| Eligibility |
Advancing against the security of Life Insurance Policies (LIP). It considered in individual cases on merits after ensuring the following:
- There are no encumbrances on the relative policy.
- The age of the assured stands admitted in the book of the respective companies.
- Premium is paid up to date
|
| Limit |
- Need Base – Maximum 90% of Surrender value of Life Insurance Policy
|
| Nature |
|
| Margin |
- 10% of the Surrender value of LIP
|
| Interest rate |
- Competitive rate (subject to change)
|
| Repayment |
- 1 year subject to renewal upon satisfactory performance.
|
| Procedure for calculation of Surrender Value |
- Surrender value is allowed after 3 years completed period of policy and the bonus is accrued only when the policy has run for complete 5 years from the date of commencement.
- The Surrender values calculated on the basis of paid up value plus the bonuses accrued thereon and multiplying the surrender value factor. The Surrender Value Factor charts to be collected from the respective insurance companies.
|
| Companies approved for allowing advance against LIP |
- Rastriya Beema Sansthan
- National Life Insurance Company
- Life Insurance Corporation (Nepal) Ltd. &
- American Life Insurance Company.
- Nepal Life Insurance Corporation
|
