR
)
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
6 to
16
Year
s
From
6 to
16
Year
s
From
6 to
16
Year
s
From
6 to
16
Year
s
From
6 to
16
Year
s
From
17
Year
s to
Onw
ards
From
17
Year
s to
Onw
ards
From
17
Year
s to
Onw
ards
From
6 to
16
Year
s
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
1 to
5 Y
ears
From
6 to
16
Year
s
From
6 to
16
Year
s
From
6 to
16
Year
s
From
6 to
16
Year
s
From
6 to
16
Year
s
From
17
Year
s to
Onw
ards
From
17
Year
s to
Onw
ards
From
17
Year
s to
Onw
ards
2001-20032004-2005
20061999-2001 2007-2009
2010-2011
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0102030405060708090
100
35 35 35 35 35 35
65 69 69 69 69 69
100 100 100Pe
r Th
ousa
nd S
um A
ssur
ed
(PK
R)
2001-2003 2004-2005 20061999-2001 2007-2009 2010-2011
From
6 t
o 16
Ye
ars
From
1 t
o 5
Year
s
From
1 t
o 5
Year
s
From
1 t
o 5
Year
s
From
1 t
o 5
Year
s
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1 t
o 5
Year
s
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1 t
o 5
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s
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6 t
o 16
Ye
ars
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6 t
o 16
Ye
ars
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6 t
o 16
Ye
ars
From
6 t
o 16
Ye
ars
From
6 t
o 16
Ye
ars
From
17
Year
s to
O
nwar
ds
From
17
Year
s to
O
nwar
ds
From
17
Year
s to
O
nwar
ds
Anticipated Endowment Plan – 20 Years & Above (1999 – 2011)
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Minimum Premium
• PKR 4,000 (Annually PKR 48,000)
Monthly Mode • PKR 5,000
(Annually PKR 20,000)
Quarterly Mode
• PKR 7,500 (Annually PKR 15,000)
Semi Annual Mode
• PKR 15,000Annual Mode
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Sum at Risk
Age
18 - 34 35 - 40 41 - 55 56 - 65Up to 500,000 Non-Medical Non-Medical Non-Medical Non-Medical
500,001 to 1,000,000 Non-Medical Non-Medical Non-Medical Non-Medical
1,000,001 to 2,000,000 Non-Medical Non-Medical Non-Medical MR, PUR, BS, EX-
ECG, LFT
2,000,001 to 3,000,000 Non-Medical Non-Medical Non-Medical
MR, PUR, BS, EXECG, LFT, SC,
HEP(B&C)
3,000,000 to 5,000,000 Non-Medical Non-Medical MR, PUR, BS, EX-
ECG, LFTMR, PUR, BS,
EXECG, LFT, SC, HEP(B&C)
5,000,001 to 6,500,000 Non-Medical MR, PUR, BS, EX-ECG,
LFTMR, PUR, BS, EX
ECG, LFT, SC,HEP(B&C)
MR, PUR, BS, EX ECG, LFT, SC,
HEP(B&C)
6,500,001 to 10,000,000
MR, PUR, BS, EX-ECG, LFT, SC
MR, PUR, BS, EX-ECG, LFT, SC, HEP(B&C)
MR, PUR, BS, EX-ECG, LFT, SC,
HEP(B&C)
MR, PUR, BS, EXECG, LFT, SC,
HEP(B&C)
Above 10,000,000 MR, PUR, FBS, EX-ECG, LFT, SC, CHEST X-RAY, HEP(B&C), HIV, RFT
Medical & Non Medical Limits
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Other Policy Options• Policy should be inforce for at least 2 consecutive years.• Surrender Value is Guaranteed to be not less then 30% of Aggregate Premiums.• Following are the exclusions• Premium for the 1st policy year• Extra premiums and premiums for any riders.
Surrender
• The amount of Loan shall not exceed 80% of the net Surrender Value• Current Mark Up Rate is 12.5% per Annum
Loan
• Policy has acquired a surrender value and premium remained unpaid.• Following Two options are available .• Automatic Paid Up• Automatic Premium Loan
Automatic Non – Forfeiture Option
• Policy Holder can cancels the policy within 14 days of its commencement date.• Premium will be refunded without any deduction.
Free Look Period
AFTER SALES SERVICES
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How to sell Bancassurance??
SALES PROCESSING
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Seven Steps of Sales CycleProspecting (Client Profiling
KYC)
Pre-approach preparatio
n
Approach (A.I.D.A)
Fact Finding/Ne
ed Assessmen
t
Plan Presentation (S.P.I.N)
Objection Handling
Closing
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S = Situation: 1. Discuss the general situation or a subject of
prospect’s interest e.g. Cricket, sports. 2. Avoid controversial topics like politics etc.
P = Problems: Now come to the problem (Needs, Wants, Desires) of the client and the solution, which you want to offer through life Insurance. I = Implications: What are the different aspects of the problems and how it relates to the prospect may be discussed at this stage and solution applied.N = Negotiation: This means details of the sale. When he should buy, sum assured, premium mode Etc.
REMEMBER SPIN FORMULA FOR SALES CLOSING
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DocumentationCNIC Copy
Proposal Form
Signed Illustration
Debit Authority Form
Basic Fact Sheet
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Comparison of SLIC Actual Declared Bonuses
Rate of Return 1st – 5th Year Policy
6th – 16th Policy year
From 17th Policy Year and Onward
7% 19 35 49
9% 30 57 79
11% 44 83 115
(15% )+ SLIC Actual Bonuses Declared
50( Actual) 94( Actual) 130 (Actual)
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Group Work
• Case Study of Bonus Based Polices (Actual Comparison)
• Trainer Illustration (10 Min)• Group preparation (25 min)• Presentations by group (05 min/Group)
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Assigned Questions• What total amount (Guaranteed by GOP) a
accountholder of NBP will get after completion of 20 years NBP-SCLIC Policy?
• After how many years an accountholder may get full amount back on his/her policy (Breakeven Point)?
• In case of death of a policyholder (Allah Forbid), after 8 years, what amount payable to nominee?
• What amount payable as cash value on surrender of a policy after 12 years?
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State Life Insurance Corporation of Pakistan
Bancassurance Divisio
n Karachi