This is pure cover: it pays your family if something happens during the term, and there is no amount paid back at the end. This micro insurance plan protects borrowers of microfinance institutions. In the event of death or accidental permanent total disability of the insured borrower, MetLife pays the outstanding loan to the microfinance institution, provides funeral expenses and any remaining insured amount is provided to the family as additional financial support.
What's included
Key highlights
- Outstanding loan paid off
- Funeral expense included
- Group micro insurance via microfinance
- Entry age 18–70
Features
- Death coverage
- Accidental death & accidental permanent total disability coverage
- Pays outstanding loan to microfinance institution
- Funeral expense benefit
- Issued as a group policy through financial institutions
Terms and conditions
- Benefits:
- (i)Loss of Life- Min coverage- 5000, Max coverage- 300,000
- (ii)Accidental Death & Accidental Permanent Total Disability Min coverage-5000 Max coverage- 300,000
- (iii)Funeral Expenses- Min coverage 500, Max coverage 40% of loss of life
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 full sum assured. There is no savings element, so nothing else accrues.
Typical for term plans — confirm the exact terms in the brochure.
If the policy runs to maturity
There is no maturity payout. The premium buys cover for the term, not savings.
Typical for term plans — confirm the exact terms in the brochure.
Optional riders
Accidental Permanent Total Disability
Provides benefit for permanent total disability caused by accident.
Questions about this plan
What kind of plan is Rural Credit Micro Term Insurance?
Rural Credit Micro Term Insurance from MetLife 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 Rural Credit Micro Term Insurance?
The entry age for Rural Credit Micro Term Insurance is 18 – 70 years.
How long does Rural Credit Micro Term Insurance run?
The policy term for Rural Credit Micro Term Insurance is 1 year (renewable).
How much cover can I take on Rural Credit Micro Term Insurance?
The sum assured available on Rural Credit Micro Term Insurance is From Rs 5,000.
Which riders can be added to Rural Credit Micro Term Insurance?
Rural Credit Micro Term Insurance can be taken with the following optional riders: PTD / PWB. Each rider carries its own premium.
Premium
Quote on request