Limited Endowment Policy
by Sanima Reliance Life Insurance
In simple terms: you pay a fixed amount each year, and at the end of the term you get your cover amount back together with the bonus the insurer adds along the way. A limited premium-paying endowment life plan with flexible premium payment terms and option to increase risk coverage every 5 years. Death benefit pays Sum Assured plus declared & vested bonuses; maturity pays Basic Sum Assured plus bonuses.
Maturity estimator
Estimated value at maturity
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Declared bonus
Rate by policy term
Declared FY 2081/82
| Policy term | Rate / 1,000 | Prev. year |
|---|---|---|
| 10-14 | Rs 40 | Rs 40 |
| 15-19 | Rs 42 | Rs 42 |
| 20-24 | Rs 52 | Rs 52 |
| 25+ | Rs 65 | Rs 65 |
Recent years
- FY 2081/82
- Rs 40–65/ 1,000
- FY 2080/81
- Rs 40–65/ 1,000
- FY 2079/80
- Rs 40–65/ 1,000
- FY 2078/79
- Rs 35–70/ 1,000
- FY 2077/78
- Rs 35–70/ 1,000
Source: Sanima Reliance Life Insurance declaration for FY 2081/82
Bonus rates are declared annually and are not guaranteed. Past rates do not guarantee future rates.
What's included
Key highlights
- Minimum Sum Assured: NPR 50,000
- Policy term: 10–25 years
- Optional riders available
- As per company rule loan/surrender value and paid up value availiable
Features
- Flexible premium payment terms
- Option to increase risk coverage every 5 years
- Death benefit multipliers ranging from 100% to 225% of Basic Sum Assured depending on policy year
- Maturity benefit: Basic Sum Assured plus declared & vested bonuses
- Optional riders available
Terms and conditions
- Death Benefit: On death of the life assured during term of the policy, Sum Assured plus Bonus Declared and Vested. The sum assure on death is defined as follow:
- 100% of Basic Sum Assured during 1 to 5 years of the policy term
- 125% of Basic Sum Assured during 6 to 10 years of the policy term
- 150% of Basic Sum Assured during 11 to 15 years of the policy term
- 200% of Basic Sum Assured during 16 to 20 years of the policy term
- 225% of Basic Sum Assured during 21 to 25 years of the policy term
- Survival Benefit: On survival to end of Term: Basic Sum Assured plus Bonus Declared and Vested.
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: 100% of Basic SA during policy years 1-5; 125% during years 6-10; 150% during years 11-15; 200% during years 16-20; 225% during years 21-25, plus declared & vested bonus
If the policy runs to maturity
This plan states: Basic Sum Assured + declared & vested bonuses
If death is caused by an accident
This plan states: Additional amount equal to Sum Assured or NPR 10,000,000 whichever is lower
Optional riders
Accidental Death Benefit (ADB)
Additional amount equal to sum assured or NPR 10,000,000, whichever is lower.
Permanent Total Disability Benefit (PTD)
Sum assured or NPR 10,000,000, whichever is lower, payable in 120 monthly installments.
Premium Waiver Benefit (PWB)
All future premiums after PTD due to accident are waived.
Critical Illness Benefit (CI)
On onset of a covered critical illness, additional amount equal to sum assured or NPR 5,000,000, whichever is lower.
Loan & liquidity
- Policy loan
- Available
- Surrender allowed
- After 3 years
What's not covered
- Suicide (within policy specified waiting period)
- War, invasion, hostilities, civil commotion, nuclear risks
- Pre-existing conditions not disclosed/subject to waiting period
Questions about this plan
What kind of plan is Limited Endowment Policy?
Limited Endowment Policy from Sanima Reliance Life Insurance 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 Limited Endowment Policy?
The entry age for Limited Endowment Policy is 18 – 65 years.
How long does Limited Endowment Policy run?
The policy term for Limited Endowment Policy is 10 – 25 years.
How much cover can I take on Limited Endowment Policy?
The sum assured available on Limited Endowment Policy is From Rs 50,000.
What bonus rate does Limited Endowment Policy earn?
For FY 2081/82, Sanima Reliance Life Insurance declared Rs 40–65 / 1,000 of sum assured on Limited Endowment Policy. Bonus rates are set each year and are not guaranteed.
What is paid if the insured passes away during the term?
100% of Basic SA during policy years 1-5; 125% during years 6-10; 150% during years 11-15; 200% during years 16-20; 225% during years 21-25, plus declared & vested bonus
What is paid when Limited Endowment Policy matures?
Basic Sum Assured + declared & vested bonuses
Which riders can be added to Limited Endowment Policy?
Limited Endowment Policy can be taken with the following optional riders: Accidental death (ADB), PTD / PWB, Critical illness (CI). Each rider carries its own premium.
Premium
Quote on request