eSewa, in collaboration with Sun Nepal Life Insurance, has introduced a Money Back Plan, a special type of endowment insurance. This product is designed for working professionals to optimize their tax savings while providing insurance coverage and long-term investment benefits.
Contents
Key Features of eSewa Money Back Plan
- Insurance Coverage: Provides coverage for a 20-year term.
- Tax Savings: Offers annual tax deduction support up to 15,600 depending on the income size.
- Survival Benefits: Pays a pre-determined percentage of the sum assured to the policyholder at specific intervals, regardless of whether the insured individual is alive or not.
- Bonus Payment: At the end of the policy term, a bonus of 3,57,500* is paid out. In addition to bonus, insured will get 32,500 money back at the end.
- Annual Cashback: Provides an annual cashback of 5% of the coverage amount.
- Eligible Age: 18-45 years
- Other Benefits: Emergency treatment worth 100,000 NPR
- Mode of payments: Annually
Coverage
- Total Insurance Coverage: 12,00,000
- Insurance Amount: 6,50,000
- Emergency Medical Insurance: 100,000
- Accidental Death Benefit: 4,50,000
- First-Year Premium: 40,000 (Starting with 40,000 but might slightly varies depending on age) 40,000.
- Annual Money Back: 32,500
- Annual Premium from Year 2 to Year 20: 7,500 each year, totaling 1,42,000 over 20 years. Annual premium may differ from person to person.
- Total Premium Paid: 1,75,000 over 20 years.
Annual Cashback and Total Payout
- Annual Cashback: 32,500 each year.
- Total Payout by Insurer: Includes a bonus of 3,25,000* and a money-back amount of 32,500 in year 20, totaling 3,57,500*
How to buy eSewa Money Back Plan?
- Login to your eSewa
- Click on “>” at Insurance
- Click on “Saving Plan” at Life Insurance
- Select “Money Back Plan”
- Fill the details & Proceed
FAQs
1. What are Endowment Insurance?
eSewa has started money Money Back Policy in partnerships with Sun Nepal Life Insurance.
Money back policy is a special type of endowment insurance policy … A customized insurance product designed for working professional to optimize their tax savings.
It is an endowment insurance policy, a type of life insurance meant to pay out a lump sum in the event of the policyholder’s death or after a predetermined amount of time (the policy term).
A money back policy is an investment plan offered by an insurance company that pays a pre-determined percentage of the sum assured to the policyholder at specific intervals called “survival benefits.” These survival benefits are paid out irrespective of whether the insured individual is alive or not.
eSewa Money Back product is an endowment policy that serves a dual purpose; it not only acts as an insurance policy but also as a long-term investment product.
2. What is the duration of coverage of eSewa Money Back Plan?
eSewa Money Back Plan provides coverage for a 20-year term.
3. Which company has partnered to offer the eSewa Money Back Plan?
This product is offered in partnership with Sun Nepal Life Insurance.
4. What are the benefits of the eSewa Money Back Plan?
Customers will receive the annual cashback of 5% of the coverage amount to the insured, insured can enjoy tax deduction support by receipts totaling 40,000.
5. How much total premium does an insured have to pay within a year?
In the first year, the insured has to pay 40,000*, and from the second year to the twentieth year, they have to pay 7,500 each year, totaling 182,500 over 20 years.
6. What is the amount of money that is returned to the insured each year?
The amount returned to the insured each year is 32,500.
7. Can you tell me the total payout by the insurer?
The insurer’s total payout includes a bonus of 3,25,000 and a money-back amount of 32,500 in year 20, totaling 3,57,500. (Bonus amount might differ).
8. How much total premium does an insured have to pay within a year?
In the first year, the insured has to pay 40,000*, and from the second year to the twentieth year, they have to pay 7,500 each year, totaling 182,500 over 20 years.
9. What is the amount of money that is returned to the insured each year?
The amount returned to the insured each year is 32,500.
10. What are the salient features of the product?
The salient features are:
- Insurance Coverage of 650,000
- Tax Savings of up to 15,600 every year
- Insurance premium of 7,500* from 2nd year onward
- Bonus payment at the end of maturity (Bonus: 3,25,000*)
11. What is the total payout by the insurer?
The insurer’s total payout includes a bonus of 3,25,000* and a money-back amount of 32,500 in year 20, totaling 3,57,500*.
Here is a clearly presented table below:
|
Year 1
|
Premium
|
Money Back |
Payout by Insurer
|
|
Year 1
|
40,000*
|
|
|
|
Year 2 – 20
|
7,500 each year Total cash payment: 182,500 (40,000+7500*19)
|
32,500 each year Effective payment of 7,500 from Y2 Onward
|
Bonus: 3,25,000* Money back of Y20: 32,500 Total Payout: 3,57,500*
|