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
Policy Wording
