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Sadabahar Jeewan Beema Yoajana

Nepal Life Sadabahar Jeewan Beema, Whole life insurance plan

Nepal Life has introduced a special 'Nepal Life Evergreen' insurance plan that provides advance payment and lifetime security. The feature of this insurance is to return the investment in a short time and provide lifelong protection.

"People want to get their investment in less time and be confident in their present and future life. The company has come up with an insurance plan called 'Nepal Life Evergreen' targeting this category," said Nepal Life Insurance. The insurance plan features advance and lifetime payments, the company said.

In the said insurance plan, the company will pay the amount incurred at the rate of 5 percent of the insured every year on the anniversary of the insurance policy.

The company has stated that it can bear the risk for life and surrender even after the insurance period. The minimum sum insured of the said insurance plan can be as high as Rs. 200,000 and above depending on the source of income.

The company has stated that citizens who have completed 11 years and have not reached 65 years of age can purchase the policy. Similarly, the insurance period is from 5 to 20 years and the maximum age at which the premium is paid is 70 years.

The premium can be paid on single, annual, quarterly and monthly basis. The company has stated that there will be a 1 percent discount on the premium when paying the premium annually.

Similarly, when paying premium on quarterly basis, 1 percent will be charged on premium rate and 1.5 percent on monthly premium.

In which case the sum insured can be paid?

  1. In the current policy, after receiving the annual premium of 2 installments one year from the date of commencement of insurance, the amount incurred at the rate of 5 percent of the insured will be paid to the insured every year.
  2. If the policy is in force and the insured is alive till the expiration date of the insurance period, the remaining sum insured under the policy and the earned bonus will be paid in one lump sum at the end of the term.
  3. In case of death of the insured while the policy is in force, the full sum insured and bonus amount as per rules will be provided in one lump sum under the policy. The amount paid in part to the insured will not be deducted.
  4. In case of death of the insured at any time during the lifetime even after the expiry of the insurance period, the amount equal to the reinsurance will be provided in the insurance policy where all the premiums have been paid.

What to do to surrender and how to get a loan?

  1. Loan and Surrender (Surrender) Price - In the case of an insurance policy issued by paying a single premium, the surrender value and loan can be obtained after one year from the date of commencement of insurance.
  2. In case of insurance premiums other than single premium, surrender price and loan will be available only after completion of two years from the date of commencement of the policy.
  3. The insurance policy can be surrendered at any time after the expiry of the premium payment period. However, the loan will not be received on such surrender amount.
  4. If the insurance fee is to be surrendered in the additional security period after the payment period, the sum assured multiplied by the surrender value unit can be obtained as surrender value.


Sadabahar Jeewan Beema Yoajana