Double Protection Plus Plan

Overview

Issue Age: Minimum 18 years and maximum 65 years

Coverage Expiry Maximum Age: 75 years

Minimum Face Amount: NPR 250,000

Maximum Face Amount: NPR 50,000,000

Policy Term: Fixed for 10, 15, 20 years

Premium Payment Term: Single Pay or 5 Pay (5 Years) or 10 Pay (10 Years)

Premium Payment Mode: Annual, Semi-Annual, Quarterly (For 5 Pay and 10 Pay)

Exclusions: Two Years Suicide Exclusion, War Risk Exclusion, International and Local Sanction Limitation Exclusion. Detail terms, conditions and other exclusions are
included in the Policy Document.  

Face Amount means the amount of insurance that the policy provides as shown in the Policy Specification Schedule and from which the benefit under the Policy will be determined.

Key Benefits 

The product is an endowment plan with limited premium payment options in which the Insured will be entitled to benefits such as Booster fund and Loyalty Rewards. This flexible endowment plan offers valuable benefits, including a Booster Fund to enhance policy value and Loyalty Rewards for long-term commitment. The Insured will have flexibility on premium payment options to choose either Single Premium or Limited Premium Payment for 5 years (5 Pay) or 10 years (10 Pay) as per the Insured convenience making it easier to plan for future.

1. Death Benefit:

In case of death of the Insured within the policy term, the beneficiary is paid lumpsum equal to two (2) times of Face Amount (FA) less any indebtedness on the Policy, if any. Any excess Booster Fund benefit and Loyalty Rewards benefit that have been paid in between the claim commencement date and claim approved date after the death of Insured shall be deducted from the proceeds payable under this Policy. Such Death Benefit payment will terminate the Policy contract.

2. Permanent Total Disability (PTD) Benefit:

If the insured becomes permanent and totally disabled due to accident or sickness/disease within the policy term and such disability has continued for a period of Six (6) consecutive months, the Insured is paid lumpsum amount equal to two (2) times of Face Amount (FA), less any amount paid or payable under  Accidental Death, Dismemberment Benefit (AD,D). Any Indebtedness on the Policy will be deducted from the proceeds payable. Any excess Booster Fund benefit and Loyalty Rewards benefit that have been paid in between the disability commencement date to disability claim approval date shall be deducted from the proceeds payable under this Policy. Such Permanent Total Disability Benefit payment will terminate the Policy contract.

3. Accidental Death, Dismemberment, Loss of Sight, Hearing and Speech Indemnity (AD,D) Benefit:

When injury results in loss of life of an Insured within three hundred sixty-five (365) days from the date of accident, the Company will pay equal to one (1) time of Face Amount (FA), less any indebtedness on the Policy and any other amount paid or payable under Dismemberment benefit. Any excess Booster Fund benefit and Loyalty Rewards benefit that have been paid in between the claim commencement date and claim approval date after loss of life of any Insured shall be deducted from the proceeds payable under this Policy. Such Death Benefit payment will terminate the Policy.

4. Booster Fund Benefit:

Booster Fund benefit is payable annually from the first policy anniversary until the Policy Maturity Date. The rate of Booster Fund is declared at the end of every Gregorian calendar year, based on the investment yield of the segregated fund, in accordance with the table below. For example, Booster Fund benefit payable in between 1st Jan 2025 to 31st Dec 2025 is based on investment yield of the segregated fund in year 2024. 

Upon survival of the Insured to the end of every Policy Year, the Company shall pay the Booster Fund benefit as part of the survival benefit until the Maturity Date of this Policy. 

Insured may choose either option below:

• Cash Payout Option: Receive the Booster Fund benefit yearly; or
• Accumulation Option: Accumulate the Booster Fund benefit with the Company with interest compounding annually. The interest rate is the investment yield of the segregated fund (the same yield used to determine the rate of Booster Fund), less an investment charge of 1 percent.              

5. Loyalty Rewards Benefit:

Loyalty Reward benefit is a guaranteed benefit payable upon survival of the Insured at end of every 5th policy year until the end of Policy Term. The rate is guaranteed and in accordance with the table below.

Insured may choose either option below:

• Cash Payout Option: Receive the Loyalty Rewards benefit at the end of 5th, 10th, 15th, and 20th policy year; or
• Accumulation Option: Accumulate the Loyalty Rewards benefit with the Company with interest compounding annually. The interest rate is the investment yield of the segregated fund (the same yield used to determine the rate of Booster Fund), less an investment charge of 1 percent.

6. Maturity Benefits:

Upon survival of the Insured to maturity of the Policy, the Insured will be paid Face Amount (F.A. x 1), the accumulated Booster Fund benefit (if any), and the accumulated Loyalty Rewards benefit (if any), less any indebtedness to the Policy. Such maturity benefit payment will terminate the Policy.  

7. Special Provisions:

There are provisions of Cash Surrender, Policy Loan facility and Non-Forfeiture Options of Paid-Up Policy or Automatic Premium Loan. Paid-Up Policy provision will apply automatically if none of the options are elected.