Subhabisya Beema
Choose from five options that will let you retire comfortably and receive regular monthly income every year.
Overview
Not only can you receive Monthly Income each month every year from the retirement age (up to age 100 or minimum 20 years guaranteed), remaining monthly payments will be paid out to loved ones in case of insured’s loss of life before 20 years. You pay premium for limited period and, at the end of the period, get five options to choose the one most beneficial to you.
- Eligibility: Minimum age 18 to maximum 55 Years
- Face amount: Minimum Rs. 50,000, maximum Rs. 50,000,000
- Term: 10, 15, 20, 25 or 30 years
- Mode of payment: Annual, Semi-Annual or Quarterly
How it works
You will start receiving Life Time Monthly Income after completion of premium-paying phase during your retirement. The Monthly Income will be guaranteed for 20 years and thereafter continue as a Life Time Income up to age 100. The amount of the Monthly Income will be determined at the time of implementing the option at the end of premium-paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.
You will receive monthly income guaranteed for twenty years alone. It does not continue for whole life and Monthly Income will be paid for twenty years only. The amount of the Monthly Income will be determined at the time of implementing the option at the end of premium-paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.
You can leave the Principal Amount (Face Amount plus Accrued Bonuses less any indebtedness to the policy) with the company to earn income in the form of annual cash coupons. The rate of coupons will be offered by the company at the beginning of each policy year depending on investment income. Payment of annual cash coupons will commence with effect from the policy anniversary immediately following the completion of the premium-paying phase and continue until insured attains age 100, or until death, whichever is earlier.
You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.
You will also have the option to surrender the Policy at any time after the premium-paying phase and get the Principal Amount plus any Coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.
You will receive 50% of Principal Amount in lump sum at the end of premium-paying phase and will receive income in the form of annual cash coupons on remaining 50% of Principal Amount. The rate of coupons will be offered by the company at the beginning of each policy year depending on investment income. Payment of annual cash coupons will commence with effect from the policy anniversary immediately following the completion of the premium-paying phase and continue until insured attains age 100, or until death, whichever is earlier.
You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.
You will also have the option to surrender the Policy at any time after the premium-paying phase and get the Principal Amount plus any coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.
You will receive the Principal Amount, less any indebtedness, in lump sum at the end of the premium-paying phase. Such payment will terminate the Policy contract and the Company shall be free from all its obligations under the Policy.
For the coverage of additional benefits following riders can be added: ADB, WP, PA and LTI Life Time Monthly Income Rider (LTI): In case of Accidental Death or Permanent Disability due to accident it provides Life Time Monthly Income with a minimum guarantee of 20 years. It can be taken by insured of age 18 -59 years with the coverage of Life Time Monthly Income of minimum Rs 1500 or 1 % of Face Amount.
Illustration of Subhabishya Beema Aajeewan Aaya Policy:
How much will I get as Monthly Income under Option 1?
This option enables you to receive the Monthly Income calculated as follows:
- Monthly Income = Principal amount / Annuity factor* × 12
For example:
Suppose a policy matures with the insured aged 65 years with a total maturity benefit (principal amount) of Rs. 1,500,000/- .
The Monthly Income payable under this option amounts to the following:
- Assuming interest rate of 5%: Rs. 9,113 per month
- Assuming interest rate of 6%: Rs. 9,944 per month
How much will I get as Monthly Income under Option 2?
This option enables you to receive monthly income calculated as follows:
- Monthly Income = Principal amount / Annuity factor* × 12
For example:
Suppose a policy matures with the insured aged 65 years with a total maturity benefit (principal amount) of Rs. 1,500,000.
The Monthly Income payable under this option amounts to the following:
- Assuming interest rate of 5%: Rs. 9,553 per month
- Assuming interest rate of 6%: Rs. 10,281 per month
* The annuity factor depends on the interest rate and mortality assumption, so the actual annuity factors at the time of policy maturity may be higher or lower depending upon the interest and mortality rates scenario prevalent at that time.
First policy issue date: 16/08/2010
Rider
Rider is an addition to an insurance policy that becomes part of the contract. It provides extra benefits as mentioned in contract in case of eventuality as covered. Some of the riders that can be attached to insurance policies are:
- Accidental Death Benefit (ADB): It provides payment of an additional sum in the event of death of insured due to accident.
- Personal Accident Coverage Rider (PA): The rider pays benefits incase of losses occurring on or after this Supplementary Contract effective date and during the period this Supplementary contract is in effect subject to the terms, conditions and exceptions contained in this Supplementary Contract. The total maximum benefits payable under this Supplementary Contract shall not exceed the Principal Sum. The benefit covered under this rider is accidental death, dismemberment and Permanent total disability.
- Disability waiver of Premium Ride (WP): The disability waiver of premium (WP) benefit may be attached to any regular Par life insurance policy along with supplementary rider. If attached to the basic policy, it must also be attached to the riders providing additional benefits. The WP benefit provides for waiving of premiums falling due between commencement of and recovery from total disability (as defined in the rider) which has continued for 6 (six) months or longer and which has commenced prior to maturity or expiry of the policy, or policy anniversary nearest age 60 whichever is the earlier date. WP may be offered to males and to females between ages of 15 and 55, inclusive, who are gainfully employed. Females must be self-supporting and have regular and steady salaried income from employment outside the home. WP issued to females will be at 1.5 times the standard rate.
- Lifetime Income rider
Issue Age -18-59
Policy Term: As per the Base policy
Minimum Coverage Limit is NPR 1500/month
Maximum Coverage Limit is NPR 40,000/ month
Benefits: When Injury results in loss of life, dismemberment, permanent total disability of the Insured within three hundred sixty five (365) days from the date of the accident, the rider will pay Monthly Benefit for lifetime, guaranteed for 20 years.
Disclaimer
- This is just an illustration showing the maturity options – NOT A CONTRACT. Your policy will contain the exact terms of coverage.
- The annuity factor depends on the interest rate and mortality assumption, so the actual annuity factors at the time of policy maturity may be higher or lower depending upon the interest and mortality rates scenario prevalent at that time.
NIA Product Code: NIA/LI005/2067/068/EP/0009