New Term Life Insurance is one of the unique products which make provision for the family of the Assured in the event of early death .To cover high risk in low premium is the specialty of this product. It is a non-participating plan. If a person has taken loan from Bank/Finance and insured under this plan the liability against his loan would be borne by the related insurance company through this plan.
- Age at Entry : 18 years to 60 years
- Maximum Maturity Age : 70 years
- Terms of Policy : 5 ,10,15,20,25 and 30 years
- Minimum Sum Assured: NRs. 5,000
- Maximum Sum Assured: Depends upon income
- Premium Payment Mode: Half-Yearly and Yearly
- Riders are not applicable in this plan.
- This is Non – Participating plan.
In the event of an unfortunate death of the life assured during the policy term, the Sum assured will be paid to the nominee / beneficiary.
- The policy will terminate on payment of the death benefit and nothing will be payable thereafter.
- No maturity benefit will be payable under this plan.
Optional Benefits (Rider Benefits):
Critical Illness Benefit:
This is a Rider benefit . If the life assured is diagnosed with specific illness defined under this plan during the policy term, lump sum amount equal to basic sum assured or maximum up to Rs. 50,00,000 will be paid to the insured. Undermentioned conditions should be followed to have Critical Illness ;
Entry age: Minimum 18, Maximum : 65, Policy maturity age: 70, Coverage: Minimum Rs.50, 000 ,Maximum : Rs. 50,00,000 , Policy Term : Minimum 5 Years to Maximum 20 years .