Group Micro Term Insurance Plan
This is pure cover: it pays your family if something happens during the term, and there is no amount paid back at the end. A non-linked, non-participating, single-premium group micro term life insurance for affinity groups (cooperatives, NGOs, microfinance borrowers, etc.). Death benefit only; no maturity benefit. Coverage issued under a master policy to a nodal agency.
What's included
Key highlights
- Master policy (group)
- Single premium
- Death-only cover
Features
- Single-premium, non-participating plan
- Master policy group coverage; minimum group size 20 members
- Death benefit payable to master policy holder
- Optional funeral benefit and snakebite benefit
- At inception at least 75% of existing members must join; nodal agency must submit
Terms and conditions
- Conditions for eligibility:
- Only one Master policy will be issued to the Nodal Agency.
- Premium Payment is the responsibility of Nodal Agency.
- Claims amount will be paid to the nodal agency, which will in turn settle the member’s claim amount.
- At inception, at least 75% of the existing members should join the scheme.
- After inception, all new members should be compulsorily covered under the scheme
- Nodal agency should submit declaration of good health (DGH) of all the members at inception / joining.
- The sum assured can be fixed amount depending on membership, outstanding loan amount etc.
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
This plan states: Sum Assured payable to master policy holder (to be distributed to nominee/beneficiary)
If the policy runs to maturity
This plan states: Not Applicable
Optional riders
Funeral Benefit
Additional amount equal to 30% of Sum Assured or NPR 25,000 whichever is less. Optional; additional premium required.
Snakebite Benefit
Actual medical expenses subject to maximum of NPR 5,000 if diagnosed as snakebite envenomation. Optional; additional premium required.
Loan & liquidity
- Policy loan
- Not available
- Paid-up value
- No
- Partial withdrawal
- No
Questions about this plan
What kind of plan is Group Micro Term Insurance Plan?
Group Micro Term Insurance Plan from Guardian Micro Life Insurance Nepal is a term plan that is pure life cover for a fixed period, with no savings element, and suits people protecting family income or a loan.
Who can buy Group Micro Term Insurance Plan?
The entry age for Group Micro Term Insurance Plan is 18 – 69 years.
How long does Group Micro Term Insurance Plan run?
The policy term for Group Micro Term Insurance Plan is 1 – 5 years.
How much cover can I take on Group Micro Term Insurance Plan?
The sum assured available on Group Micro Term Insurance Plan is Rs 10,000 – Rs 5,00,000.
What is paid if the insured passes away during the term?
Sum Assured payable to master policy holder (to be distributed to nominee/beneficiary)
What is paid when Group Micro Term Insurance Plan matures?
Not Applicable
Premium
Quote on request