PLANS of NLIC

सूख समृद्धि को लागी एन. यल. आई. सी. माँ जीवन बिमा गरौं

एन. यल. आई. सी. सबैको बिश्वाश

NLIC Insurance plan

Surakshit Jeevan Beema Yojana
It is an endowment plan. It can be taken by anyone in the age group between the age of 11 years to 60 years. The maximum age on maturity is 65 years. Under this plan the policy money with bonus is payable at the end of the specified period or on death of the life assured before expiry of the term. This is the most popular insurance plan. By selecting the term judiciously , one can provide for old age and get risk cover for the selected term. Under this plan one can get loan upto 90% of the surrender value after the policy has run for a minimum Two Years. Minimum Sum Assured under this plan is Rs. 25,000. The premium under this plan can be paid Yearly, Half-Yearly and Quarterly basis.
For example a person aged 30 years going in for insurance under this plan for 20 years for Sum Assured 1 lakh will have to pay annual premium of Rs. 4,896/-. He will get Rs.1 lakh plus bonus at the end of the term. In case of earlier death his nominee will get Rs. 1 lakh plus bonus thereon subject to all premiums having been paid.

Dhan Varsha Beema Yojana
This is an innovation on endowment policy. The proposer can select term of 15 or 20 years. Under the 15 years plan, periodical payments are made as under- 25% of S.A. at the end of 5 years. 25% of S.A. at the end of 10 years. 50% of S.A. and bonus on Full Sum Assured at the end of the term. Under 20 years plan, the periodical payments at the same rate are made at the end of 10 years, 15 years and 20 years. In case of death "Full Sum Assured" and "Bonus on Full Sum Assured" is paid under both the plans and the periodical payments made prior to the date of death are not deducted from death claim. It means that the actual risk coverage under the plan is 150% of the Sum Assured. Minimum Sum Assured under this plan is 50,000.
Giving the example of proposer aged 30 years again he will have to pay annual premium of Rs. 4,131 under table no. 21 (15 year anticipated plan) and Rs. 3,014 under table no. 22 (20 years anticipated plan). The premium under this plan can be paid yearly, half yearly, quarterly and mothly basis.

Group Insurance Plan
This plan enables employers to provide life insurance benefit to their employees at low rate of premium. It is a hassle free plan wherein risk coverage is given up to the normal retirement date without any health requirements up to age 45 and with only declaration of good health thereafter. The savings made through the simple scheme of administration is passed on to the employees by substantial reduction in premium.
The minimum age at entry is 18 years and maximum age at entry is 55 years. The S.A. allowed varies from Rs. 50,000 to Rs. 3,50,000 depending upon the category. The group size of 50 employees, contribution of minimum of 50% of premium by the employer, joining of the scheme by a minimum of 75% of confirmed employees on introduction and compulsory joining by employees recruited thereafter are some of the binding features of the scheme. Variations in the scheme and its benefits are possible depending on the size and composition of the group and participation of the employer.
The company is trying to sell the above products in large scale so as to fulfill its mission of providing social security to every eligible citizen and also for spreading and creating awareness about the need of insurance. With increase in insurance awareness among the general public and specific target groups the company plans to bring in new products having greater risk/term insurance components. It also plans to bring in products providing pensions, health care and plans with multiple add on/optional advantages and risk covers.

Keta-Keti Jeevan Bima (Shiksha and Vivah)
Every parent spuns dreams for better education marriage and successful life for their offsprings. In this context, Nepal Life Insurance Company for the first time in the Insurance Industry of the country, launched a product with the sole aim of providing a tool of having risk coverage of life of child and making future provision for the education, marriage and financial support for the wards of aspiring parents. The salient features of plan are:
Policy can be issued on the life of just-born child till age of eleven, proposed by either of the parent. The risk on the life of child to start after comletion of 7 years of age of child,if his her age is below 7. In case of child who has completed his age 8 or 9 the risk shall commence from age 10.
Minimum Sum Assured Rs. 100000 and maximum Rs. 1000000.
The term of this policy is 19 minus age of child at commencement of policy.
Maturty age 19 year of child(fixed)
The policy vests in the child at 18 years of age.
Policy premium frequency:Either yearly, Half Yearly or quarterly with certain conditions.
Premium waiver Benefit available on the life of proposer(either of parent only)with extra payment.
Surrender as per condition but no loan available.
No accident benefit available on the life of child.
Policy participates in profits.

Jeevan Laxmi - Triple Benefit Scheme with Bonus
The plan is the Triple Benefit Endowment Plan with Bonus payable on the following terms:
Basic Sum Assured with bonus payable on maturity
Two times of Basic Sum Assured with proportionate final bonus payable on normal death under inforce policy within policy term.
Three times of Basic Sum Assured with proportionate bonus payable in case of accidental death under inforce policy within policy term.
Minimum Sum Assured is Rs. 50,000 and maximum Rs. 100,000
Minimum entry age is 16 yrs and maxmimum entry age is 50 yrs
Minimum term is 7 yrs and maxium term is 25 yrs or maximum age of 60 yrs which ever is earlier.
The mode of payment is either yearly or half yearly.

Jeevan Sahara
The plan is specially designed Endowment product to cover the wide range of risk for our social communities of Nepal:
The sum assured together with bonus is payable on maturity date and full sum assured again payable on death of life assured after maturity.
In case of death before maturity date under inforce policy, the sum assured and whatever bonus declared is payable.
Basic Sum Assured is payable in case of death of the policy holder after maturity of policy term.
Minimum Sum Assured is Rs. 100,000 and no limit for Maximum Sum Assured depending upon the income source of the proposer.
Minimum entry age is 16 yrs and maximum entry age is 65 yrs.
Minimum term is 5 yrs and maximum term is 54 yrs or maximum age of 70 yrs which ever is earlier.
The mode of payment is either yearly, half yearly or quarterly.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com