New Jeevan Tarang
Jeevan Tarang is a limited premium, with-profit, limited premium whole life plan. lt provides for an annual survival benefit of 5.50% of the Sum Assured every year after the premium payment term. The vested bonus is payable in a lump sum on survival to the end of the premium payment term or on death, if earlier. The Sum Assured is payable on survival to age 100 or on death, if earlier.
On death of the life assured during the premium payment term Sum Assured under the policy plus the Accrued Reversionary Bonus as on the date of death shall be payable. The policy will terminate upon such payment.
On death of the life assured after the premium payment term, the Sum Assured under the policy shall be payable. The policy will terminate upon such payment.
On survival of the life assured to the end of each policy year after the premium payment term, a survival benefit equal to 5.50% of the Sum Assured shall be payable. This benefit shall be available to the life assured till attainment of age 99 years.
On the survival of the life assured to the end of the premium payment term, the Accrued Reversionary Bonus shall be payable. The policy will continue upon such payment with yearly survival benefits and death benefit as described above. On survival of the life assured to age 100, a maturity benefit equal to the Sum Assured shall be payable. The policy shall terminate thereafter.
The policy will participate in the profits of the company’s participating fund on commencement of the policy. lt gets a share of the profits emerging from the Company’s Participating Fund in the form of bonuses. Simple Reversionary Bonuses are declared as a percentage rate, which apply to the sum assured under the Policy. They are declared annually at the end of each financial year based on the Statutory Valuation carried out under prevailing Regulations. Once declared, they form a part of the guaranteed benefits of the Policy.
The policy will cease to participate in the profits of the company’s participating fund upon non-payment of due premiums, death of the life assured or on payment of maturity benefit whichever event occurs earlier, and no further bonuses will accrue on the policy.
ELIGIBILITY CONDITIONS AND RESTRICTIONS:
Minimum Sum Assured : NPR 200,000/-
Maximum Sum Assured : No Limit (as per the underwriting policy of the Company)
Minimum Age at Entry : 15 years ( last birthday)
Maximum Age at Entry : 60 years (Nearest Birthday)
Maximum Age at Maturity : 70 years (Nearest Birthday)
Policy Term : Up to attainment of age 100
Premium Payment Term : 10 years / 15 years / 20 years