Citizen Savings Growth Plan

Features

Benefits Payable Conditions

1. If the assured is alive till the end of the policy term, the Account Value on the maturity date will be payable, subject to the terms and conditions under the policy.
2. If the assured dies before the maturity of the policy, the Sum Assured or Account Value on the date of death, whichever is higher, will be paid, subject to the terms and conditions under the policy.
3. The Life Assured will be eligible for a loyalty reward at the end of the policy term. A guaranteed 3% of Account Value will be added to the Average Account Value of the last 60 months at maturity, subject to regular payment of all due premium installments. This loyalty reward gets credited to the Account Value at maturity and is paid as the maturity value upon the survival of the Life Assured.
4. The insurer shall deduct any policy loan, including accrued interest and other indebtedness, from the claim amount under this policy.

To Whom Payable

The Life Assured, if alive, or the nominee of the Life Assured, or the legal heirs of the assured under Section 127 (2) of the Insurance Act, 2079, if the nominee is not alive, will be the beneficiary under this policy.

If any other person or institution proves legal title to the policy, that person or institution shall be the beneficiary up to the receivable amount, not exceeding the benefit payable under this policy.

Premium Payment

Under a single premium payment policy, all premiums for the policy term are payable on the date of commencement of the policy.

For all policies other than single premium policies, the following shall apply:

• Premiums may be payable yearly, half-yearly, quarterly or monthly.
• The first payment is due on the date of commencement of the policy.
• Renewal premiums are due on the renewal premium due dates.
• The last payment is due on the date of termination of premiums or on the premium due date just before the date of death of the Life Assured, whichever occurs first.

Payment of Premium

The risk coverage will continue by deducting the cost of insurance from the Account Value every month. This deduction will diminish the Account Value. If the Account Value does not meet the required cost of insurance, the policy will automatically cease.

In case of non-payment of renewal premium during the policy term, the assured should pay all due premiums in a lump sum. Such premiums will attract investment earnings (interest) from the date of payment of renewal premium. A late fee will not be applicable.

For half-yearly, quarterly and monthly payment modes, if the insured dies before payment of the full premium for the year, the remaining premium for that year will not be deducted from the benefit payable.

Policy Loan

A loan may be obtained at any time from the Company on a policy that has a surrender value, subject to satisfactory proof of legal ownership of the policy.

• The maximum loan amount will be 90% of the surrender value.
• The minimum loan amount will be Rs. 1,000.
• A loan may be repaid at any time without notice.
• Interest will be charged at a rate determined by the Company.
• If the surrender value is less than the amount of the loan and any unpaid interest, the policy will be terminated and the loan and interest due recovered.

Surrender Value

For policies with yearly, half-yearly, quarterly and monthly payment modes, the surrender value shall become admissible after payment of premiums for three full years and completion of three policy anniversaries.

For single premium policies, the surrender value shall become admissible after completion of three policy anniversaries.

Accidental Death / Permanent Total Disability / Permanent Partial Disability

The insurer agrees to pay the following benefits for losses occurring on or after the Policy Date and during the period this section is in effect, subject to the applicable terms, conditions and exceptions.

Accidental Death Benefit (ADB)

When an injury results in the death of an insured within one hundred eighty-three (183) days from the date of the accident, the insurer will pay the lump sum of ADB Sum Assured, and Sum Assured or Account Value on the date of death, whichever is higher.

Permanent Total Disability (PTD)

When, as a result of an injury commencing within three hundred and sixty-five (365) days from the date of the accident, the insured is totally and permanently disabled or suffers one of the losses listed below, the insurer shall pay the PTD Sum Assured and Account Value on the date of the accident. Thereafter, the policy shall cease risk coverage.

If the permanence of total disability is uncertain, the disability must continue for three hundred and sixty-five (365) days from the date of the accident and must be total, continuous and permanent at the end of this period.

If more than one specified loss occurs under Permanent Total Disability, the total indemnity payable is calculated by adding the indemnity corresponding to each loss, up to a maximum limit of the Sum Assured.

Permanent Partial Disability (PPD)

When, as a result of an injury commencing within 120 days from the date of the accident, the insured becomes partially and permanently disabled, the insurer will pay for the losses specified below.

PPD Schedule of Benefits

Upon the occurrence of PPD, coverage for ADB and PTD will cease, and the policyholder may continue the policy by paying regular premiums as applicable. The cost of insurance for basic coverage will be deducted from the Account Value on each monthly due date. The cost of insurance for PTD, ADB and PPD will not be deducted from the Account Value monthly.

If more than one specified loss occurs under Permanent Partial Disability, the total indemnity payable is calculated by adding the indemnity corresponding to each loss, up to a maximum limit of 50% of the Sum Assured.

Limitations and Exclusions

If the insured dies directly or indirectly due to the following events, the insurer's liability under the policy shall be limited to the Account Value on the date of death:

• Death while flying through any airline other than a licensed airline operating on a fixed route with paid airfare.
• Death due to war or any act of war, declared or undeclared, criminal or terrorist activities, active duty in any armed forces, direct participation in strikes, riots, civil commotion or insurrection.
• Any breach of law by the Life Assured, an assault, or breach of civilian or monetary rules and regulations.
• Suicide, whether sane or insane, within two years from the policy inception date or policy revival, or intentionally self-inflicted injury.
• Pre-existing conditions.

In addition, in the event of Accidental Death, Permanent Total Disability or Permanent Partial Disability due to the following exclusions, the insurer's liability shall be limited to the Account Value on the date of the incident:

• Participation in professional or semi-professional sports or competitions, racing of any kind, hazardous sports such as skydiving, water skiing, underwater activities requiring breathing apparatus, pot holding, trekking, paragliding, bungee jumping, parachuting and illegal activities.
• Death due to ionizing radiation or contamination by radioactivity from nuclear fuel, nuclear waste from nuclear fission, or nuclear weapons material.

Apart from the exclusions above, the policy is free from restrictions on foreign travel or occupation.

Maturity Value Illustration

Maturity value illustration based on regular payment of annual premium NRs. 120,000.

Note: The details mentioned here are for the purpose of informing the customer. If the details mentioned here conflict with the terms and conditions of the insurance policy, the insurance policy terms and conditions will apply.