Reliable Sulav Bal Jeevan Bima Plus Plan

Reliable Sulav Bal Jeevan Bima Plus Life Insurance is a best life insurance policy for children. Parents can plan for the higher education, marriage and so on of the children by purchasing this plan. The parents can purchase the policy from age 31 days till age of 15 years. This plan provides extra coverage of monthly income benefit (MIB), premium waiver benefit (PWB), accidental death benefit (ADB), Total disability benefit (TDB) and critical illness (CI) riders for the proposer. Premium can be paid in Yearly/Half Yearly/Quarterly/Monthly.

Salient features

Minimum Sum Assured: NPR. 3,00,000

Maximum Sum Assured: NPR 50,00,000 (Cumulative for all policies as per the Beema Samiti Guidelines).

Minimum Entry Age: Life Assured – Child: 31 days, 0 years (last birthday)

          Proposer: 18 years (last birthday)

Maximum Entry Age: Life Assured – Child: 15 years (last birthday)

          Proposer: 65 years (last birthday)

Minimum Term: 5 years

Maximum Term: 54 years

Minimum Maturity Age: 18 years (last birthday)

Maximum Maturity Age: 69 years (last birthday)

Mode of Premium Payment: Yearly, Half-Yearly, Quarterly and Monthly

Modal loading will be applicable for modal premium other than yearly as follows:

Half Yearly : (Annual Premium x 1.01) / 2

Quarterly   : (Annual Premium x 1.02) / 4

Monthly     : (Annual Premium x 1.025) / 12

Loading will not be applicable on monthly mode if premium payment is through salary scheme.

Premium Payment Term: Equal to the Policy Term

Brief Description of The Benefits:

On Death of Life Assured:

On death of the life assured during the policy term but before commencement of risk, all premiums paid under the base plan, excluding extra premiums, till the date of death will be payable to the nominee/ beneficiary.

On death of the life assured during the policy term but after commencement of risk, 25% of basic Sum Assured under the policy will be paid immediately and rest 75% of Sum Assured plus the Accrued Reversionary Bonus till the date of death will be payable to the nominee/ beneficiary at the end of original policy term of the policy.

Risk Commencement Date under this plan shall be completion of 2 policy years from the policy commencement date.

Maturity Benefit:

On the survival of the policyholder to the end of the policy term, the Sum Assured under the policy plus the Accrued Reversionary Bonus shall be payable.

Additional benefits (proposer) for age of 18 years and above

1. Monthly Income Benefit (MIB): In case of death of the proposer during the term of the policy, the child gets amount equal to 1% of Sum Assured in monthly basis up to age 25 years.
2. Premium Waiver Benefit (PWB): If proposer becomes permanently disable due to accident or sickness then the entire 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.
3. Accidental Death Benefit (ADB): In case of death of the proposer during the term of the policy due to accident the nominee gets accidental death benefit amount.
4. Permanent Total Disability Benefit (PTD) : If a proposer becomes permanently disable due to accident or sickness then the proposer will received a sum equal to the Insured amount.

The maximum sum assured for above 4 riders is Rs. 50, 00,000 each or basic sum assured, whichever is lower.

• Critical Illness Benefit (CI): This additional benefit rider offers protection to insured on being diagnosed with the specific illness as defined under this plan during the term of the policy. If the insured is diagnosed of any of the listed critical Illness, he/she will be compensated with this rider sum assured. The treatment during hospitalization should comprise either in ICU, or gone through surgery. The waiting period is 90 days. The insured will not be compensated if he/she dies within 30 days of illness diagnosis. The minimum sum assured is Rs.50,000 maximum sum assured of this rider is Rs. 20,00,000.

The 15 types of critical illnesses defined include:

1. Cancer (Major type),
2. kidney failure,
3. primary pulmonary arterial hypertension,
4. multiple sclerosis,
5. major organ transplant,
6. coronary artery bypass grafts,
7. aorta graft surgery,
8. heart valve surgery,
9. stroke,
10. myocardial infarction (first heart attack),
11. coma,
12. total blindness,
13. paralysis,
14. benign brain tumor and
15. Mental illness caused due to an accident (traumatic).

Policy Loan Provisions: Provided the policy has acquired surrender value, the life assured may obtain a loan up-to 90% of the surrender value.