Procedure for loan
State Life insurance policy provides a valuable facility of the loan to meet your immediate financial exigencies. You can avail a loan up to 80% of the net surrender value of your policy. On policy loans, we charge markup @ of 1O% per annum compounded semiannually. If you are interested in avail loan under your policy.policy holder take loan after completing two full years and after paying 3 premiums.
1-nation identity card
2-this form is verified bank account with clear branch stamp
3-policy document/policy bond attach with loan form
and policy is in force no premium is due and signature as same to our record this file is submitted zonal office where the policyholder has a policy.
state life may grant a loan to the policyholder on his/her written request, against the net surrender value of the policy. the amount of loan shall not exceed 80% of the said net surrender value. the rate of profit or return and the other terms and conditions will be determined by state life at the time of granting the loan.loans of less then RS will not be given.
the amount of loan together with accrued profit or return will be the first charge on the policy, prior to all other claims.
The policy will acquire a surrender value after it has been in force for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by state life on request of the policyholder. the surrender value is guaranteed to be not less than 30% aggregate premiums.
State Life insurance policies provide a 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.
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: