It is a most popular form of life insurance . It is an endowment plan. It can be taken by anyone in the age group between the age of 11 years to 60 years and can secured their as well their family lives from future uncertain financial burden. Under this plan the insured amount (Sum Assured ) with bonus is payable at the end of the specified period or on death of the life assured before expiry of the term. By selecting the term judiciously, one can provide for old age and get risk cover for the selected term.
- Age at Entry : 11 years to 60 years
- Maximum Maturity Age : 65 years
- Terms of Policy : 15 years to 54 years
- Minimum Sum Assured: NRs. 5,000
- Maximum Sum Assured: Based on source of income
- Premium Payment Mode: Monthly, Quarterly, Half-Yearly and Yearly
- At the time of maturity of policy, Basic Sum assured with Bonus will be paid to the insured.
- In case of death immediately after policy commencement or before maturity, Basic Sum assured with Bonus will be paid to the beneficiary of the insured.
Insurance Premium is to be determined based on age of insured, policy term and requested coverage amount. For example a person aged 30 years going in for insurance under this plan for 20 years for Sum Assured 1 lakh will have to pay annual premium of Rs. 4,896/-. He will get Rs.1 lakh plus bonus at the end of the term. In case of earlier death his nominee will get Rs. 1 lakh plus bonus there on.
Optional Benefits (Rider Benefits):
With payment of additional premium, following additional benefits can be taken:
- 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 Rs. 1 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 Rs. 2 per thousand. 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 .