Reliable Samunnati Jeevan Beema is an insurance plan which is and anticipated (money back) life insurance plan. It can be purchased for a fixed period of time by paying the regular installment premium on yearly/half yearly/quarterly/monthly basis till policy term. The policy holder will receive the payouts within policy term and on maturity the policy holder will receive accrued bonus plus the remaining Insured Amount (Sum Assured).

Features:
Minimum Insured Amount : Nrs. 500,000
Maximum Insured Amount : Depends upon income of customer
Minimum Age at Entry : 16 year (Last Birthday)
Maximum Age at Entry : 65 years (Last Birthday)
Policy Term : 5 to 25 years

Product Description:

This product has three options mentioned below.

Option 1: The policy holder receives annual periodic payouts at the start of every year, starting from second policy year, during policy term. Mode of premium payment is yearly. Payouts will depend on the policy term as shown below.

Option 2: The policy holder receives annual periodic payouts at the end of every year, starting from second policy year after receipt of two full year’s premium, during policy term. Mode of premium payment is monthly. Payouts will depend on the policy term as shown below.

Policy Term Annual Money Back      (% of Insured Amount)
5 to 7 10%
8 to 10 7%
11 to 14 6%
15 to 20 5%
21 to 25 4%

Option 3 : The policy holder receives periodic payouts at the end of every fourth year, starting from end of fourth policy year after receipt of four full year’s premium, during policy term. Mode of premium payment is monthly, quarterly, half yearly and yearly. Payouts will depend on the policy term as shown below.

Policy Term Money Back (% of Insured Amount)
Policy Year
4 8 12 16 20
10 40% 60%
15 30% 30% 40%
20 20% 20% 20% 40%
25 15% 15% 15% 15% 40%

Policy holder will pay the premium for the limited period only eg for 10 years term policy holder will pay premium for 8 years only, for 15 years policy term holder will pay premium for 12 years only, for 20 years policy term policy holder will pay premium for 16 years and for 25 years policy term policy holder will pay premium for 20 years only.

Benefits:

Maturity Benefit:
On maturity policy holder receives Insured Amount plus accrued bonus on maturity.

Death Benefit:
On death of policy holder during policy term Insured Amount plus accrued bonus will be paid to the nominee/beneficiary

Optional Benefits:

Additional benefits are available from the age of 18 years.

Accidental Death Benefit: In case of death of the policy holder during the term of the policy due to accident the nominee gets Insured amount plus accidental death benefit amount plus accrued bonus.

Permanent Total Disability Benefit: If a policy holder becomes permanently disable due to accident or sickness then the policy holder will received a sum equal to the Insured amount and policy will remain continue till maturity by paying the premium by the policy holder. On maturity policy holder will again receive the insured amount plus bonus.

Premium Waiver Benefit: If a policy holder becomes permanently disable due to accident or sickness then all the future premium will be waived. On maturity the policy holder will receive the Insured amount plus accrued bonus without paying any installment from the date of disability.

Critical Illness Benefit: If a policy holder is diagnosed with a specific critical illness during the policy term, a sum equal to the Insured Amount of this benefit will be paid to the policy holder. The amount will be paid only one time during the policy period.

Hospital Cash Benefit:  The benefit is payable to the policy holder in the event of being hospitalized for surgery or admitted to an Intensive Care Unit (ICU) due to accident. The length of stay should be minimum 72 hours and hospitalization should be within 24 hours of accident causing bodily injury.

First Policy Issue Date : 2076-05-15