Sanima Reliance’s new life insurance plan gains popularity for dual benefits

KATHMANDU: Sanima Reliance Life Insurance has reported that its recently launched ‘Sanima Reliance Simple and Single Life Insurance Plan’ is quickly gaining popularity among customers due to its attractive combination of savings and protection benefits at a minimum premium.

According to the company, the plan offers flexible premium payment options, allowing policyholders to choose between a lump-sum payment at the time of policy purchase or installment-based payments throughout the policy term. Installments can be made quarterly, semi-annually, or annually, as per the policyholder’s preference.

This insurance plan also allows policyholders to enhance their coverage by paying an additional premium for four supplementary benefits, including:

Accidental Death Benefit

Permanent Total Disability Benefit

Premium Waiver Benefit

Critical Illness Cover

In the case of accidental death during the policy term, the nominee will receive up to double the sum assured as a lump-sum payout.

For permanent total disability, the insured can receive monthly payouts for up to 120 months up to the sum assured. Additionally, in the event of permanent total disability, all future premiums will be waived.

Under the Critical Illness Cover, the insured will receive a lump sum of up to Rs 5 million if diagnosed with any of the 18 listed critical illnesses, which include cancer, end-stage kidney failure, pulmonary arterial hypertension, multiple sclerosis, major organ transplant, paralysis, Parkinson’s disease, and others.

The company believes that the increasing appeal of this insurance plan stems from its dual benefit of long-term savings and comprehensive risk coverage, especially for unforeseen critical health conditions.

To be eligible for this plan, the minimum entry age is 18 years, while the maximum entry age is 60 years. The policy term ranges from 7 to 52 years. The minimum sum assured is Rs 25,000, while the maximum is determined based on the applicant’s income source and capacity.

Upon completion of the policy term, the insured will receive the full sum assured along with accumulated bonuses as a lump sum. In the unfortunate event of the insured’s death during the policy period, the sum assured and accrued bonuses will be paid to the legal heir or nominee.

Sanima Reliance claims that this insurance plan not only promotes a disciplined savings habit but also provides financial protection against future uncertainties, offering a strong safety net for individuals and families alike.