SADABAHAR JIWAN BIMA
Nepal Life Sadabahar Jeevan Beema Yojana
Introduction
This is a whole life cum money back insurance plan, participating on the profits. It can be taken by persons between 11 to 65 years. The tenure of policy can be between 5 to 20 years, and maximum age on maturity on this policy is 70 years. Under this plan, 5% of Sum Assured (SA) is paid to the policyholders every year starting from 2nd year till maturity. At the maturity the policyholder receives remaining sum assured and accrued bonus. On death of the policyholder during policy term, SA and accrued bonus will be provided to the nominee.
The unique feature of this policy is after maturity of the policy, the risk is covered till whole life. Further, there is option of surrender of policy after maturity, if the policyholder wants the liquidity after maturity of the policy.
The features of Nepal Life Sadabahar Jeevan Beema Yojana are:
Entry Age: 11 to 65 years
Additional Rider Entry Age: 16 years for ADB,PTD/PWB Rider and 18 years for CI Rider
Term of Policy: 5 to 20 years
Maximum Age on maturity of Policy: 70 years
Sum Assured: Minimum Rs.2 lacs to maximum as per income of policyholder under underwriting norms
Payment modes: Single, Monthly, Quarterly, Semi-annually and Annually
Discount/surcharge of Premium based on premium payment modes: 1% discount on annual, no discount on semi-annual modes, 1% surcharge on quarterly and 1.5% surcharge on monthly payment mode
Benefits under this policy:
Loan and Surrender Benefit
After payment of two annual premiums and after 1st year, loan and surrender benefit is available.
In case of single premium payment plan, the surrender benefit is available after 13th month of inception of policy, and 90% of surrender value can be obtained as policy loan. Also, after maturity of the policy, surrender can be done at any time, but no loan is available after maturity.
Additional Rider
Accidental Death Benefit (ADB), Permanent Total Disability (PTD) and Premium Waiver Benefit (PWB), and Critical Illness (CI) Rider is available under this policy.
Survival Benefit
After 1 year of inception of policy and after payment of 2nd yearly premium, 5% of SA each year is paid to the policyholder till maturity.
Maturity Benefit
On maturity, the SA after deducting the survival benefit already paid and accrued bonus is paid on maturity of the policy.
Death Benefit
On death of policyholder during policy term, the SA without deducting the survival benefit already paid and accrued bonus is paid to the nominee of policyholder.
In case of single premium payment plan, maximum of SA and accrued bonus or single premium whichever is higher paid to the nominee of policyholder on death of policyholder.
After receiving maturity amount, on death of policyholder after policy term again Sum Assured is paid to the nominee of policyholder.
Applicability of Exclusions
In case of regular payment policy (i.e. other than single premium), if death happens due to the conditions listed in exclusions within 2 years of inception of policy, no payment is made.
In case of Single premium payment policy, if death happens due to condition listed on exclusions, on 1st year of policy 80% of single premium and on 2nd year of policy 85% of single premium is paid to the nominee of policyholder.