ENG
NEP“Mahalaxmi Saral Jeevan Beema” is a Limited Payment Endowment Plan. Thus, it provides risk coverage as well as investment opportunity with premium payment limited to period less than the policy term. The insured may choose to pay the single premium or to pay premiums in numbers of years in multiple of 5, the payment term being at least 5 years less than the policy term.
Mahalaxmi Saral Jeevan Beema
Name of Insurance Plan
Mahalaxmi Saral Jeevan Beema
Age of Entry
18 years 65 years
Premium Paying Term
Single, 5 years, 10 years, 15 years or 20 years
Minimum Sum Assured
Rs. 50,000 (Fifty Thousand)
Mode of Premium Payment
Single, Yearly, Half-Yearly, Quarterly and Monthly
Benefits Under This Policy
- Maturity Benefit:
Full SA and accrued bonus for the whole policy term is payable on maturity if the policy remains in force and the insured survives till maturity date. - Death Benefit:
Full sum assured and accrued bonus is payable to the nominee upon death of insured within the policy term provided that the policy is in force. - Paid-up value, Surrender Value and Loan:
The policy will gain paid-up value or surrender value upon payment of premiums for 3 full years. 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. The policy can be surrendered during the policy term only after completion of 3 years.
- Maturity Benefit:
Type of Insurance Plan
Participating Limited Payment Endowment Assurance Plan
Policy Term
5 Year to 25 Years
Maximum Maturity Age
70 years
Maximum Sum Assured
Rs. 250,000,000 (Two Hundred Fifty Million), (in intervals os 10,000)
Rider Benefits
Accidental Death Benefit (ADB), Permanent Total Disability (PTD) and Premuin Wavier Benefit (PWB) is available for full policy term, equal to sum assured but not more than Rs. 1,00,00,000 upon payment of additional premium.
First Policy Issued Date: 11th July 2019