- What is life Insurance?
Life Insurance is an agreement under which a company undertakes to provide a guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death / accident / disability / Illness of the life insured.
- What are the benefits of life insurance?
Life Insurance is usually intended to provide mainly following benefits.
• For financial security in the event of death or on the inability to earn due to physical disabilities.
• To get medical expenses facility on Critical Illness.
• To get benefits after retirement through annuities.
• To safeguard Children’s future education.
• To get Tax Benefit.
- What type of policies does Sun Nepal life Insurance Offer?
Sun Nepal Life Insurance Company is selling different 13 types of policies with different Features. Among them Endowment , Endowment Cum Whole Life, Money Back, Money Back Cum whole life, Child Endowment , Limited Payment Endowment and Annual Money back Endowment are main Products with Profit. Company also sells Individual or Group Term Assurance.
- What are the criteria to buy a life Insurance?
The criteria for the eligibility to buy a life insurance may be different according to the product Feature. However the company sells the life insurance from group age 0 to 65 in various products. You just need to submit age proof documents such as citizenship, Passport, Birth Certificates etc. defined by the company.
- Can my get a life insurance for my child?
Certainly Yes. The company issues Insurance policy in the name of child. While insuring a child there is coverage for his/her Proposer as well. The policy assures the child’s education and future even in case of death of Proposer. The policy has feature of Monthly Income benefits, Premium Waiver benefits and Funeral expenses benefits under Child plan.
- Who is beneficiary/ nominee?
The person(s)/party(ies) designated to receive life insurance or annuity proceeds upon the death of the insured is known as beneficiay/nominee. The beneficiary is named when a policy is taken out and can be changed at the request of the policy owner.
- Do I have to select nominee\beneficiary? Whom can I select as nominee / beneficiary?
Nomination facilitates speedy settlement of claim in event of unfortunate death of assured. Name of the nominee should be clearly mentioned in the Proposal Form. In case of any changes, please ensure to update new Nominee’s Name in our records. Any close relative or any one you choose can be selected as nominee.
- Do I get an acknowledgement of any premiums paid?
We provide you with a receipt of payment. We also send text message with acknowledgement of payment to all policyholders who provide us their mobile number.
- What will happen if I stop premium payment?
If you stop paying premium on time, the policy get lapsed. In such cases, policies may earn paid up value under given circumstances but shall not have other benefits like death claims etc. However the Policy can be revived after some consideration.
- Is there provision for loan against policy?
In case of necessity, Loan can be issued against a policy after a certain period of time based on the surrender value the policy has earned till date. Surrender Value is calculated as per method specified by Beema Samiti.
- Can Sum Assured/Policy Term/Paying Mode be added or deducted?
Sum Assured and Policy Term cannot be changed once the policy is issued. However additional policy can be purchased after fulfilling specified criteria.
The Paying Mode can be selected in the policy purchasing time. The pay Mode can be altered after certain time of duration.
- What is bonus? How is it paid?
Profit earned by insurer in the process of running insurance company is bonus. It is paid in the event of death of policy holder or maturity of policy, whichever occurs first, in case of with profit policies.
- What is provision for lost policy?
In case a policy is lost, you must immediately apply for duplicate copy. You will have to pay necessary charge for duplicate policy being issued. Since policy document are crucial legal agreement, it is advised that they be preserved with utmost care.
- What is the procedure for claim?
The policyholder should apply for maturity claim, among others, with original policy, last premium receipt, signed claim discharge voucher etc. For claim death, among others, death certificate, relationship certificate, death registration certificate etc. are needed. You may contact any of our branches for full details. Company may ask for additional documents if required.
- Can premium be refunded, if policy is discontinued?
No, premium will not be refunded but if the policy had run for a minimum of two years, earned surrender value as at specified time may be received.