A single master policy will be issued to the Master Policy Holder (MPH) covering all the members of the scheme. The scheme is administered by the nodal agencies like associations, societies, lending agencies etc.

INSURABILITY CONDITION

The basic insurability condition is that members should be in good health on the date of entry into the scheme.

PAYMENT OF PREMIUMS

The product is one-year renewable term life plan, premiums can be paid yearly or monthly during the policy term. New members are allowed to join during the policy year, however, the premium is calculated for the year or proportionately (pro-rata basis) for the outstanding term from the joining date to the end of the policy term.

BENEFITS

1.   Death Benefits:

      a)  In case of death of an insured member, 100% of sum assured will be paid.

2.  Maturity benefits: - N/A

3.  Surrender benefits: - N/A

OPTIONAL BENEFITS

The following riders will be available under this plan.

1.  Funeral Expense Rider:

Payable on death of the member during the policy term. The sum assured can be selected by the policyholder up to 40% of the member’s base plan sum assured, subject to a maximum of NPR 200,000 is payable as a funeral expense.

2.  Accidental Death Benefit Rider:

Payable on death of the member due to accident during the policy term. The rider sum assured can be selected between 50% and 100% of member’s base plan sum assured subject to a maximum of Rs. 5,000,000. In the case the benefit has  already been received under the rider 3 below (Accidental Total Permanent Disability Benefit Rider), Accidental Death Benefit sum assured shall be equal to ADB sum assured minus sum assured received under rider 3.

3.  Accidental Total Permanent Disability Benefit Rider:

Payable on Total and Permanent Disability resulting from accident. The rider sum assured can be selected between 50% and 100% of member’s base plan sum assured subject to a maximum of Rs. 5,000,000.

The rider covers the following.

• Total Permanently disabled, or
• Irrecoverable and complete loss of both eyesight, or
• Physically useless of wrist of hands or both legs from joint of ankle, or
• Any one among the loss of one wrist or one leg from an ankle and complete loss of one eyesight.

Rider cover for the member will be terminated on payment of such benefit to the member.

4.  Accidental Partial Permanent Disability Rider:

Payable on Partially Permanent Disability resulting from accident. The rider sum assured can be selected between 50% and 100% of member’s base plan sum assured subject to a maximum of Rs. 2,500,000.

The rider covers the following.

• Irrecoverable and complete loss of one eye’s sight, or
• Physically useless of wrist of one hand or one leg from joint of ankle, or
• Complete loss of speech, or
• Complete loss of hearing (both ear).

Rider cover for the member will be terminated on payment of such benefit.

TERMS AND CONDITIONS

• Minimum Face Amount/ Basic Sum Assured: NPR. 5,000 per member
• Maximum Face Amount/ Basic Sum Assured: NPR. 10,000,000 per member
• Minimum Group Size: 10 members.
• Minimum Entry Age: 16 years
• Maximum Entry Age: 70 years
• Maximum maturity Age: 71 years
• Policy Term:  One year
• Mode of Premium Payment: Single / monthly