First Date of Issuance: 2017-10-17
Endowment with Whole Life Plan
This plan guarantees you lifelong protection. Even after the premium paying term, the coverage will continue till the insured attain the age of 100 years. It is also an ideal way of creating an asset while also protecting your family against financial loss that can happen after your death at any point in time.
On survival of the insured till the end of the policy term, the insured will receive the full Sum Assured along with Vested Bonus (Survival Benefits = Sum Assured + Vested Bonus). Moreover, on survival of the insured up to 100 years, the insured will again receive an amount equivalent to the full Sum Assured.
Death Benefits: On the death of the insured during the policy term, the beneficiary will receive the full Sum Assured (Death Benefits = Sum Assured).
In Case of the death of a child of 11- 15 years, 25 percent of the sum assured shall be paid immediately at the time of the child’s death, and remaining payables along with bonus accrued till the child’s death shall be paid at maturity.
Before Maturity: On the death of the insured during the policy term, the beneficiary will receive a lump sum amount equivalent to the full Sum Assured along with Vested Bonus (Death Benefits = Sum Assured + Vested Bonus).
After Maturity: On the death of the insured before attaining the age of 100 years and after maturity of the policy, the beneficiary will receive an amount equivalent to the full Sum Assured in addition to the survival benefits already paid.
Maturity Benefits: Nil
Minimum Sum Assured NPR 100,000
Maximum Sum Assured No Limit (Based on Income)
Minimum Entry Age 11 Years
Maximum Entry Age 65 Years
Minimum Policy Term 5 Years
Maximum Policy Term 59 Years
Maximum Maturity Age 70 Years
Note: For the minor’s life insurance coverage above the sum assured NPR 20 lakhs, the proposer (parent) must have the life coverage equivalent to the proposed sum assured of the minor.
Premium Payment Mode: Regular (Annually/Semi-Annually/Quarterly)
Critical Illness Benefit (CI):
On the insured being diagnosed with the onset of any of the listed Critical Illnesses during the term of the policy, an additional sum equal to Sum Assured under the basic policy or NPR 50 Lakhs, whichever is less, is payable subject to the survival of the insured and continuity of the said illness for 30 days from the date of diagnosis.
Accidental Death Benefits (ADB):
On the death of the insured due to an accident, an additional amount equal to Sum Assured or NPR 1 Crore, whichever is less, is payable to the beneficiary. This benefit is available only to insured attaining the age of 16 years.
Permanent Total Disability (PTD):
On Permanent Total Disability of the insured due to accident, an additional amount equal to Sum Assured or NPR 1 Crore, whichever is less, is payable in monthly installment spread over 120 months. If the remaining term to maturity is less than 120 months, the balance installments are payable in a lump sum on maturity or at death, whichever is earlier. This benefit is available only to insured attaining the age of 16 years.
Premium Waiver Benefits (PWB):
On the Permanent Total Disability of the insured due to an accident, the entire future premiums due subsequent to the date of Total Permanent Disability will be waived. In the case of the life insurance of a minor, on the death of the Proposer during the policy term, the future premium due subsequent to the date of death will be waived till the child attains the age of 16 years.
Monthly Income Benefit (MIB):
This benefit is applicable to child insurance for an age 11 to 14 years. In case of death of the Proposer, monthly 1% of the Sum Assured is payable till the child attains the age of 16 years.
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