ENG
NEPJeevan Herchah Beema
Every parent wish to provide good education to their child and ensure that they have bright future. In order to fulfill that wish, a lump sum amount of money is needed that can be used for their higher education or for their marriage or other social rituals. Thus, continuous saving and fair return on that saving is required. In addition, financial security as well as regular income is essential to fund the education of the child in case of unfortunate death or disability of parents. Considering all these needs, Mahalaxmi Life has brought “Jeevan Herchah Beema.” This insurance plan ensures sustained saving, fair returns on savings, financial security and thus make sure that parents’ wish of good education and bright future for their children is ensured.
Name of insurance plan
Jeevan Herchah Beema
Age at Entry
18 years to 60 years
Maximum Maturity Age
65 years
Maximum Sum Assured
Rs. 5,00,00,000 on the basis of income source
Grace period
30 days in case of yearly, half-yearly and quarterly modes of payment
15 days in case of monthly mode premium payment.
Benefits Under this Policy
- Maturity Benefit
Full sum assured and accrued bonus is payable on maturity if the policy remains in force and the insured survives till maturity date. - Death Benefit
In case of Parent’s death during the policy term,
->100% sum assured will be paid to the beneficiary immediately
->A regular income benefit of 2.5% of Sum Assured will be paid to
the beneficiary on quarterly basis starting from the next policy
anniversary from the death of the insured till policy maturity
date.
-> All the future premiums will be waived off and the again full sum
assured and accrued bonus will be paid to the beneficiary on
policy maturity date. - Paid-up Value or Surrender Value
The policy will gain paid-up value or surrender value upon payment of premiums for 3 full years. Upon the death of the insured or maturity of policy, whichever occurs earlier, the paid-up value will be paid to the insured if the policy is lapsed. The paid-up calculation is done as per the approved method prescribed by Beema Samiti. Loan up to 90 % of the surrender value can be availed.
- Maturity Benefit
Type of insurance plan
Special Endowment Plan (Participating in profit)
Policy Term
5 years to 25 years
Minimum Sum Assured
Rs.50,000, and thereafter in intervals of 10,000
Mode of Premium Payment
Yearly, Half-Yearly, Quarterly and Monthly
Supplementary Benefits
(TPDA-PWB)- Total Permanent Disability due to Accidental Benefit and Premium Wavier Benefit (PWB)
First Policy Issued Date: 10th June 2019