Term Life Plan

Term life insurance is a life insurance policy that provides coverage for a certain “term” of years. A death benefit will be paid if the insured passes away within the time frame specified in the policy but the policy must be in active state. It is less expensive in comparison with other types of policies offered and the period of protection is temporary.

Why Term Insurance?
When You need a large amount of life insurance but are unable to purchase the needed protection due to unstable financial conditions. In this kind of situation, inexpensive term insurance comes handy and can be purchased. It is also appropriate if the need for protection is temporary.


This plan enables employers to provide life insurance benefit to their employees at low rate of premium. It is a hassle free plan wherein risk coverage is given up to the normal retirement date without any health requirements up to age 45 and with only declaration of good health thereafter. The savings made through the simple scheme of administration is passed on to the employees by substantial reduction in premium.

The minimum age at entry is 18 years and maximum age at entry is 55 years. The S.A. allowed varies from Rs. 50,000 to Rs. 3,50,000 depending upon the category. The group size of 50 employees, contribution of minimum of 50% of premium by the employer, joining of the scheme by a minimum of 75% of confirmed employees on introduction and compulsory joining by employees recruited thereafter are some of the binding features of the scheme. Variations in the scheme and its benefits are possible depending on the size and composition of the group and participation of the employer.

The company is trying to sell the above products in large scale so as to fulfill its mission of providing social security to every eligible citizen and also for spreading and creating awareness about the need of insurance. With increase in insurance awareness among the general public and specific target groups the company plans to bring in new products having greater risk/term insurance components. It also plans to bring in products providing pensions, health care and plans with multiple add on/optional advantages and risk covers.



New Term Life Insurance is one of the unique products which make provision for the family of the Assured in the event of early death .To cover high risk in low premium is the specialty of this product. If a person has taken loan from Bank/Finance and insured under this plan the liability against his loan would be borne by the related insurance company.Features of New Term Life Insurance:

  1. In this plan we have 5,10,15,20,25 and 30 years of Term.
  2. Minimum S.A is 1,00,000/- and maximum S.A depends upon the income source of the life to be assured.
  3. Minimum entry age is 18 yrs and maximum entry age is 60 yrs.
  4. The mode of payment is either yearly or half yearly .
  5. 5% rebates on premium for above 1000000 Sum Assured .
  6. Riders are not applicable in this plan.

*. Under this Plan Full S.A. payable in case of Death of Life to be assured on Inforce policy.First Policy Issue Date : 2011-07-04

The plan is a non-participating single premium one year term assurance plan. It provides pre-decided sum assured on death of the life assured during the policy period.
Death Benefit: In the event of unfortunate death of the life assured during the policy term, the Sum assured will be paid to the nominee / beneficiary.
The policy will terminate on payment of the death benefit and nothing will be payable thereafter.Maturity Benefit: No maturity benefit will be payable under this plan.
Minimum Age at Entry:     16 years (Last Birthday)
Maximum Age at Entry:     60 years (Last Birthday)
Policy Term:                        1 year
Premium Payment Term:    Single Premium
Minimum Sum Assured:      NRs. 250,000
Maximum Sum Assured:     No limit, subject to medical and financial underwriting. Sum Assured more than 20 lakhs requires other conventional policies equal to desired sum assured.First Policy Issue Date : 2017-04-18