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यो पृष्ठमा निर्माण कार्य भइरहेको छ ।

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Subhabisya Beema

Choose from five options that let you retire comfortably and receive regular monthly income each month every year.
Not only can you receive Monthly Income each month every year from the retirement age (up to age 100 or minimum 20 years guaranteed), remaining monthly payments will be paid out to loved ones in case of insured’s loss of life before 20 years. You pay premium for limited period and, at the end of the period, get five options to choose the one most beneficial to you.

Determine the age you want Subhabishya Beema Aajeewan Aaya to start providing you with the Monthly Income to meet your financial needs during your retirement. Accordingly, you may select the Premium Pay Term of 10 or 15 or 20 or 25 or 30 years and the required premium affordable to you for the selected term.

In case of unfortunate event of death of insured, Face Amount plus accrued bonuses will be paid to beneficiary.

In case of completion of policy, the Maturity benefits can be received as one of following options:

  1. Life Time Monthly Income
  2. Twenty years Guaranteed Monthly Income
  3. Leave the Principal Amount with the company to earn Annual Cash Coupons
  4. Receive 50% of the Principal Amount and leave 50% to earn Annual Cash Coupon
  5. Receive the Principal Amount in Lump Sum

Overview

Eligibility:

Minimum age 18 to maximum 55 Years

Face amount:
Minimum Rs. 50,000, maximum Rs. 15 million

Term:
10, 15, 20, 25 or 30 years

Mode of payment:
Annual, Semi-Annual or Quarterly

How it works
Option 1 – Life Time Monthly Income Collapsed Expanded

You will start receiving Life Time Monthly Income after completion of premium-paying phase during your retirement. The Monthly Income will be guaranteed for 20 years and thereafter continue as a Life Time Income up to age 100. The amount of the Monthly Income will be determined at the time of implementing the option at the end of premium-paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.

 

Option 2 – Twenty years Guaranteed Monthly Income Collapsed Expanded

You will receive monthly income guaranteed for twenty years alone. It does not continue for whole life and Monthly Income will be paid for twenty years only. The amount of the Monthly Income will be determined at the time of implementing the option at the end of premium-paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.

 

Option 3 – Leave the Principal Amount with the company to earn Annual Cash Coupons Collapsed Expanded

You can leave the Principal Amount (Face Amount plus Accrued Bonuses less any indebtedness to the policy) with the company to earn income in the form of annual cash coupons. The rate of coupons will be offered by the company at the beginning of each policy year depending on investment income. Payment of annual cash coupons will commence with effect from the policy anniversary immediately following the completion of the premium-paying phase and continue until insured attains age 100, or until death, whichever is earlier.

You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.

You will also have the option to surrender the Policy at any time after the premium-paying phase and get the Principal Amount plus any Coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.

 

 

Option 4 – Receive 50% of Principal Amount and leave 50% to earn Annual Cash Coupons Collapsed Expanded

You will receive 50% of Principal Amount in lump sum at the end of premium-paying phase and will receive income in the form of annual cash coupons on remaining 50% of Principal Amount. The rate of coupons will be offered by the company at the beginning of each policy year depending on investment income. Payment of annual cash coupons will commence with effect from the policy anniversary immediately following the completion of the premium-paying phase and continue until insured attains age 100, or until death, whichever is earlier.

You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.

You will also have the option to surrender the Policy at any time after the premium-paying phase and get the Principal Amount plus any coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.

 

Option 5 – Receive the Principal Amount in Lump Sum Collapsed Expanded

You will receive the Principal Amount, less any indebtedness, in lump sum at the end of the premium-paying phase. Such payment will terminate the Policy contract and the Company shall be free from all its obligations under the Policy. 

For the coverage of additional benefits following riders can be added: ADB, WP, PA and LTI Life Time Monthly Income Rider (LTI): In case of Accidental Death or Permanent Disability due to accident it provides Life Time Monthly Income with a minimum guarantee of 20 years. It can be taken by insured of age 18 -59 years with the coverage of Life Time Monthly Income of minimum Rs 1500 or 1 % of Face Amount.

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.
  • Disability Protection Rider (DPR): It protects payer (in Education Protection Plan) in the event of disability due to sickness or accident. If payer becomes permanently disabled:

○ All future premiums will be waived off and the policy continues in full force

○ 1% of face amount will be paid per month to the child till the policy’s maturity and, at maturity, the child receives Full Amount plus bonus

  • Life Care Protection Plan (PA): Life Care ensures that the policyholder’s life plan is comprehensively protected against accident. Accidental coverage consists of the following:

○ Accidental Death (AD) – in case of accidental death of insured, Lump Sum Cash is provided to beneficiary

○ Permanent Total Disability (PTD) due to accident – Lump Sum Cash is provided to insured

○ Permanent Partial Disability (PPD) – in case of loss of sight, hearing and speech indemnity due to accident, % wise amount of face amount is paid to insured

Disclaimer

  1. This is just an illustration showing the maturity options – NOT A CONTRACT. Your policy will contain the exact terms of coverage.
  2. 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.