Monday August 15, 2022

State Life refutes news report

By our correspondents
December 27, 2016

A representative of the State Life Insurance Corporation (SLIC) said, in the last three years (2013-2015), the corporation has paid a total of Rs92.299 billion to its policyholders in the form of claims, such as death, maturity, etc. 

In the year 2015 alone, State Life Insurance Corporation has paid Rs35.96 billion in the form of claims.

These figures are highest in the entire insurance industry and truly reflect the commitment of the State Life towards meeting the obligations of policyholders.

The growing confidence of the policyholders is
also evident from the fact that in the year 2016, the
payment of claims to policyholders would cross 40.75 billion.

It is worth mentioning that the payment of claims has been guaranteed by government of Pakistan through Life Insurance Nationalisation Order, 1972, which itself is the part of the 1973 Constitution.

Thus, in no way, the payments of policyholders are embezzled contradictory to what has been mentioned in a section of press.

Regarding the compliance to the directions of the Securities and Exchange Commission of Pakistan (SECP), the representative mentioned that the State Life Insurance Corporation has been actively following the directions issued by the commission.

 In this regard, it has already uploaded all the details of unclaimed claims on its website.

Anyone can access the website using their policy number, and retrieve the details of the unclaimed claim, if due, under the policy.

The said directives of SECP were implemented by the State Life Insurance Corporation more than a year ago.

It must be mentioned here that State Life has not invested in any new real estate project, rather it is only completing the existing projects which were initiated few years ago.

The spending on these projects is totally separate from the policy payments and it has nothing to with the claim payments.

According to the official representatives of State Life Insurance Corporation, the news, published in various newspapers on December 22, 2016, is baseless and does not represent true facts of the performance of the corporation; rather it has been specifically published at this time to hamper its growth.