Bonus Rates for foreign currency policies
State Life offers the following bonuses for different plans subject to the terms and conditions applicable to each. These bonuses are declared on the basis of Actuarial Valuations.
Reversionary Bonus
The present rates of reversionary bonus per thousand of sum assured, for all with profit UAE Dirham/ US Dollar policies that are in force for the full sum assured as at December 31, 2022, announced as a result of the Actuarial Valuation as at December 31, 2022, are as under:
| Policies expressed in UAE Dirham |
|---|
| Reversionary Bonuses per 1000 of sum assured to with profit UAE Dirham policies | ||
| Description of Plan | For 1st five policy years | From 6th policy year onwards |
| AED | AED | |
| Whole Life | 16 | 38 |
| Endowments Term of policy (in years) |
||
| 20 years and over | 14 | 32 |
| 15 to 19 years inclusive | 10 | 24 |
| 14 years and less | 6 | 14 |
| Anticipated Endowments Term of policy (in years) |
||
| 20 years and over | 8 | 22 |
| 15 to 19 years inclusive | 6 | 16 |
| 14 years and less | 6 | 12 |
| Policies expressed in US Dollar |
|---|
| Reversionary Bonuses per 1000 of sum assured to with profit US Dollar policies | ||
| Description of Plan | For 1st five policy years USD | From 6th policy year onwards USD |
| Whole Life | 16 | 38 |
| Endowments Term of policy (in years) |
||
| 20 years and over | 14 | 32 |
| 15 to 19 years inclusive | 10 | 24 |
| 14 years and less | 6 | 14 |
| Anticipated Endowments Term of policy (in years) |
||
| 20 years and over | 8 | 22 |
| 15 to 19 years inclusive | 6 | 16 |
| 14 years and less | 6 | 12 |
These bonuses have a surrender value, subject to the fulfillment of certain conditions.
Please contact your servicing State Life zonal office for other terms and conditions related to these bonuses and the details of total bonuses attached to your policy.
Family Income Benefits in course of payment (Where the life assured has died).
Family Income Benefit to heirs or nominees of deceased life assureds will be increased by 4.0%, where life assured has died on or before 2022, payable from policy anniversaries in the year 2024 under with profit policies.
Please contact your servicing State Life zonal office for other terms and conditions related to this benefit.
Terminal Bonus
Terminal bonus will only be payable on Whole Life and Endowment policies and not on Anticipated Endowment policies. It will be available on claims by maturity or earlier death of the life insured in the year 2023 and does not carry any surrender value. A pre-condition for entitlement of this bonus is that more than ten years’ premiums must have been paid against a policy. For policies expressed in UAE Dirham, the rate will be AED 10 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of AED 200 per thousand sum assured. For policies expressed in US Dollar, the rate will be USD 10 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of USD 200 per thousand sum assured. This bonus shall only be payable on whole life and endowment policies and not on Anticipated Endowment policies. Additionally, this bonus shall only be applicable for those policies that have been enforce at death or maturity and not for paid-up policies.
Please contact your servicing State Life Zonal Office for other terms and conditions related to this bonus and details of total bonuses attached to your policy.
Special Terminal Bonus
Special Terminal bonus will be paid to Anticipated Endowment policies on claims by maturity in 2023, where a Family Income Benefit (FIB) is in force at maturity as a supplementary contract and has been in force for more than 10 years. For policies expressed in UAE Dirham, the rate will be AED 5 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of AED 100 per thousand basic sum assured. For policies expressed in US Dollar, the rate will be USD 5 per thousand sum assured for each year’s premium paid in excess of 10 years subject to a maximum of USD 100 per thousand basic sum assured.
Please contact your servicing State Life zonal office for other terms and conditions related to this bonus and the details of total bonuses attached to your policy.
Disclaimer regarding future bonuses:
Bonus rates for future years are not guaranteed and may either go up or down depending on future Actuarial Valuations.