KARACHI, Nov 6: The State Life Insurance Corporation of Pakistan (SLIC) has allocated Rs10.27 billion for bonus to policyholders and paid Rs6 billion on account of death and maturity of claims.

This was stated by SLIC chairman Shahid Aziz Siddiqui while addressing delegates of the State Life Convention 2008 held in Bhurban on Thursday.

He said the corporation every year distributes 97.5 per cent of its surplus bonus among its policyholders and has allocated Rs10.27 billion as bonus this year.

The corporation is taking concrete steps to ensure quality services to the policyholders and for the first time in the history of the corporation, “loyalty Terminal Bonus” is being introduced.

Shahid Aziz Siddiqui said that SLIC intends to construct parking plazas in various metropolises nationwide to help solve parking problem faced by the general public. The feasibility for the first plaza is being considered for the mega city of Karachi, he added.

He further said that up-gradation of SLIC buildings is being carried out to provide better services to its national and multinational tenants.

Mr Siddiqui lauded the performance of the marketing division for achieving its targets.

Earlier Ms Nargis Ghaloo, executive director (marketing) while presenting the performance of marketing division, informed that SLIC has secured Rs2.96 billion as first year premium (new business) by providing financial protection to 2,38,500 new policyholders and their families.

Similarly, SLIC secured Rs2.10 billion by marketing 144 new groups in the same period.

Ms Ghaloo said that state life’s renewal premium stood at Rs7.48 billion while the second and third year persistency stood at 69.16 and 98.43 per cent respectively during the period July-Sept 2008, says a press release.