The features and benefits of the Reliable Micro Endowment Plan seem designed to offer a comprehensive package catering to both protection and savings needs of the micro insurance segment.
Insured Amount Range: From Nrs. 10,000 to Nrs. 100,000.
Age Eligibility: Entry age from 18 to 65 years (Last Birthday).
Policy Term: Flexible, ranging from 5 to 25 years.
Premium Payment: Can be paid on a yearly, half-yearly, quarterly, or monthly basis.
Death Benefit: If the policyholder passes away during the policy term, the nominee receives the Insured Amount plus accrued bonus.
Maturity Benefit: On policy maturity, the policyholder receives the Insured Amount plus accrued bonus.
Optional Benefits:
Accidental Death Benefit: Provides additional coverage in case of the policyholder's death due to an accident. The nominee receives the Insured Amount, Accidental Death Benefit amount, and accrued bonus.
Permanent Total Disability Benefit: If the policyholder becomes permanently disabled due to accident or sickness, they receive a sum equal to the Insured Amount. The policy continues till maturity with premiums waived, and on maturity, the policyholder receives the Insured Amount plus bonus.
Premium Waiver Benefit: If the policyholder becomes permanently disabled due to accident or sickness, all future premiums are waived. On maturity, the policyholder receives the Insured Amount plus accrued bonus without paying any installments from the date of disability.
It's great to see such a plan offering comprehensive coverage and flexibility in premium payments. The bonus rate would typically be determined by the insurance company based on its financial performance and other factors. This rate is usually declared annually and is a percentage of the sum assured that gets added to the policy's value.
If you're considering this plan, it's advisable to check with the insurance provider for the current bonus rate and any additional terms and conditions.
Under development process..