Overview
- Issue Age: minimum 18 years and maximum 60 years
- Minimum Face Amount: NPR 250,000
- Maximum Face Amount: NPR 50,000,000
- Policy Term: Fixed for 12, 14, 16, 18, 20, 22 years
- Premium Payment Term: Same as or equal to policy coverage period
- Payment mode: Annual, Semi-Annual, Quarterly
- Exclusions: Two Years Suicide Exclusion, War Risk Exclusion, Sanction Limitation and Exclusion.
Face Amount means the amount of insurance that the policy provides as shown in the policy specification schedule and from which the insurance benefit will be determined.
Key Benefits
An Anticipated Endowment Benefit with regular premium payments in which the policy owner will participate in profits via reversionary bonuses.
1. Survival Benefit
- Survival benefit will be paid in two phases as 40% of Face Amount (FA) at midterm of the policy term and 60% Face Amount (FA) including accrued reversionary bonuses at maturity.
2. Death Benefit
- If the insured dies between the policy’s inception date and the policy’s midterm, the beneficiary receives 100% of the Face Amount (FA), including reversionary bonuses (accrued till the date of the incident).
- If the insured dies after midterm within the policy term, the beneficiary receives two times (200%) of the Face Amount (FA), including reversionary bonuses (accrued till the date of the incident). Partial survival benefit paid out as 40% of Face Amount (FA) will not be deducted from the death benefit. Incase of Paid-up policy, death benefit shall limit to paid-up value.
- In case of Child / Juvenile:
Death benefits are payable subject to Graded Death Benefit Endorsement* and maximum coverage amount for the child insured shall be NPR 5,000,000.
3. Special Provisions
- Provisions of Cash Surrenders, Policy Loan facility and Non-Forfeiture Options of Paid-Up and Automatic Premium Loan.
4. Additional Riders for the product
- Personal Accident Rider Benefit
This rider pays benefits in case of death, dismemberment, and permanent total disability due to accidents up to the principal sum/face amount.
- Issue Age: 18-65
- Coverage Expiry Age: 70 years
- Waiver of Premium Rider Benefit
Under this benefit, the future premium of base policy is waived in case of permanent total disability due to sickness and accidents.
- Issue Age: 18-55 years
- Coverage Expiry Age: 60 years
- Critical Illness Rider Benefit
This rider pays 100% or 50% of Face Amount* coverage if diagnosed with 7 Critical Diseases (Major Cancer, First Heart Attack, Stroke, Benign Brain Tumor, Serious Coronary Artery Disease, Heart Valve Surgery, and Primary Pulmonary Hypertension).
- Issue Age: 18-54
- Coverage Expiry Age: 60 years
The following table gives the lump sum CI benefit for various ages & terms:
| Policy Term |
| Ages |
12 Years |
14 Years - 20 Years |
| 18 - 44 |
100% of Face Amount* |
50% of Face Amount* |
| 45 - 54 |
50% of Face Amount* |
50% of Face Amount* |
*Face Amount refers to face amount of the base policy.
MTG Premium Table
MTG Policy Wording
MTG *Graded Death Benefit Endorsement
MTG Policy Provision
Disclaimer: This plan is underwritten by American Life Insurance Company. The information contained in this page is intended for general customer understanding and is subject to the terms and conditions of Midterm Growth Insurance Policy issued. Detailed terms, conditions, and exclusions are included in the Policy Document. In case of discrepancy between this brochure and the policy document, the latter shall prevail.
