Kathmandu: Kumari Bank has announced a special fixed saving deposit scheme that offers life insurance coverage upto Rs. 1 crore. For the first time in Nepal, the bank has announced term life insurance facility equal to the amount of fixed deposit.
According to the bank, under this scheme, customers will be able to increase the fixed deposit by 2 to 10 times and also get an opportunity to manage risk through term insurance. In this scheme, customers in the age group of 18 to 50 years can open a fixed deposit account with a minimum sum of Rs. 50,000.
The sum assured of the term plan will be equal to the amount deposited or maximum upto Rs. 1 crore, whichever is less. Kumari Bank has reached an agreement with Mahalakshmi Life Insurance Company for the term plan.