Contact Number +977-1 4445740 / 4445741/ 4445742 Contact Email info@mahalaxmilife.com Location Kamalpokhari, Kathmandu
Accidental Death Benefit (ADB) & Permanent Total Disability (PTD) Benefit
21 Feb 19

Accidental Death Benefit (ADB) & Permanent Total Disability (PTD) Benefit

  1. Accidental Death Benefit – (ADB)
    • If policy assured dies due to accident during the policy period, additional amount equal to ADB Sum Assured shall be paid to nominee provided policy is enforced and all due premiums are paid.
  2. Permanent Total Disability (Due to Accident) – (PTD)
    • If the Life Assured becomes Total and Permanent Disabled due to the accident during the policy period, provided policy is enforced and all due premiums are paid, either of following one benefit shall be paid.
    • Option 1: Full Rider Sum Assured will be paid to the assured and the rider will terminate, the main policy will continue to be in force with usual features till the end of the term, subject to receipt of premiums.
    • Option 2: 12 yearly payments of 10 % of Rider Sum Assured will be made to the assured. If the assured dies before the completion of 12 years, remaining instalment amount will be paid as a lump-sum, in addition to the main policy benefits. The rider cover will terminate after the notification of the claim. The main policy will continue to be in force with usual features till the end of the term, subject to receipt of premiums.
  3. Riders available on Main Plan & Maximum Sum Assured
    • This ADB, PTD rider is available to Mahalaxmi Endowment Plan, Double Endowment Plan and Lagani Firta Myadi Beema.
    • The ADB, PTD sum assured shall be equal to basic sum assured of main policy or 1,00,00,000 (one crore) whichever is lower.

Conditions and Definitions:

  1. “Accident” shall mean an event or contiguous series of events, which are violent, unforeseen, involuntary, external and visible in nature, which causes Bodily Injury.
  2. “Accidental Death” shall mean death:
    • which is caused by Bodily Injury resulting from an Accident and
    • which occurs due to the said Bodily Injury solely, directly and independently of any other causes and
    • which occurs within 183 days of the occurrence of such Accident but before the expiry of the cover.
  3. “Bodily Injury” means Injury must be evidenced by external signs such as contusion, bruise and wound except in cases of drowning and internal injury.
  4. “Total and Permanent Disability due to accident” refers to a disability, which:
    • is caused by Bodily Injury resulting from an accident, and
    • occurs due to the said bodily injury, directly and independently of any other causes, and
    • occurs within 180 days of the occurrence of such accident which triggered the disability, but before the expiry of the cover, and
    • completely, continuously and permanently prevents the Life Assured from engaging in any work, occupation or profession to earn or obtain any wages, compensation or profit, such condition to persist for at least 6 months from the date of disability, and
    • the loss of use both arms, or of both legs, or of one arm and one leg, or of both eyes, shall be considered total and permanent disability, without prejudice to other causes of total and permanent disability.
  5. “Loss of use of an arm or a leg” shall mean loss of use or physical severance of the arm at or above the wrist or physical severance of the leg at or above the ankle which:
    1. is caused by bodily injury resulting from an accident, and
    2. occurs due to the said bodily injury, directly and independently of any other causes, and
    3. occurs within 180 days of the occurrence of such accident but before the expiry of the cover.
  6. “Loss of an eye” shall mean total and irrevocable loss of sight of an eye which:
    1. is caused by bodily injury resulting from an accident, and
    2. occurs due to the said bodily injury, directly and independently of any other causes, and
    3. occurs within 180 days of the occurrence of such accident but before the expiry of the cover.

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