- What is the eligible age to apply for life insurance?
- Anyone of age 11 years or more and less than 60 years are eligible to buy the plan.
- Can one change purchased policy?
- No, policies once purchased cannot be changed.
- Can insured term/period increased or decreased in tenure?
- Change of these will cause a change in premium, hence the term/period of a policy cannot be changed.
- What is bonus?
- Insurers give a return to their policyholders which is called a bonus. Bonuses can be revisionary or guaranteed.
- Will the insured receive medical expenses in case of an accident?
- Some Life Insurance will cover certain costs but only if you have certain policy riders. In Nepal, a critical illness rider is offered by Life Insurers where the policy holder will get the amount of coverage if diagnosed with listed diseases.
- What is the policy rider?
- A policy rider is an optional coverage or feature you can add to your life insurance policy, often for an additional cost like accidental death benefit, permanent total disability and critical illness.
- What if one is unable to pay premiums to continue the policy?
- One can stop the contract or surrender the policy but only after paying three yearly premiums amount. The policyholder will get the surrender value calculated by the company.
- What is the minimum maturity period in a life insurance policy offered by the company?
- Usually five years. However, it may differ by types of policy purchased.
- What will happen if I fail to pay premium on time?
- If you fail to pay the premium on or before the scheduled date, you will be provided with a grace period of 1 month or 15 days depending upon the premium payment mode from the due date, during which you need to pay all the pending premiums, else the policy lapses.
- What is the policy lapse?
- Policy lapse is a situation where you can no longer avail the benefits and cover provided under a policy.
- What is the maximum time allowed for renewal of lapse policies?
- Any lapse policy could be renewed within the maturity period. Nevertheless, various conditions apply when renewing, depending upon the age, sum assured etc.
- What is the policy maturity claim process?
In case a claim arises, you should:
- Original Policy Paper.
- Maturity Claim Form.
- What is the death claim process?
In case of death claim:
- Death Certificate.
- Original Policy Paper.
- Claim forms issued by the insurer along with supporting documents.