Everything You Need To Know About Nepal Life Insurance Company (NLIC) Nepal

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Products & Policies of Nepal Life Insurance Company Limited Nepal

Nepal Life Insurance provides different types of life insurance facilities to the customers.

This plan allows employers to provide life insurance benefits to their employees with a low premium rate. It is a problem-free plan in which the risk coverage is given up to the normal retirement date without any health requirement until the age of 45 and, thereafter, with a single declaration of good health. The savings made through the simple administration scheme are passed on to employees through a substantial reduction in the premium.

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The minimum age of entry is 18 years and the maximum age of entry is 55 years. The S.A. allowed varies from Rs. 50,000 to Rs. 3,50,000 depending on the category. The size of the group of 50 employees, the contribution of a minimum of 50% of the premium by the employer, the incorporation of the plan by a minimum of 75% of the employees confirmed in the introduction and the mandatory affiliation of the employees recruited subsequently are some of the binding features of the scheme.

Variations in the scheme and its benefits are possible depending on the size and composition of the group and the participation of the employer.

The company is trying to sell the products on a large scale to fulfill its mission of providing social security to all eligible citizens and also to disseminate and raise awareness of the need for insurance.

With the increase in insurance awareness among the general public and specific target groups, the company plans to incorporate new products with higher risk/term insurance components. It also plans to incorporate products that provide pensions, medical care, and plans with multiple additional/ optional benefits and risk coverage.

New Life Term Insurance

The New Term Life Insurance is one of the unique products that provide for the family of the assured in case of premature death. To cover a high risk of low premiums is the specialty of this product. If a person has taken a loan from the Bank / Finance and is insured under this plan, the liablity for their loan will be borne by the related insurance company.

Characteristics of the new temporary life insurance:

In this plan, there are 5,10,15,20,25 and 30 years of the term.

The minimum S.A is 1,00,000 / – and the maximum S.A depends on the source of income of the life that must be secured.

The minimum age of entry is 18 years and the maximum age of entry is 60 years.

The mode of payment is annual or semi-annual.

5% discount on a premium above 1000000 Sum Insured.

Riders are not applicable in this plan.

*. Under this Plan, the full amount of liability insurance should be paid in the event of a life-long death in the Enforce policy.

Smart life insurance

The plan is a one-year non-participating single premium guarantee plan. It provides a pre-decided sum insured on the death of the insured life during the period of the policy.

BENEFITS:

Death benefit: in the case of the unfortunate death of the insured life during the term of the policy, the sum insured will be paid to the candidate/beneficiary.

The policy will end with the payment of the death benefit and nothing will be payable thereafter.

Expiration benefit: No expiration benefit will be paid under this plan.

ELIGIBILITY CRITERIA:

Minimum entry age: 16 years (last birthday)

Maximum age of entry: 60 years (last birthday)

Term of the policy: 1 year

Payment term of the premium: single premium

Minimum sum insured: NRs. 250,000

The maximum sum insured: No limit, subject to medical and financial underwriting. Sum insured more than 20 lakhs requires other conventional policies equal to the desired sum assured.

JEEVAN SAHARA Beema

The plan is specially designed to cover a wide range of risks for our social communities in Nepal:

The amount insured (sum assured) along with the bonus is paid on the due date and the full insured amount (sum assured) again payable in case of assured death after maturity.

In case of death before the maturity date under the current policy, the insured amount (assured sum) and any declared bonus will be payable.

The amount insured (sum assured) will be paid in case of death of the policyholder after the maturity of the term of the policy.

The minimum amount insured (sum assured) is Rs. 100,000 and there is no limit to the maximum amount insured (sum assured) depending on the source of income of the proposer.

The minimum age of entry is 16 years and the maximum age of entry is 65 years.

The minimum term is 5 years and the maximum term is 54 years or the maximum age is 70 years, whichever is earlier.

The mode of the payment is annual, semi-annual or quarterly.

JEEVAN UNNATI PLAN

The company strives to provide “The best” to the clients to achieve their dreams and aspirations and ensure happiness at every stage of life. Sometimes they may have to say “No” due to financial restrictions; Would not it be great if we never had to say “No”?

To help client in achieving their family’s dreams and aspirations, Nepal Life Insurance presents a limited payment money back plan, a savings and protection plan that provides lump sum payments at regular intervals to meet the requirements of Interim financial and provide the best for the1` family, while Maintaining full risk coverage throughout the period.

Key benefits:

Return of money at regular intervals.

Upon maturity, only the bonuses which are declared and vested in the policy plus 40% of the sum assured will be paid.

In case of death of the life insurance before the maturity, the death benefit is equal to 2.5 times the amount of the basic insured sum in the case of a single payment, basic amount insured only in the case of the other mode of payment plus bonuses declared and vested in the policy, as on the date of death; without deduction of the survival benefits already paid according to the following Money Back Program.

Eligibility of the policy:

Entry age: 16 years to 58 years.

Maximum age of maturity: 70 years.

Minimum insured sum: Rs.50,000

Premium payment method: individual, annual, semi-annual, quarterly and monthly

ADB / PWB / TPD: [Accident only- Available for age 16 years and over]. Available for the full term of the policy, equal to the sum insured but not more than 50,000,000 through the payment of the additional premium during the term of the payment of the premium subject to the maximum age of 70 years.

NAULO DHANBARSHA Plan

Naulo Dhanbarsha is a Limited Payment Reimbursement (Advance) endowment Plan. The company has launched this service after a successful launch of the previous anticipated endowment plan taking into account the demands of customers who require more money back during the terms of the policy.

During the terms of the policy, there will be 5 payments, so that more liquidity options will be created during the periods of the policy, and the policy loan will be available after one year after paying 2 annual premiums. The risk of death of the insured is covered during the period and while the payment of the premium is made only for limited periods.

Payment of the premium: the premium can be paid monthly, quarterly, semi-annually or annually. If the customer wants to pay all the premiums at once, he can also choose the single premium mode.

Risk of death: The sum assured plus the bonus will be paid to the nominee or the closest relative of the insured person according to the Insurance Law, without deducting any prepayments (money back) made previously if any. In the case of the payment with a single premium mode, 2.5 of Sum Assured plus the acquired bonus will be paid.

Riders: Combined Accidental Death Benefit (ADB), Permanent Total Disability (PTD) and Premium waiver Benefit (PWB) are available under this plan. If the insured dies within the terms of the policy due to an accident, then an additional amount equal to the Sum Insured not exceeding 5 million will be paid to the nominee or his closest relatives.

If the insured becomes a permanent total disable as stipulated in the policy voucher due to an accident, then his/her future Sum Assured premium not exceeding 5 million will be exonerated and the insured will obtain an amount equal to the assured sum, not exceeding 5 million and will be paid in 120 months. The fees, as well as the policy, will remain in effect.

Entry age: 16 years to 60 years.

Maximum age at exit: 70 years

Children’s education plan

SAFE EDUCATION, PROSPEROUS FUTURE, HAPPY LIFE

Age of entry – From birth to 18 years.

A policy, double risk coverage (Proposer and child)

The maturity amount received can be used for the education of the child.

In case of death of the proposer, a regular annual fixed income will be provided to the child to guarantee his education until maturity.

Loan available after 1 year of policy application

KETA-KETI JEEVAN BEEMA

All parents dream of a better marriage, education and successful life for their children. In this context, Nepal Life Insurance Company, for the first time in the country’s insurance industry, launched a product with the sole objective of providing a tool to have a risk coverage of the child’s life and make future provisions for education, marriage and finances support for the wards of the aspiring parents. The most outstanding features of the plan are:

The policy can be issued on the life of the newborn child up to the age of eleven, proposed by either parent.

The risk on the life of a child to start after completion of 7 years of age, if his age is less than 7 years.

In the case of a child who has reached the age of 8 or 9 years, the risk will begin from 10 years of age.

Minimum sum assured Rs. 100,000 and a maximum of Rs. 50,00,000.

The term of this policy is 19 minus the child’s age at the beginning of the policy.

Age of maturity 19 years of the child (fixed)

The policy confers the child at 18 years of age.

Frequency of the premium of the policy: annual, semi-annual or quarterly with certain conditions.

Premium waiver benefit available in the life of the proposer (only of the parents) with additional payment.

Delivery according to condition but without loan available.

There are no accident benefits available in a child’s life.

The policy participates in the profits.

Nepal life Sunischit Bhawishya Tatha Siksha Sawadhik Life Insurance

Term policy: 5 to 30 years (the end of the period, the child’s age should not exceed 30 years and the age of the proposer should not exceed 70 years)

Sum insured: Proposer – NPR. 50 thousand to 1 crore

Child – NPR. 50 thousand to the NPR. 25 lakhs

Charge for risk coverage: NPR. 1 / – per thousand of the sum of the insured child

Discounts and extra charges in the amount of the premium.

Special features:

The insured sum of the proposer and the respective bonus will be paid to the proposer in case of maturity of the plan and if the proposer is alive *.

In case of death of the proposer within the term of the policy.

The bonus is calculated until the moment of the death of the proposers and the premium waiver, and until the end of the term.

After the proposer demise, 10% of the sum assured will be paid annually until the end of the period. If any amount remains after the payment of 10% sum assured annually until the end of the term, that amount will be paid to the child/nominee.

In the case of the disappearance of the child secured after the start of policy term #, the sum insured child and the policy will remain applied by the proposer be paid. The regular premium must be paid until the end of the term.

The loan facility will be available after 1 year of application of the policy.

* In case of the end of the term of the policy with or without the demise of the proposer and whether the child is alive at that time, amount of the child’s sum assured will not be paid.

# The child’s risk coverage will begin 2 years after the policy is applied or at the time the child is 5 years old (whichever occurs first).

.Special features of the product

– Age of entry – From birth to 18 years.

– A policy, double risk coverage (Proposer and child)

– The amount of maturity received can be used for the education of the child.

– In case of death of the proposer, a regular fixed income will be provided to the child to guarantee his education until maturity.

– Loan facility available after 1 year of policy application.

SURAKSHIT JEEVAN BEEMA YOJANA

It is an endowment plan. It can be taken by anyone in the age group between the age of 11 years to 60 years. The maximum age at expiration is 65 years.

Under this plan, the insured amount (sum assured) with bonus is paid at the end of the specified period or on the demise of the life assured before the expiry of the term. This is the most popular insurance plan. By selecting the term with criteria, one can provide for old age and obtain risk coverage for the selected term.

Characteristics of Surakshit Jeevan Beema Yojana:

  • It can be taken by anyone in the age group between the age of 11 years to 60 years.
  • The maximum age of maturity; 65 years.
  • Under this plan, loan upto 90% of the surrender value after the policy is two years term.

The minimum sum assured is Rs.25,000 / and the maximum sum assured depends on the source of income of the life that will be assured.

The premium can be paid annually, semi-annually and quarterly.

For example, a 30-year-old person who applies for insurance under this plan for 20 years for Sum Assured 1 lakh will have to pay an annual premium of Rs. 4,896 / -. He will get Rs.1 lakh plus bonus at the end of the period. In case of premature death, his nominee will get Rs. 1 lakh with bonus thereon subject to all the premiums have been paid.

Rural provision plan

Life insurance is a security that everyone deserves to have. However, due to financial restrictions, many people cannot buy insurance for themselves and their families. Rural provision plan, specially designed to meet the social security needs of rural areas.

This plan is a regular premium envelope with a profit plan with a built-in accident benefit.

This plan, unlike a typical social commercial life insurance policy, offers assistance to families with lower income and fewer savings and has the following key characteristics.

Simplified procedure for issuing policies.

Accidental death benefit incorporated at no additional cost

The 60-day grace period to meet rural needs.

Good investment plan with death risk coverage

Simplified and uncomplicated claim procedure

KEY BENEFITS:

  1. a) Death benefit:
  2. i) Death during the 1st year of the policy:

(1) Double insured sum only in case of accidental death.

(2) Reimbursement of the premium in case of natural death, excluding all extra/additional premiums.

  1. ii) Death at the end of one year until the maturity date:

(1) Double sum insured together with bonuses granted in case of accidental death.

(2) Total sum insured together with bonuses granted in case of natural death.

  1. b) Maturity benefit: In the survival to the maturity date, the sum assured plus the bonus declared and acquired in the policy.
  2. c) Premiums are paid during the term of the policy or until death, if it occurs, during the term of the policy.

OTHER FEATURES:

Grace period: The 60-day grace period is granted for the premium payment to ensure that the policies do not expire unless absolutely necessary.

Reinstatement: possible up to five years from the last unpaid premium. Penalty charged at 10% p.a. In the case of reinstatements after 6 months, a health declaration must be signed.

Surrender: Zero surrender values ​​for the first two years. The surrender value will be according to the Beema Samiti guidelines.

Loan: the policy loan will be available after the policy acquires the paid -up/ surrender value. The Policy Loan will be a maximum of 90% of the surrender value.

Expiration: failure to pay the premium beyond the grace period results in the lapse of the policy.

Paid value: if the premium payment is interrupted after premiums of at least two years are paid, a policy paid for an amount that has the same proportion as the sum insured as the number of premiums actually paid is reduced to the number stipulated in the policy, will be automatically secured. Such a reduced payment policy will not be participate entitled in the profits declared later.

OUTSTANDING FEATURES:

Entry age: 16 years to 60 years.

Maximum age of maturity: 65 years.

Terms of the policy: 5 years to 49 years

Minimum sum insured: NRs. 10,000

The maximum sum insured: NRs. 200,000

Premium payment method: monthly, quarterly, semi-annual and annual

JEEVAN LAXMI – TRIPLE BENEFIT SCHEME WITH BONUS

The plan is the Triple Benefit endowment Plan with Bonus payable in the following terms:

Basic sum assured with a bonus payable upon maturity.

Twice of the basic sum assured with a proportional final bonus payable in case of normal death according to the current policy within the term of the policy

Three times of the basic sum assured with a proportional bonus payable in case of accidental death under the current policy within the term of the policy.

The minimum sum assured is Rs. 50,000 and maximum are Rs. 100,000

The minimum age of entry is 16 years and the maximum age of entry is 50 years.

The minimum term is 7 years and the maximum term is 25 years or the maximum age of 60 years, whichever is earlier.

The mode of the payment is annual or semi-annual.

JEEVAN JYOTI 

This plan is the most popular form of life insurance. It provides for the family of the assured in case of premature death and also ensures a lump sum at the desired age. The assured amount, if not paid because of a previous death, becomes payable at the end of the endowment term.

If the premium payment is interrupted after at least the three-year premiums have been paid, a policy paid for an amount that has the same proportion as the insured amount, since the number of premiums actually paid is related to the number stipulated in the policy, will be automatically secured. Such a reduced payment policy will not have the right to participate in the benefits declared later.

Characteristics of Jeevan Jyoti:

Plan name: Jeevan Jyoti Plan

Term of return of the sum assured: after the maturity of the policy or guarantee of early death.

The maximum term of the plan: 30 years

Minimum term of the plan: 10 years

Entry age: 11 years.

Maximum age level: 60 years

Minimum sum assured: 50,000 / –

Maximum Sum assured: According to the income of the guarantee.

Accidental benefit: ADB / PWB / PTD available for entry age 16 years and over.

Loan: policy being running for at least 1 year for the single premium mode and after 2 annual premium payments for the other mode.

Social activities

Nepal Life has considered its business and social responsibility as two sides of the same coin. The company had made donations to help the women’s and children’s sectors, as well as cultural heritage conservation programs. As part of CSR, the company made a donation to celebrate Ganesh Chauthi in Kamaladi Ganeshthan and also conducted free health control camps and distributed juice and water to all pilgrims.

The company performs regular sports activities for the physical and mental well-being of its staff. During the year, the company participated in the Kathmandu Kings XI Corporate Indoor Cricket Tournament and, without much previous practice, the players obtained a second position.

In addition, the company also participated in the Corporate Super Sixes Cricket Tournament organized by SS Events Pvt. Ltd. In addition, the Futsal program was held to celebrate the company’s annual day, in which senior authorities of the company, corporate officers and employees of branches and sub-departments have participated.

FUTURE PLANS

The Company has planned the following action plan for future progress;

To accelerate the process of establishing branches and branches throughout the country to provide the insurance facility.

Provide insurance facilities to the population of the deprived sector with less financial capacity through micro-insurance policies.

Increase the effective annual return through diversified investment to provide the highest bonus to the policyholders, as well as the highest return for the shareholders.

Strive to provide quality insurance services by formulating adequate insurance plans to extend life insurance services to people of all levels and groups.

Improve work capacity and security by accelerating the expansion and development of the Company’s information technology.

For the qualitative improvement of the services provided to ensure the claim payment process will be simplified. For easier administration of insurance renewal payments, arrangements will be made to allow online payment from your home or office through different banks and financial institutions.

Efforts will be made to establish contact offices abroad based on commercial potential.

Professional capacity improvement programs for employees and agents will be formulated.

Strive to increase average income and return for the insured through investment diversification.

MOBILE APPLICATION AVAILABLE

Using mobile application services:

To use member information in the mobile application, first, register using the Register link on the home page of our website www.nepallife.com.np or register from your mobile application. Your Policy Will is not your user ID. An Internet connection is required on your mobile to access current information about your policy.

The file has been compressed using WinZip. Unzip the file after downloading it from our site and then install it. The version of our application will be updated regularly, download the new version from time to time.

In 2019, Global IME Bank Ltd signed an agreement with Nepal Life Insurance Company Limited as its agent to sell subsequent life insurance policies. The agreement was signed by the deputy director of the Bank, Surendra Raj Regmi and the deputy general director of the insurance company, Santosh Prasai.

After the Agreement, Clients can now make use of the insurance policies and Bank assurance services without complications through the 134 branches of Global Bank distributed throughout the country conveniently, according to the press release.

The company has maintained friendly relations with several interesting national and international agencies. It is expected that these relationships established on the basis of transparency and professionalism will be beneficial. Industrial harmony has remained in the company and efforts are being made to improve it.

In the fiscal year 2074/75, a total amount of Rs 50.66 billion was charged through life insurance premiums and the business, in general, grew by 31.15% and the company’s total premium income they are 16.18 billion rupees, which indicates a growth rate of 32.33% for the company’s business. In the year of review, we have been able to remain market leaders with a market share of approximately 32 percent in total premium income.

The company has maintained friendly relations with several interesting national and international agencies. It is expected that these relationships established on the basis of transparency and professionalism will be beneficial. Industrial harmony has remained in the company and efforts are being made to improve it.

Latest News about NLIC;

Nepal Life Insurance Company has introduced a new policy called Critical Illness Insurance for its clients. The company announced the new insurance service on Monday, which covers expenses of up to five million rupees for the insured’s serious illness.

The insurance plan covers diseases such as end-stage cancer, kidney failure, primary pulmonary hypertension, open thoracic coronary artery bypass graft, open heart surgery, coma, cerebral hemorrhage, complete vision loss, and other serious diseases. According to the company, people who already have an insurance policy in the company can update their insurance service prior to the new policy by paying a certain amount.

Nepal Life Insurance Company has so far launched around Rs. 20 million in the amount of insurance claimed by the families of NLIC members who died in the Gorkha earthquake. A total of Rs.

According to the Executive Director of NLIC, Bibek Jha, 19.6 million were distributed, including the amount of life insurance, the amount of accidental insurance and the bonus applicable to families who had insured themselves through the Company. The amount is normally released on the day the application is received for the release of the insured amount.

The dependent’s request, the death certificate, and the relationship verification certificate and a police report are the essential documents to claim the amount of life insurance.

More information about Nepal Life, visit the this Nepal Life Insurance company limited website.

NLIC CONTACT;

Nepal Life Insurance Company Limited

Address: Heritage Plaza-1, 2nd floor.

Other address: Kamaladi, Kathmandu

G.P.O.Box. No: 11030

Telephone: 01-4169082, 01-4169083, 01-4169085

Fax: 01-4169079

Website; www.nepallife.com.np

Toll-Free No.: 16600108880

Head office: Kathmandu, Nepal

Email: [email protected]

Nepal Life Insurance Company Ltd: A Profile

Nepal News, Nepal Nepali News, Insurance Companies in Nepal, Life Insurance Companies in Nepal, Nepal Life Insurance Company Limited Nepal. Facebook page of insurance companies. Nepal Life Facebook page, photos.imnepal.com


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Jitendra Sahayogee

I am Jitendra Sahayogee, a Writer of 12 Nepali Books, Director of Maithili films, Founder of Radio Stations, Designer of Websites and Editor of Some Nepali Blogs.

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  1. Subas chaudhary nlic see again all report

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