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 3,24,000* is paid out. In addition to bonus, insured will get 30,000 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 in case of hospitalization Accidental death benfit – 4,50,000
- Mode of payments: Annually
Coverage
- Total Insurance Coverage: 11,50,000
- Insurance Amount: 6,00,000
- 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: 30,000
- Annual Premium from Year 2 to Year 20: 10,000 each year, totaling 1,90,000 over 20 years. Annual premium may differ from person to person.
- Total Premium Paid: 2,30,000 over 20 years.
Annual Cashback and Total Payout
- Annual Cashback: 30,000 each year.
- Total Payout by Insurer: Includes a bonus of 3,24,000* and a money-back amount of 30,000 in year 20, totaling 3,54,000*
How to buy eSewa Money Back Plan?
- Login to your eSewa
- Click on Insurance Tab
- Click on “Endoment Plan” at Life Insurance
- Select “Money Back Plan”
- Fill the details & Proceed
FAQs
1. What are Endowment Insurance?
eSewa has started 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*; from the second year to the twentieth year, the insured has to pay 10,000 each year, totalling 230,000 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 30,000. This is reduced from the insurance premium that the insured has to pay.
7. Can you tell me the total payout by the insurer?
The insurer’s total payout includes a bonus of 3,24,000 and a money-back amount of 30,000 in year 20, totalling 3,54,000. (Bonus amount might differ)
8. What is the amount of money that is returned to the insured each year?
The amount returned to the insured each year is 30,000.
9. What are the salient features of the product?
The salient features are:
- Insurance Coverage of 6,00,000
- Tax Savings of up to 15,600 every year
- Insurance premium of 10,000* from 2nd year onward
- Bonus payment at the end of maturity (Bonus: 3,25,000*)
10. What is the total payout by the insurer?
The insurer’s total payout includes a bonus of 3,24,000* and a money-back amount of 30,000 in year 20, totaling 3,54,000*.
Here is a clearly presented table below:
|
Year 1
|
Premium
|
Money Back |
Payout by Insurer
|
|
Year 1
|
~40,000*
|
|
|
|
Year 2 – 20
|
10,000 each year Total cash payment: 2,30,000 (~40,000+10,000*19)
|
30,000 each year Effective payment of 10,000 from Y2 Onward
|
Bonus: 3,24,000* Money back of Y20: 30,000 Total Payout: 3,54,000*
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