KARACHI, Sept 18: The State Life Insurance Corporation (Slic) has secured a business of Rs1.32 billion as first year premium during January-July 2006 by providing financial protection to 121,487 new policyholders and their families in individual life.

On the group life side, it has secured Rs890 million by insuring 69 new groups nationwide. This was stated by Slic Chairman Kamal Afsar at the launching ceremony of a new product -– Sada Bahar Plan -– on the occasion of State Life convention 2006 held in Bhurban on Monday.

He said Slic aimed at providing maximum life insurance coverage both in urban and rural areas of the country by expanding its operations in line with the government policy to inculcate savings at the micro level.

Mr Afsar said State Life would induct professionals to run the organisation efficiently and productively while harnessing its corporate role in the development of the insurance industry.

He said Slic and Microsoft had entered into an agreement through which PCs would be provided to the valued policyholders on easy terms and conditions in order to promote mass computer literacy in the country.

While highlighting the value-added features of the new Sada Bahar Plan, he said Slic’s life fund stood at Rs122,775.2 million, while the investment portfolio surged to Rs124,983.7 million as on December 31, 2005.

Mr Afsar said State Life had allocated Rs6.56 billion as bonuses that would be added to profit policies of the valued policyholders. The corporation, he said, paid Rs2.7 billion as individual and group life claims during the first half of 2006 that benefited 23,235 valued policyholders and their families both in the individual and group life.