Group Micro Term Insurance Plan

This is a non-linked, non-participating, single premium Group Micro Term Insurance plan. This Product is offered to affinity groups, where a group can exist for a particular purpose like members of a co-operative credit society, members of NGOs, self-help group, loanee members of the micro finance organizations, non-employee - employer organizations, etc. One Master Policy will be issued to the Nodal Agency where all the members are covered under the policy. The benefits offered under this plan are given below.

Plan Features: Criteria

 Minimum Sum Size

20 Members

 Minimum Sum Assured

NRs.10,000 /-

 Maximum Sum Assured

NRs. 500000 /-

 Minimum Policy Term


Maximum Policy Term


Minimum Entry Age

18 Yrs

 Maximum Entry Age

69 Yrs

Maximum Maturity Age

70 Yrs

Mode of Premium Payment


Basic Benefits:

Death Benefits:

On death of the life assured (member of the group scheme) during the policy term, sum assured is payable to the master policy holder who in turn pays the benefit amount to the nominee/beneficiary.

Maturity Benefits: Not Applicable

Additional (Optional) Benefits:

Funeral Benefit: An additional amount equal to 30% of the Sum Assured or NPR 25,000 whichever is less will be payable as funeral expenses if death of the member of the group scheme (life assured) occurs during the policy term. Additional premium will be charged to offer this benefit.

Snake bite Benefit: During the policy term, if the member of the group scheme is bitten by the snake and diagnosed as snakebite envenomation, then actual medical expense subject to the maximum of NPR 5,000 will be paid. Additional premium will be charged to offer this benefit.

Conditions for eligibility:

  1. Only one Master policy will be issued to the Nodal Agency.
  2. Premium Payment is the responsibility of Nodal Agency.
  3. Claims amount will be paid to the nodal agency, which will in turn settle the member’s claim amount.
  4. At inception, at least 75% of the existing members should join the scheme.
  5. After inception, all new members should be compulsorily covered under the scheme
  6. Nodal agency should submit declaration of good health (DGH) of all the members at inception / joining.
  7. The sum assured can be fixed amount depending on membership, outstanding loan amount etc.

For more details;

Guardian Micro Life Insurance
Munal Path, Biratnagar Phone no. 021-590902
Sano Gaucharan, Kathmandu Phone no. 01-5918017 / 18