Kathmandu. Nepal Life Insurance Company has unveiled the “Nepal Life Samunat Jiwan” life insurance plan.
The plan is targeted for people who are involved in risky professions such as doctor, engineer, bike rider, factory workers. Thus, the insurance plan has the feature of bearing maximum risk from the same insurance policy of the person engaged in more risky profession.
In case of death of the insured due to an accident within the insurance period, three times of the sum assured and the vested bonus shall be paid to the nominee or legal heir.
The entry age is 18 to 60 years while the term is 5 to a maximum of 30 years. In addition, there is a facility to choose optional rider benefits against Critical Illness. The sum assured ranges from 50 thousand to one crore based on the financial sources of the proposer.
If the insured survives till the end of the insurance term while the policy is in force, the vested bonus and the sum assured shall be paid at maturity.
In case of death of the insured for any reason within the insurance term while the insurance policy is in active status, double the sum insured and vested bonus shall be paid to the nominee or legal heir.
After the payment of 3 annual installment and completion of 3 years from date of policy issued, surrender value can be received. In addition, loans up to 90 percent of the surrender value can be obtained by pledging the insurance policy.