Reliable Sulav Bal Jeevan Bima Plus Life Insurance, a comprehensive insurance plan tailored specifically for children, enabling parents to secure their future aspirations such as higher education, marriage, and more. This plan offers various additional benefits, including Monthly Income Benefit (MIB), Premium Waiver Benefit (PWB), Accidental Death Benefit (ADB), Total Disability Benefit (TDB), and Critical Illness (CI) riders for proposers, ensuring holistic coverage.
Minimum Sum Assured: NPR. 3,00,000
Maximum Sum Assured: NPR 50,00,000 (Cumulative for all policies as per Beema Samiti Guidelines)
Minimum Entry Age:
Life Assured (Child): 31 days, 0 years (last birthday)
Proposer: 18 years (last birthday)
Maximum Entry Age:
Life Assured (Child): 15 years (last birthday)
Proposer: 65 years (last birthday)
Policy Term: 5 to 54 years
Minimum Maturity Age: 18 years (last birthday)
Maximum Maturity Age: 69 years (last birthday)
Mode of Premium Payment: Yearly, Half-Yearly, Quarterly, and Monthly
Policy Loan Provisions: Life assured may obtain a loan up to 90% of the surrender value provided the policy has acquired surrender value.
Brief Description of Benefits:
On Death of Life Assured:
Before Commencement of Risk: All premiums paid (excluding extra premiums) till the date of death will be payable.
After Commencement of Risk: 25% of basic Sum Assured will be paid immediately, and the remaining 75% plus Accrued Reversionary Bonus will be paid at the end of the original policy term.
Risk Commencement Date: Completion of 2 policy years from the policy commencement date.
Maturity Benefit:
Sum Assured plus Accrued Reversionary Bonus payable on survival till the end of the policy term.
Additional Benefits (for proposer aged 18 and above):
Monthly Income Benefit (MIB): Child receives 1% of Sum Assured monthly in case of proposer's death during the policy term, up to age 25.
Premium Waiver Benefit (PWB): Waives all future premiums if proposer becomes permanently disabled due to accident or sickness.
Accidental Death Benefit (ADB): Nominee receives accidental death benefit amount in case of proposer's death due to accident during the policy term.
Permanent Total Disability Benefit (PTD): Proposer receives sum equal to Insured amount if permanently disabled due to accident or sickness.
Critical Illness Benefit (CI): Provides protection against specific critical illnesses, compensating the insured with the rider sum assured if diagnosed during the policy term.
Modal Loading (for premium other than yearly):
Half-Yearly: (Annual Premium x 1.01) / 2
Quarterly: (Annual Premium x 1.02) / 4
Monthly: (Annual Premium x 1.025) / 12 (Loading not applicable on monthly mode for premium payment through salary scheme)
Premium Payment Term: Equal to the Policy Term
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