My Child's Education Protection Plan

My Child's Education Protection Plan

This insurance plan will help to lay the foundation on which you can build your child’s future and career.

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My Child’s Education Protection Plan (MCEPP) is a comprehensive solution that provides insurance coverage not only for the child but also for the parent (policy owner).

Your child means the world to you, and their well-being is your utmost priority. As parents, you’ve invested countless hours, love, and resources into nurturing their growth. However, have you considered the importance of securing their education and future?

With My Child’s Education Protection Plan (MCEPP) you can be confident that their dreams will have a secure foundation, no matter what challenges life may bring. We safeguard your child’s future and ensure they have the opportunities and support they deserve.

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Overview

  • Insured: Both child and Policy Owner
  • Policy Owner: Father or mother
  • Child Issue Age: minimum 31 days and maximum less than 18 years
  • Owner Issue Age: minimum 21 years and maximum 55 years
  • Minimum Face Amount: NPR 250,000
  • Maximum Face Amount: NPR 5,000,000
  • Policy Term: 10-25 years 
  • Premium Payment Term: Equal to policy term, 10 to 25 years  
  • Payment mode: Annual, Semi-Annual, Quarterly
  • Child's Coverage expiry age: 28 years
  • Policy Owner's coverage expiry age: 65 years
  • Maximum Policy Term limit: Child's age + Policy Term ≤ 28 years
  • Maximum Policy Term limit: Owner's age + Policy Term ≤ 65 years
  • Exclusions: Two Years Suicide Exclusion (only applicable to Policy Owner), War Risk Exclusion, International and Local Sanction Limitation Exclusion. Detailed terms, conditions and exclusions are included in the Policy Document.
  • Face Amount means the amount of insurance that the policy provides as shown in the policy specfication schedule and from which the benefit under the policy will be determined.

Key Benefits

A participating endowment plan with regular premium payments in which the Insured will participate in profits or bonus via reversionary bonuses.

1. Death Benefits

  • Death of Policy Owner:
Gold Version In case of death of the Policy Owner, “Lumpsum Death Benefit” is payable equal to 100% of the Face Amount of the policy and base policy premium due up to policy term is waived. Additionally, monthly income benefit equivalent to 2% of the Face Amount of the base policy shall be paid for remainder of the policy term.
Silver Version In case of death of the Policy Owner, base policy premium due up to policy term is waived. Additionally, monthly income benefit equivalent to 2% of the Face Amount of the base policy shall be paid for remainder of the policy term

The policy shall remain in force and on survival of Insured Child at maturity, 100% of Face Amount and accrued reversionary bonuses shall be paid at the end of policy term for both versions.

  • Death of Insured Child: In case of death of Insured Child within the policy term, Death benefit is payable equal to 25% of the Face Amount and accrued reversionary bonus or premium of base policy paid amount or Surrender value whichever is higher and the Policy shall terminate automatically.
  • Death of Insured Child and Policy Owner simultaneously: In case of death of Insured Child and Policy Owner simultaneously within the policy term, Beneficiary is paid equal to 100% of Face Amount and accrued reversionary bonus for the death of Policy Owner and 25% of Face Amount for the death of Insured Child.
  • Death of Insured Child after Policy Owner's death: In case of death of Insured Child after the death of the Policy Owner within the policy term, Beneficiary is paid equal to 25% of the Face Amount and accrued reversionary bonus or premium of base policy paid amount or Surrender Value whichever is higher and the policy shall terminate automatically.

2. Maturity Benefits: On the survival of Insured Child at maturity of the policy, Face Amount and accrued reversionary bonus shall be paid to the Insured Child at the end of the policy term if the policy continues to be in-force till maturity.

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

  • Disability Protection Rider Plus(DPR Plus): Upon permanent total disability of Policy Owner, all future premium of base policy and this rider is waived for the entire policy term. Monthly income equal to 2% of the base policy face amount will be paid every month till maturity of the policy.
  1. Issue Age: 21-55 years
  2. Coverage Expiry Age: 65 years
  •  Personal Accident Rider Benefit: This rider pays benefits in case of death, dismemberment, and permanent total disability due to accidents up to the face amount.
  1. Issue Age: 21-55 years
  2. Coverage Expiry Age: 65 years
  • Critical Illness Rider Benefit:  Pays 100% of the Critical Illness (CI) rider Face Amount Lump Sum upon diagnosis of any of the 11 critical illnesses provided that 100% of rider sum assured upon diagnosis of a covered CI, provided that:
  1. The CI diagnosed with listed and defined in Schedule of Covered CI,
  2. The CI diagnosed is the first incidence of that CI,
  3. The signs or symptoms of the CI experienced by the insured commenced on or after the coverage commencement date,
  4. The Insured is still living at the time of diagnosis
  5. The CI coverage is provided to the insured during the policy term
  6. None of the general exceptions applies 
  • Critical Illnesses Covered: Cancer of Specified Severity, Kidney Failure, Cardiovascular Diseases, Stroke, Major Organ Transplant, ENT Disease, Major Burn, Liver Disease, Benign Brain & Spinal Tumors, Blindness, Coma
  1. Issue Age: 21-55
  2. Coverage Expiry Age: 65

NIA Product Code: NIA/LI005/2080/081/CP/0010

NIA Product Approval Date: 2080-07-03

NIA Product Last Amendment Date: 2081-02-27