PRIME LIFE KARJA SURAKSHYA JIVAN BIMA

PRIME LIFE KARJA SURAKSHYA JIVAN BIMA
Mortgage Redemption Insurance plan.

Mortgage Redemption Insurance product is designed to protect a repayment of mortgage debt.

Key Features
It is a special policy for financial institution’s loan customers Low premium rate as it does not carry any Saving factor Reducing coverage of the insurance corresponding to customer’s reducing outstanding loan balance In the event of death of the borrower, the proceeds of the policy will be paid to the Financial Institution to cover the current outstanding loan

Policy Requirements

Banks or Financial Institution will act as an administrator for collection and remittance of premiums and submission of loan customers’ application form to Prime Life Insurance Company Ltd.
Minimum Entry Age: 20 Years
Maximum Entry Age 55 Years
Maximum Maturity Age: 60 Years
Minimum Policy Term: 5 Years
Maximum Policy Term: 20 years
Premiums Payment Mode: Yearly

Benefits
Maturity Benefits- None
Death Benefits – Outstanding loans due to financial institutions will be paid by PrimeLife.

Supplementary Riders
None

Additional Disclosure

Policies on which premiums are paid will not carry any surrender value or loan facility.

Sample Premium rates

Following is the sample premium rate for PrimeLife Karja Surakshan Single Premium per NPR. 1000/- for Interest rate over 10% & upto 15% P.A.

THE TERM 'JIVAN BINA'=LIFE INSURANCE

POST By Bijay Thapa.