Kathmandu: Asian Life Insurance Limited(ALICL) has unveiled a new endowment assurance plan, Bhabisya Nidhi to cater to the need for risk coverage of its target group of people. The members of the board of directors(BODs) and high-level officials of the company jointly launched the product on Sunday at the Asian Life Bhawan.
According to the press release issued by ALICL, the product provides additional risk coverage up to 2 times of the sum assured on the optional features. Under the Golden option, in the event of death of the life assured after 3 years from the date of policy commencement (DOC), 1.5 times the sum assured along with the vested bonus is payable. Further, under the Diamond option, 2 times the sum assured along with the vested bonus is payable in case of death of the life assured after completion of 5 years from DOC.
Additionally, with early risk coverage (ERC) rider, the risk commencement date can be brought to the DOC.
The company’s press release also states that additional riders of Accidental Death Benefits(ADB), Total Permanent Disability and Premium Waiver Benefits(PTD/PWB), and Critical Illness(CI) can also be added with a nominal additional premium.
With the payment of three annual installments and completion of three years from DOC, the life assured can apply for loan facilities against the collateral of the policy contract.
