13,683,836 millions to its policy holders
during last three years.
KARACHI -- The State Life Insurance has earned a profit of Rs154 billion during 2016-17 and distributed over Rs38 billion among its policy holders
Global Banking News-April 18, 2017--MAS to provide more protection to policy holders
The total individual life policy holders
for the year 2015 was 5.
FIO's orders with recommendations were promptly accepted and implemented by both, the policy holders
and insurance companies.
It said: "Wrightway has committed to helping its broker clients deal with affected policy-holders and, with this in mind, Wrightway has decided to make an ex gracia payment to its brokers to pass on to their policy holders
which is equal to the value of the premiums from now until the end of their current policy contracts.
The interest of policy holders
will also be protected because, under the insurance law, the companies will be held responsible for mis-selling and higher penalties are now imposed.
It not only provides policy holders
a facility to keep insurance policies in electronic form but also enables them to undertake changes, modifications and revisions in the insurance policies with speed and accuracy.
eligible for the Equitable Life Payments Scheme include those who hold, or have held, one or more of the following policies: Equitable Life Conventional With-Profits (CWP) policy bought between 1 September 1992 and 31 December 2000 inclusive; Equitable Life Accumulating With-Profits (AWP) policy (both individual and group scheme policies) that either started between 1 September 1992 and 31 December 2000 inclusive, or had at least 1 premium paid into it between 1 January 1993 and 31 December 2000 inclusive; and Equitable Life WPA (With-Profits annuity) policy bought between 1 September 1992 and 31 December 2000 inclusive.
Since April this year ELPS has issued payments to an additional 17,000 policy holders
, which means that of the one million eligible policyholders 877,000 have now had payments issued to them.
In 2013, there is an estimated MYR 6 million of funds from matured policies that are left unclaimed by policy holders
They are expected to increase takaful firms' ability to distribute surpluses to policy holders
and dividends to shareholders, he said.