State Life Moves Towards Bringing Transparency

BANKING

KARACHI – State Life Insurance Corporation is the premier Life & Health Insurance company of the country which has served its policy holders since past 42 years with the best returns in the shape of bonuses and maturity benets, with an array of products serving all segments of the society. Due to the policy of the Federal Government to pass on maximum benet to the policy holders, the rates of benets passed on to the policy holders, since past several years, have been better than any other insurance company in
the country.

However, there have been some instances of leakages which were causing losses to the State Life Corporation, which were noticed by the current management and the
Board of Directors. Such leakages resulted in reducing the Corporation’s ability to give even higher benets to its policyholders and to enhance welfare of its employees with higher pays and benets.

There had been the practice of appointing dummy Sales sta and claiming fraud-ulent commissions in their names. The extent of this misappropriation amounted to
more than Rupees Five billion and thereby reduced the Corporation’s ability to give even higher benets to its policyholders and to the genuine employees. In order to serve the interests of the policy holders, the Corporation and its genuine employees, the Board decided to promote all Sales ocers to the post of Sales Manager and increase the Commission of Sales Manager from 8% to 10%. Hence while none of the sales sta will face any loss of job, thousands now stand promoted and will be getting even higher incomes through better commission rates.

This decision while saving the Corporation and its policyholders from losses by bogus Commission claims, it would give better terms and incomes to its genuine sales sta.

Some of the beneciaries of this practice of bogus Commission charges through dummy Sales Ocers, have tried to create disturbance at some of the Corporation’s oces which is being handled though the support of law enforcing agencies.