Bal Samriddha Laghu Beema Yojana
by Guardian Micro Life Insurance Nepal
A non-linked, non-participating regular premium child endowment plan providing savings and life cover for a child (life assured) with compulsory cover for the proposer.
What's included
Key highlights
- Child-focused endowment plan
- Premium waiver and monthly benefit on proposer death
- Risk commencement rule for children under 6 (2-year waiting)
Features
- Savings plus life cover for the child
- Compulsory proposer cover to protect child benefits
- Sum assured range: NPR 10,000 to NPR 500,000
- Policy term 8 to 25 years
- Guaranteed additions per 1,000 SA: NPR 25 / 35 / 45 depending on term
Terms and conditions
- Death Benefits:
- 1) Death of the Child (life assured) before Risk Commencement Date:
- During the policy term if the child (life assured) dies before the risk commencement date, all the premiums pertaining to the child benefits paid up to the date of death excluding extra premium, rider premium if any will be paid to the proposer. The contract terminates upon payment of death benefit.
- 2) Death of the Child (life assured) after Risk Commencement Date: During the policy term if the child (life assured) dies after the risk commencement date, higher of (25% of sum assured or premiums paid up to the date of death excluding extra and rider premium if any) plus accrued guaranteed additions will be paid to the proposer. The contract terminates upon payment of death benefit.
- 3) Death of the Proposer during policy term: During the policy term, if the proposer dies and the child (life assured) is alive, then the following benefits shall be payable: All the future premiums of the child benefit will be Waived. 1.5% of the sum assured per month will be paid from the immediate anniversary date starting from the following month of death of the proposer till the end of the policy term or death of the child (life assured), whichever is sooner.
- 4)Death of the Child (life assured) after the death of the proposer during the policy term: During the policy term if the child (life assured) death occurs after the proposer’s death, then benefits stated under (I) or (II) depending on Risk Commencement Date will be payable to the nominee or legal heir of the proposer. On payment of the death benefit, the contract terminates.
- 5)Both Child (life assured) and Proposer die simultaneously: During the policy term, if both the life assured (child) and proposer die simultaneously, then the following benefits will be payable to the legal heir or nominee of the proposer. 100% of the sum assured. Benefits on child as stated under (I) or (II) depending on Risk Commencement Date. On payment the contract terminates immediately.
- Maturity Benefits:
- On survival of the Child (the life assured) to the end of policy term, 100% of the sum assured plus accrued guaranteed addition will be payable. The contract terminates upon payment of maturity benefits
What happens in each case
Each plan pays out differently depending on what happens during the term. These are the situations that matter for this kind of plan.
If the insured passes away during the term
The nominee receives the sum assured, and the policy ends.
Typical for endowment plans — confirm the exact terms in the brochure.
If the policy runs to maturity
You receive the sum assured as a lump sum on the maturity date.
Typical for endowment plans — confirm the exact terms in the brochure.
If death is caused by an accident
With the accidental death rider, an additional amount is paid on top of the sum assured. The rider is optional and carries its own premium.
Typical for endowment plans — confirm the exact terms in the brochure.
Optional riders
Questions about this plan
What kind of plan is Bal Samriddha Laghu Beema Yojana?
Bal Samriddha Laghu Beema Yojana from Guardian Micro Life Insurance Nepal is an endowment plan that pairs savings with life cover for a single adult, and suits people who want a guaranteed amount on a fixed future date.
Who can buy Bal Samriddha Laghu Beema Yojana?
The entry age for Bal Samriddha Laghu Beema Yojana is 20 – 55 years.
How long does Bal Samriddha Laghu Beema Yojana run?
The policy term for Bal Samriddha Laghu Beema Yojana is 8 yrs to 25 yrs.
How much cover can I take on Bal Samriddha Laghu Beema Yojana?
The sum assured available on Bal Samriddha Laghu Beema Yojana is Rs 10,000 – Rs 5,00,000.
Which riders can be added to Bal Samriddha Laghu Beema Yojana?
Bal Samriddha Laghu Beema Yojana can be taken with the following optional riders: Accidental death (ADB), PTD / PWB. Each rider carries its own premium.
Premium
Quote on request