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Nepal Life Sammunat Jeevan Beema Yojana

Product Launch Date: 12/07/2021

“Nepal Life – Sammunnat Jeevan” Jeevan Beema Yojana is a 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 due to natural causes prior to maturity of policy, two times the basic sum assured with accrued bonus will be paid to the beneficiary of the insured.
  • In the event of death due to accident prior to maturity of policy, three times 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.

Features

Details

Entry age

18 years to 60 years next birthday

Maximum age at Expiry

65 years

Sum Assured

Minimum Sum Assured: NRs. 50,000

Maximum Sum Assured: NRs. 10,000,000

Death Benefits Before Maturity (Due to Natural Causes)

2 x Sum Assured plus Accrued Bonus

Death Benefits Before Maturity (Due to Accident)

3 x Sum Assured plus Accrued Bonus

Maturity Benefits

Sum Assured plus Accrued Bonus

Risk Commencement

At the date of commencement of policy

 













 

 

 

Terms and Conditions

This product is offered for an unlimited period to

  • Males and Females
  • Smokers and Non-smokers
  • Individuals
  • Urban and Rural population
  • Standard and Impaired lives

 

Policy Term

Policy Term                 :  5 to 30 years, depending on maximum age at expiry

Premium Term            :  Same as policy term

Mode of payment        :  Monthly, Quarterly, Half-yearly or Yearly

 

Entry Age, Coverage Age and Commencement of Risk (Person Covered)

Minimum Entry Age

Maximum Entry Age

18 years old

60 years old

 

Maximum age at policy maturity is 65 years.

Age definition is age next birthday.

Risk commencement begins at the date of commencement of policy.

 

Benefits

Death Benefit

In the event of Death of the Person Covered, the Death Benefit shall be:

  1. Death due to Natural Causes:
    •  Two times Sum assured plus accrued bonus  
  2. Death due to Accident:
    • Three times Sum assured plus accrued bonus

Maturity Benefit

Upon maturity, maturity benefit equal sum assured plus accrued bonuses will be payable.

 

Surrender Benefit

Surrender value is only applicable upon completion of three policy years where three full annual premiums payments have been made.

Paid Up Value

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

 

Premium Structure

The annual premium rates are set out in Appendix C. The premium payable will vary according to the Policyholder’s entry age, coverage term, and sum assured. The contribution will be subjected to payment mode shown as following.

Payment Mode

Mode: Additional/ Discount

Yearly

1% Discount

Half-Yearly

No

Quarterly

3% Additional

Monthly

6% Additional 

Fees and Charges

All of the fees and charges are not guaranteed and the Company reserves the rights to revise them, subject to the applicable regulation.

         

Reinstatement Fee

10% compound interest rates on outstanding premium will be charged in order for a lapsed policy to be reinstated after the grace period (30 days).

Additional Riders

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

  1. 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.

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