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Sadabahar Jiwan Bima

This is a whole life cum money back insurance plan, participating on the profits. Under this plan, 5% of Sum Assured (SA) is paid to the policyholders every year starting from 2nd year till maturity. The unique feature of this policy is after maturity of the policy, the risk is covered till whole life. Further, there is option of surrender of policy after maturity, if the policyholder wants the liquidity after maturity of the policy.

SALIENT FEATURES:

  • Age at Entry : 16 years to 65 years
  • Maximum Maturity Age : 70 years
  • Terms of Policy : 5 years to 20 years
  • Minimum Sum Assured: NRs. 2,00,000
  • Maximum Sum Assured:  Depends upon income 
  • Premium Payment Mode:  Quarterly, Half-Yearly , Yearly and Single
  •  Policy loan shall be available after the policy acquires paid-up/surrender value. Policy Loan shall be maximum of 90% of the surrender value.

Basic Benefits:

  • On the survival of the life assured 5 % of the Basic Sum Assured will be paid from the 2nd year till the end of the policy term.
  • In case of survival of policyholder at the end of the policy term Sum Assured less the survival benefits already paid  + Bonus will be paid as a Maturity benefit .
  • In case of Life Assured’s death during the term (before maturity) of the policy Basic Sum Assured + Bonus will be paid to the nominee irrespective of any survival payouts made at earlier durations.
  • In case of  single premium policies , on death of policyholder during the policy term (before maturity) , the Sum Assured + Bonus as on the date of death or the single premium under the policy, whichever is higher will be payable to the nominee  irrespective of any survival payouts made at earlier durations .
  • In case of Life Assured’s death after the policy term then, an amount equal to Sum Assured will be paid .
  • Surrender value is available during /after the policy term (extended life cover period).
  • In case of Single premium payment policy, if death happens due to condition listed on exclusions, on 1st year of policy 80% of single premium and on 2nd year of policy 85% of single premium is paid to the nominee of policyholder. 

Optional Benefits (Rider Benefits):

With payment of additional premium, following additional benefits can be taken:

1. Accidental Death Benefit (ADB) Only:

This is a rider benefit which offers protection on occurrence of death of the policyholder due to accident .  It  can be taken with payment of additional premium per thousand. In case of death due to accident, additional benefit equal to basic sum assured or maximum Rs. 1,00,00,000 whichever is less is payable to the beneficiary of assured.

2. Accidental Death Benefit, Accidental Total Permanent Disability, Premium Waiver Benefit – ADB, TPD & PWB:

This is a rider benefit which offers protection on occurrence of death or disability  of the policyholder due to accident . This rider is to be offered as a package along with premium waiver rider .  It can be taken with payment of an additional premium. Total coverage amount under this benefits will be equal to basic sum assured or Maximum Rs. 100,00,000/- whichever is less. In case of permanent and total disability of the policyholder during the policy term caused by an accident the Rider Sum Assured will be paid to the policyholder in 120 equal monthly instalments  and all future payable premium will be waived.

3. 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 .