LIC(Nepal) ltd Introduces New Plan (Amulya Jeevan)
LIC(Nepal) ltd Introduces New Term Insurance Plan, “Amulya Jeevan”. This is a Regular Premium Paying Term Assurance Plan. This Plan provides for a pre-decided Sum-Assured on death during Premium-Paying-Term.
Death Benefit: In case of unfortunate death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.
Maturity Benefit: Nil. http://bijay-lifeinsurance.blogspot.com/
MODE OF PAYMENT OF PREMIUMS
Premiums may be paid Yearly and Half-yearly. Monthly premium under Salary Savings Scheme will be allowed under C.E.I.S Scheme only.
PREMIUM RATES.
The table enclosed as per Annexure (A) provide tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured.
MODE REBATES:
Mode Rebate
Yearly 3.0 %
Half-Yearly 1.5 %
C.E.I.S 5 %
ELIGIBILITY CONDITIONS. bijay-lifeinsurance.blogspot.com/
Minimum age at entry - 16 Year (Completed)Maximum age at entry - 60 years (nearest birthday) *Maximum age at maturity - 70 yearsPolicy term - 10 to 44 yearsMinimum Sum Assured - Rs.100,000/-Maximum Sum Assured - Rs 2,500,000/- **(Sum Assured shall be in multiples of Rs.25000/-)
* Ages should be calculated as Nearest Birthday.
** Subject to underwriting in Special Cases, Sum Assured up to Rs 10,000,000/- can be given.
GRACE PERIOD: A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.
PAID UP VALUE:
The policy shall not acquire any paid-up value.
REVIVAL
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly. bijay-lifeinsurance.blogspot.com/
SURRENDER VALUE: No Surrender Value will be available under this plan.
LOAN: No loan will be available under this plan.
EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of two years from the date of the policy.
POST By Bijay Thapa. bijay-lifeinsurance.blogspot.com/
Half-Yearly 1.5 %
C.E.I.S 5 %
ELIGIBILITY CONDITIONS. bijay-lifeinsurance.blogspot.com/
Minimum age at entry - 16 Year (Completed)Maximum age at entry - 60 years (nearest birthday) *Maximum age at maturity - 70 yearsPolicy term - 10 to 44 yearsMinimum Sum Assured - Rs.100,000/-Maximum Sum Assured - Rs 2,500,000/- **(Sum Assured shall be in multiples of Rs.25000/-)
* Ages should be calculated as Nearest Birthday.
** Subject to underwriting in Special Cases, Sum Assured up to Rs 10,000,000/- can be given.
GRACE PERIOD: A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.
PAID UP VALUE:
The policy shall not acquire any paid-up value.
REVIVAL
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly. bijay-lifeinsurance.blogspot.com/
SURRENDER VALUE: No Surrender Value will be available under this plan.
LOAN: No loan will be available under this plan.
EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of two years from the date of the policy.
POST By Bijay Thapa. bijay-lifeinsurance.blogspot.com/
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