Child Plan

A child endowment is a life insurance plan that provides dual benefits of savings and life protection under a single policy. This plan aims to protect your child’s future and career, to arrange funds for child’s education and other special needs.

Basically, children are dependent on parents in financing all kinds of needs. So, a child shouldn’t have to suffer financially after losing a parent in order to get the most basic level of care and education.This is why having a child insurance is very much crucial for any parent

Nepal Life Naulo Keta Keti Jeevan Beema Yojana

Nepal Life- Naulo Ketaketi Jeevan Beema Yojana

Description of product

Nepal Life-Naulo Keta-Keti Jeevan Beema Yojana is a participating/with-profits children’s endowment plan. It provides annual simple reversionary bonuses, which are vested once declared.

This product offers the following benefits:

  • In case of death before commencement of risk, refund of premiums will be paid.
  • In case of death after commencement of risk but before maturity, 25% of basic sum assured will be paid at the time of child’s death and 75% of basic sum assured plus accrued bonus till death of the child with prescribed interest will be paid at maturity.
  • At maturity of policy, basic sum assured with accrued bonus will be paid to the insured.

Commencement of Risk:

Insurance/risk coverage of the Child will commence 2 years after the date of commencement or from the policy anniversary falling immediately after the completion of 7 years of child, whichever is later. However, if the age at entry of the child is greater than 7 years, then the risk coverage will commence from the policy anniversary following completion of age 10 of the child.

To comply with the product development guidelines, there are tighter financial underwriting that the Company has to observe:

  • When insuring a child, the insurer should insure all the insurable minor children of the proposer with the same sum assured.
  • The total cumulative sum assured of child/children policy should be within the limit of Rs.5 million. When the proposer wants to do more than that, insurance should be done in such a way that the total cumulative sum insured of child/children policy is equal to the total sum assured of the proposer’s policy.
  • When insuring children, financial underwriting is to be done to ensure that the proposer should be able to pay the premium financially till the expiration date of the insurance period of the child/children and in case of big insurance, he should be able to continue his insurance as well.
Features Details
Entry age 1 year to 17 years
Maturity age Min: 18 years, Max: 47 Years
Policy Term 5 years to 30 years, depending on minimum maturity age
Sum Assured Minimum Sum Assured: NRs.100,000

Maximum Sum Assured: Depends on source of income of proposer

Premium payment mode Monthly, Quarterly, Half-Yearly and Yearly
Death Benefits As above
Maturity  Benefits Sum Assured plus Accrued Bonus
Early Surrender A surrender value is payable only after the completion of the 3 full policy year and 3 full annual premiums payments



Additional Riders available in this products are:

The following additional riders are offered to policyholders with additional premiums under this plan:

Premium Waiver Benefit (PWB):

This is a rider benefit which offers waiver of future premiums on occurrence of death and permanent total disability (PTD) of the policyholder’s proposer, in exchange with additional premium.

Monthly Income Benefit (MIB):

This is a rider benefit which offers protection on occurrence of death policyholder’s proposer, in exchange with additional premium. In case of death of the policyholder’s proposer during the premium term, 1% percentage of sum assured is payable monthly during the term of the policy or the child completing age of 18years, whichever is earlier.

Child Risk Cover Extra (CRCE):

This is a rider benefit which guarantees the child’s risk commencement will be at maximum 2 years after the date of commencement, irrespective to the conditions stated, in exchange with additional premium.



Eligibility Conditions:

Entry Age
Child Age From birth till 18 yrs
Proposer Age 20 – 65 yrs

Policy Term: 5 to 30 years (By the end of the term the age of the child should not exceed 30 years and the age of the proposer should not exceed 70 yrs)
Sum Assured:    Proposer – NPR. 50 thousand to 1 Crore
Child – NPR. 50 thousand to NPR. 25 Lakhs
Risk Coverage Fee: NPR. 1/- per thousand of child’s sum assured
Discount and extra charges on premium amount

Discount on Premium
5.01 – 10 lakhs NPR. 1/-  per thousand of premium amount
Above 10 lakhs NPR. 2/-  per thousand of premium amount
Extra Charges on Premium (According to Payment Option)
Annual No extra charge
Half Yearly Extra 1% on premium
Quarterly Extra 2% on premium
Monthly Extra 3% on premium

Special Features:

  1. Proposer’s sum assured and respective bonus shall be paid to the proposer in case of maturity of the plan and if the proposer is alive*.
  2. In case of the demise of the proposer within the policy term
    1. Bonus calculated till the time of the proposers death and premium waiver after that till the end of term.
    2. After the demise of the proposer, 10% of the sum assured shall be paid on an annual basis till the end of the term. If any amount remains after the payment of 10% sum assured annually till the end of the term then that amount shall be paid to the child / nominee.
  3. In case of the demise of the insured child after the start of the policy term#, the sum assured of the child shall be paid and the policy shall remain enforced for the proposer. Regular premium will have to be paid till the end of the term.
  4. Loan facility shall be available after 1 year of policy enforcement.

* In case of the end of the policy term with or without the demise of the proposer and if the child is alive by that time then no amount of the child’s sum assured will be paid.
# Risk coverage of child shall start from 2 years after the enforcement of the policy or by the time the child is 5 yrs old (whichever comes first).

Product’s Special Features
– Entry Age – From birth till 18 yrs
– One policy, double risk coverage (Proposer & Child)
– Maturity amount received can be utilized for child’s education
– In case of death of the proposer, regular fixed income will be provided to the child to ensure the child’s education till maturity
– Loan facility available after 1 year of policy enforcement

First Policy Issue Date : 2013-11-21