- info@gmli.com.np
- Biratnagar(Head Office)
- 021-590902
- Kathmandu(Regional Office)
- 01-5918017/18
Bal Samriddha Laghu Beema Yojana
This is a non-linked, non-participating, regular premium Child Endowment plan, which provides savings and insurance cover to a child (life assured). It also provides compulsory cover to the proposer to protect the benefits of the child. This plan is specially designed to cover Child and the proposer who did not have formal life insurance cover and savings arrangements particularly in the micro sector. The descriptions of the benefits are given below.
Plan Features: Criteria
Minimum Sum Assured | NRs. 10,000 /- |
Maximum Sum Assured | NRs. 500,000 /- |
Minimum Policy Term | 8 yrs |
Maximum Policy Term | 25 Yrs |
Minimum Child Entry Age | 30 Days |
Maximum Child Entry Age | 15 yrs |
Maximum Child Maturity Age | 25 Yrs |
Minimum Proposer Entry Age | 20 Yrs |
Maximum Proposer Entry Age | 55 Yrs |
Maximum Propser Maturity Age | 70 Yrs |
Mode of Premium Payment | Quarterly, Half-yearly & Yearly |
Maturity Benefits:
On survival of the Child (the life assured) to the end of policy term, 100% of the sum assured plus accrued guaranteed addition will be payable.
The contract terminates uponpayment of maturity benefits
The following guaranteed additions is applicable at the end of each policy year.
For policy term 8 years to 15 years, NPR 25 per 1,000 sum assured per annum.For policy term 16 years to 20 years, NPR 35 per 1,000 sum assured per annum.
For policy term 21 years to 25 years, NPR 45 per 1,000 sum assured per annum.
Risk Commencement Date:
Risk cover for the child (life assured) aged less than 6 years starts 2 years from the date of commencement or when the child turns 6 years, whichever event occurs earlier. For child aged 6 years and above, the risk cover will start from the date of commencement.
Death Benefits:
Death of the Child (life assured) before Risk Commencement Date:
During the policy term if the child (life assured) dies before the risk commencement date, all the premiums pertaining to the child benefits paid up to the date of death excluding extra premium, rider premium if any will be paid to the proposer.
The contract terminates upon payment of death benefit.
Death of the Child (life assured) after Risk Commencement Date:
During the policy term if the child (life assured) dies after the risk commencement date, higher of (25% of sum assured or premiums paid up to the date of death excluding extra and rider premium if any) plus accrued guaranteed additions will be paid to the proposer. The contract terminates upon payment of death benefit.
Death of the Proposer during policy term: During the policy term, if the proposer dies and the child (life assured) is alive, then the following benefits shall be payable: All the future premiums of the child benefit will be Waived. 1.5% of the sum assured per month will be paid from the immediate anniversary date starting from the following month of death of the proposer till the end of the policy term or death of the child (life assured), whichever is sooner.
Death of the Child (life assured) after the death of the proposer during the policy term: During the policy term if the child (life assured) death occurs after the proposer’s death, then benefits stated under (I) or (II) depending on Risk Commencement Date will be payable to the nominee or legal heir of the proposer. On payment of the death benefit, the contract terminates.
Both Child (life assured) and Proposer die simultaneously: During the policy term, if both the life assured (child) and proposer die simultaneously, then the following benefits will be payable to the legal heir or nominee of the proposer. 100% of the sum assured. Benefits on child as stated under (I) or (II) depending on Risk Commencement Date. On payment the contract terminates immediately.
Accidental Benefit Rider:
ABR provides medical/treatment expense reimbursement in the event of an injury due to accident and a life cover protection in the event of death due to an accident of the proposer.
Accidental Death Benefit:
During the policy term, on death of the proposer due to an accident (ie due to external cause), rider sum assured is payable to the beneficiary.
The policy terminates upon such payments.
Accidental Total and Permanent Disability Benefit Rider:
In the event of total and permanent disability of the proposer due to any cause, within six months of the date of the accident, following benefits will be paid to the proposer:
- Loss of both hands/ both feet – 100% of Sum Assured
- Complete and irrecoverable loss of sight in both eyes – 100% of Sum Assured
- Loss of one hand or one foot together with complete and irrecoverable loss of sight in one eye – 100% of Sum Assured
- Loss of one hand/foot – 50% of Sum Assured
- Complete and irrecoverable loss of hearing in both ears – 50% of Sum Assured
- Complete and irrecoverable loss of sight in one eye – 50% of Sum Assured