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| Details: | Status: |
| Product Category by NIA: | Endowment |
| NIA Product Code: | NIA/LI003/2078/079/EP/0018 |
| NIA Approved Date: | 03/08/2078 |
| Launched Date: | 12/7/2021 |
“Nepal Life – Jeevan Udaya Ekal Jeevan Beema Yojana” is a single premium participating with-profits endowment plan. It provides annual simple reversionary bonuses, which are vested once declared.
This product offers the following benefits:
- In the event of death prior to maturity of the policy, two times of basic sum assured with accrued bonus will be paid to the beneficiary of the insured.
- At maturity of the policy, the basic sum assured with accrued bonus will be paid to the insured.
| Features | Details |
| Entry age | 18 years to 55 years next birthday |
| Maximum age at Expiry | 70 years |
| Policy Term | 10 years to 30 years, depending on maximum age at expiry |
| Sum Assured | Minimum Sum Assured: NRs. 50,000 |
| Maximum Sum Assured: Based on Source and level of income | |
| Premium payment mode | Single-Premium Payment Mode |
| Death Benefits Before Maturity | Two times Sum Assured plus Accrued Bonus |
| Maturity Benefits | Sum Assured plus Accrued Bonus |
| Risk Commencement | At the date of commencement of the policy |
| Surrender/Loan Benefits | A surrender value is payable only after the completion of the 3 full policy year |
| Policy loan is only applicable upon completion of 3 full policy year which will be equal to 90% of Surrender Value. | |
| Surrender value calculations are consistent with Beema Samiti’s guideline. |
Distribution Channel
Agency Channel
Target Market
Mass and mass affluent individuals who are planning to diversify the investment portfolio for financial stability for the future while obtaining coverage for the risk of death before the maturity of the policy.
Jiwan Udaya Ekal
Risk Not Covered by Insurance
If the death of the insured is directly or indirectly due to any of the following reasons, the amount to be paid under the insurance policy is not as per the sum assured mentioned in the schedule but if there is any surrender value of the insurance policy, only that amount will be paid.
In the following cases, claims will be excluded for consideration.
- Engaging in aviation other than as a fare paying passenger on a regular route of a recognized aviation service
- Any war-like operations (whether war be declared or not), riot, civil commotion, rebellion or invasion
- Any breach of civil or military law
- Suicide, whether sane or insane, within two years after the date of commencement of assurance.
- Engaging in risky occupation without formal notification to the Company.
Except for the risks mentioned above, this policy will not restrict migration, travel, or occupation abroad.
If any dispute arises under this policy, it will be solved in accordance with the insurance Act, 2049.
