Nepal Life iEnsure: Life Insurance Plan to Bear Maximum Risk in Low Investment
Nepal Life Insurance Company Limited has been bringing life insurance plans with various features with the objective of providing access to life insurance to all. In this context, Nepal Life has brought the Nepal Life iEnsure Life Insurance Plan.
Everyone envisions a brighter future for their family, both when they live and after their demise. But life is uncertain, unimaginable events that can happen at any time change the family lifestyle. Everyone wants to stay away from a financial crisis in their family and to be sure of the investment they have made. To fulfil this need, Nepal Life Insurance Company has introduced the Nepal Life iEnsure Life Insurance Plan, which bears the greater risk with less investment and also guarantees the security of investment you have made.
Features:
People in the age group of 18 to 60 years can join this insurance plan. With a minimum of 5 years to a maximum of 25 years of insurance, the maximum age of termination of insurance is 65 years. Insurance fees can be paid annually, half-yearly, quarterly, monthly, or in a lump sum on the basis of one's income or convenience. The minimum sum assured is Rs. 1 lakh while the maximum is Rs. 1 crore.
Example:
A 30-year-old person only has Rs. 5,206 monthly payment for a 20 years policy of Rs. 1 crore. This obligation will be Rs. 58,310 for the annual plan. Meanwhile, if the person chooses a one-time payment, Rs. 7,32,105 will have to be paid.
Features included in this scheme:
Discount or additional fee is provided according to the method of payment of the insurance fee.
1% discount when choosing the method of payment of annual premium fee, no extra fee when choosing the method of payment of semi-annual premium, 3% extra when choosing the method of payment of quarterly premium, and 6% additional fee when choosing the method of payment of a monthly premium fee.
Similarly, the discount has also been provided on the basis of the insurance policy. There is no discount for insurance up to Rs. 25,00,000. Meanwhile, there is a 1% discount on insurance premiums of amounts above Rs. 25,00,000.
Surrender Value and Loan facility
In addition to paying 3 premiums per annum, the surrender price can be obtained after the completion of 3 years from the date of commencement of insurance. But loan facility is not available in this life insurance plan.
Accidental Death Benefit Facility (ADB): (Optional)
Insured over 18 years of age will be able to avail the optional facility of Accidental Death Benefit (ADB) up to a maximum of Rs. 1 crore.
Conditions for Insured Sum Payment:
Maturity Benefit:
The entire deposited amount will be paid back to the insured if the insured is alive past the policy payment period. For optional facility availed, the concerned sum will be deducted.
Death Benefit:
In case of death of the insured due to any reason other than an accident (except risks not covered under the insurance policy) within one year from the commencement of the policy, only the premium amount paid by the insured will be refunded.
If the insured dies due to an accident (excluding risks not covered under the policy) within one year of the commencement of the policy, the sum assured will be paid.
In case of death of the insured for any reason (except risks not covered under the policy) one year after the commencement of the policy, the sum assured will be paid.
In case of death due to an accident of the insured in the Accidental Death Benefit plan, the sum insured mentioned in the policy and the sum insured for Accidental Death Benefit will be paid in one lump sum.
