Products

Bal Bhabisya Jeevan Beema Yojana

This is Endowment Plan with Profit. It is introduced to support the parents to build the fund to meet future expenses for higher education or marriage of children. This Plan extends insurance cover on the child as Life Assured and parent as the Proposer.

Features

Rebate

Discount on Sum Assured

Discount on mode of payment

Risk Commencement under this plan

The risk on child’s life, under this plan, will commence either two years from the date of commencement of policy or, from policy anniversary following the completion of six years of age next birthday, whichever comes later. In case of proposer, the risk will commence from date of commencement.

 1. Survival Benefit (Child)

Full sum assured plus vested bonus will be paid.

2. Death Benefit

a. Death of life assured (child) during the policy term

i. Before commencement of risk:
Base plan premium (i.e., excluding the premium paid for built-in plus supplementary riders) will be paid. The risk coverage under the policy will automatically end thereafter.

ii. After risk commencement date and if proposer is alive at the time of assured’s death:
25% of basic sum assured or the base plan premium (i.e., excluding the premium paid for built-in plus supplementary riders) whichever is higher will be paid. The risk coverage under the policy will automatically end thereafter.

iii. After the death of proposer, if the life assured dies after the commencement of risk:
25% of basic sum assured plus vested bonus or the base plan premium (i.e., excluding the premium paid for built-in plus supplementary riders) whichever is higher will be paid. The risk coverage under the policy will automatically end thereafter.

b. If the life assured (child) and proposer dies together, at the same incident, during the policy term:

i. In terms of proposer’s death, the lump sum amount equal to basic sum assured, but not exceeding Rs.10,00,000 will be paid, and

ii. In terms of child’s death 25% of basic sum assured will be paid if the risk has commenced. However, if assured dies prior to risk commencement, the base plan premium (i.e., excluding the premium paid for built-in plus supplementary riders) will be paid.

c. Upon completing the age of 16 years, in case of death of the life assured, 100% of basic sum assured plus vested bonus will be paid. However, if the life assured dies after completion of 16 years prior to risk commencement, the base plan premium (i.e., excluding the premium paid for built-in plus supplementary riders) will be paid.

3. Coverage of Proposer (Parent)

1. On Death of Proposer (Parent)

i. A lump sum amount equal to basic sum assured, but not exceeding Rs.10,00,000 will be paid on death of proposer during the policy term.

ii. Future premiums payable will be waived off. Policy will remain inforce thereafter.

iii. In case of death of proposer during policy term, the following benefits shall be payable starting from the following month after the date of death until the policy maturity date or until the death of the assured, whichever is earlier.

• 1% of basic sum assured will be payable monthly if the basic sum assured is higher than or equal to NRs. 500,000.
• If the basic sum assured is lower than NRs. 500,000, 1.5%, 2% or 3% of basic sum assured will be payable monthly (not exceeding NRs. 5,000 per month) based on the option opted by the proposer.

iv. An additional amount of 25% of sum assured or maximum Rs. 50,000 will be paid on death of proposer as Funeral Expense for small additional premium.

2. On Permanent Total Disability (PTD) due to Accident of Proposer:

i. A lump sum amount equal to basic sum assured, but not exceeding Rs. 10,00,000, will be paid on happening of PTD due to accident.

ii. Future premiums payable will be waived off. Policy will remain inforce thereafter.

iii. Monthly Income Benefit: Monthly Income Benefit becomes eligible after the PTD by accident subject to policy’s terms and conditions. If eligible, the following benefits will be paid starting from the following month after the date of accident until the policy maturity date or until the death of the assured, whichever is earlier.

• 1% of basic sum assured will be payable monthly if the basic sum assured is higher than or equal to NRs. 500,000.
• If the basic sum assured is lower than NRs. 500,000, 1.5%, 2% or 3% of basic sum assured will be payable monthly (not exceeding NRs. 5,000 per month) based on the option opted by the proposer.

Riders Benefit:

Subject to the payment of additional premium, the following rider benefits are available under this plan:

1. Funeral Expenses Rider:
   On death of Proposer, 25% of sum assured or maximum Rs. 50,000 will be paid to Life Assured for small additional premium.
2. Critical Illness (CI) Rider

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Issued Date: 31.12.2017