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Nepal Life Anmol Jeevan

“NEPAL LIFE – ANAMOL JEEVAN” JEEVAN BEEMA YOJANA

Product Launch Date: 15/03/2022

Nepal Life – Anamol Jeevan Jeevan Beema Yojana is a participating with-profits endowment plan. It provides annual simple reversionary bonuses, which are vested once declared.  Post maturity of the endowment, the plan provides further death cover and a survival benefit.

This product offers the following benefits:

  • In the event of death prior to maturity of policy, the basic sum assured with accrued bonus will be paid to the beneficiary of the insured.
  • At maturity of policy, basic sum assured with accrued bonus will be paid to the insured.
  • In the event of survival after maturity of policy, there will be three options available for the insured but this option has to be made at inception. The options are as below:
  1. At age 75; 60% of basic sum assured will be paid to the insured and the policy would be terminated on this payment
  2. At age 80; 80% of basic sum assured will be paid to the insured and the policy would be terminated on this payment
  3. At age 85; 100% of basic sum assured will be paid to the insured and the policy would be terminated on this payment

On death before executing one of the above options, the basic sum assured will be paid to the beneficiary of the insured.

Features Details
Entry age 18 years to 65 years next birthday
Maximum age at Expiry 70 years
Policy Term 5 years to 50 years, depending on maximum age at expiry
Sum Assured Minimum Sum Assured: NRs. 25,000
Maximum Sum Assured: Based on Source and level of income
Premium payment mode Monthly, Quarterly, Half-Yearly and Yearly
Death Benefits Before Maturity Sum Assured plus Accrued Bonus 
Maturity Benefits  Sum Assured plus Accrued Bonus
Death Benefits After Maturity But Before Execution of One of The Option of Survival Benefit Sum Assured
Survival Benefits After Maturity There will be three options available on survival after maturity to be chosen by the policyholder at inception.
1. At age 75: 60% of SA will be paid to insured and policy would be terminated on this payment 
2. At age 80: 80% of SA will be paid to insured and policy would be terminated on this payment 
3. At age 85: 100% of SA will be paid to insured and policy would be terminated on this payment.
 
Risk Commencement At the date of commencement of policy
Surrender Benefits Before Maturity A surrender value is payable only after the completion of the 3 full policy year and 3 full annual premiums payments.
Surrender value calculations are consistent with Beema Samiti’s guideline.

 

Paid-Up Value

Paid-up value is only applicable upon completion of 3 full policy year and 3 full annual premiums payments.

Policy Loan

Policy loan is only applicable upon completion of 3 full policy year and 3 full annual premiums payments.

  1. Before maturity:
    • 90% of Surrender Value
  2. After maturity (before the execution of one of the options):
    • Not Applicable

Additional Riders

The following additional riders approved by Beema Samiti may be offered to policyholders by paying respective rider premiums under this plan:

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 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 these 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 premiums 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.