In accordance with the decision of the Government of Nepal to mobilize internal means and capital for the economic development of the country, to stop the expenditure of foreign currency and to establish an efficient professional insurance company. Life insurance is a term life insurance. This insurance plan is expected to help cover the age group (11 years to 16 years and 60 years to 65 years) within the scope of insurance, which is not covered by its products currently in the market.
Basic features of life safety:
The minimum entry age is 11 and the maximum entry age is 65 years and the minimum term of life insurance will be 5 years and the maximum term will be 59 years while the maximum payment age will be 70 years. The minimum sum insured is Rs.1,00,000.÷ (literally Rs. one lakh) and the maximum sum insured can be maintained based on the income source and health examination. Double accident benefit (ADB) will be in the form of a supplementary contract. Double accident benefit (ADB) can be taken up to a maximum of Rs.50,00,000.There is no discount on the insurance fee when insuring up to Rs.2,00,000.÷, insurance fee is Rs.1.÷ per thousand when insuring between Rs.2,00,001.÷ to 5,00,000.÷ and the insurance amount is Rs. When insuring more than 5,00,001.÷, a discount system of Rs.2.÷ per thousand has been established in the insurance fee.
Insurance fee can be paid annually and semi-annually. A special discount has also been established for the payment of such insurance fees, under which there will be a 2 percent discount on annual payments and 1 percent on half-yearly payments. The proposer of the insured under 16 years of age should be his/her father/mother. During this period, the responsibility of paying the insurance fee will be on the proposer.
After 3 years from the inception of the policy, if the insured wishes, he can take a loan up to 90% of the surrender value. The interest rate of the loan will be maintained as per the practice of the institute. The bonus will be provided as determined by the first actuarial evaluation after the commencement of the insurance policy. But only in case of death of the insured before the first actuarial evaluation after the risk has been assumed, a special bonus will be provided at the rate of Rs.65 per thousand.