Kathmandu: Among the 18 life insurance companies in operation, Met Life (ALICO) Insurance Company has announced the policyholder’s bonus rate for the last financial year 2078-79. MetLife is the first company to announce policyholders’ bonuses for the last FY.
The company has succeeded to accomplish its actuarial evaluation within 6 months of the completion of the last financial year 2078-79. Met Life has fixed a bonus rate of a minimum of Rs. 45 to a maximum of Rs. 80 per thousand. The bonus rate is applicable against all claims including death, surrender, paid-up value, maturity, and partial or survival benefits.
Met Life’s policyholders will get a minimum of Rs. 60 per thousand to a maximum of Rs. 80 per thousand for endowment plans. A plan with a policy term of up to 15 years to receive a bonus rate of Rs 60 per thousand, those with a term of 16 years to 20 years to receive a bonus rate of Rs. 70, and policy with a term of 21 years and above to receive a bonus rate of Rs. 80 per thousand per year.
Education Protection Scheme:
Met Life has announced to bonus rate from Rs. 60 to Rs 80 per thousand to policyholders of the education protection scheme. A policy with terms up to 15 years to receive Rs. 60, from 16 years to 20 years term to receive Rs. 70 rupees, and from 21 years or above to receive Rs. 80 per thousand per year.
Buyers of such insurance policies are to receive a minimum of Rs. 45 to a maximum of Rs. 65 per thousand per year for FY 2078-79. Policy buyers with 15 years term to receive Rs. 45 per thousand, from 16 years to 20 years term to receive Rs. 55 per thousand, and 21 years or above to receive Rs. 65 per thousand per year for FY 2078-79.
Under the endowment plan segment, Met Life has sold maximum plans with a term of 16 to 20 years. Out of the 9880 endowment policies sold, a total of 4761 policies have been issued with a term between 16 to 20 years. Similarly, under the Education Protection Scheme, 17,798 policies with policy terms from 1 to 15 years have been sold by the company.
Education Protection Scheme and Endowment Plan with policy terms 21 years or above have the highest bonus rate of Rs. 80 per thousand per year. But the number of policyholders with such policy terms is comparatively low. The company has sold a total of 1,584 endowment policies and 4,862 policies on the education protection side.